Oilfield services company Halliburton reported strong first-quarter earnings, exceeding analyst expectations, on the back of robust international demand. The company anticipates flat growth in North America due to weak drilling activity.
Victor Adetimilehin
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
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Oil prices retreated on Monday after concerns about potential supply disruptions from the Middle East conflict eased. The market’s focus shifted back to fundamentals, with economic factors like inflation and a strong dollar influencing prices. Analysts believe that ample spare capacity from major oil producers and plentiful supplies of key crude grades are mitigating the short-term impact of the conflict.
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Ghana’s energy sector received a boost with Huawei’s inaugural Fusionsolar Channel Partner Summit held in Accra. The summit focused on tackling energy challenges in Ghana through Huawei’s Fusionsolar technology, highlighting its safety, efficiency, and affordability. The event also recognized industry players Verve Energy and Soi Power for their contributions to Ghana’s solar landscape.
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To address potential fuel shortages caused by global conflicts, the EPA will temporarily allow the sale of E15 gasoline, a fuel containing 15% ethanol, this summer.
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Hedge fund Elliott Management and a creditor group led by Centerview Partners are emerging as potential new owners for Citgo Petroleum in a court-ordered auction. The auction is expected to conclude in July and could impact global oil prices.
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Rising interest rates are casting a shadow over the booming renewable energy sector. Analysts warn that higher borrowing costs could slow the transition to clean energy sources, jeopardizing international climate goals. The industry is exploring solutions like alternative financing and cost optimization to weather this challenge.
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Talks are underway between Abu Dhabi’s state-owned utility company, TAQA, and major shareholders of Spanish energy giant Naturgy. The discussions center on a potential takeover bid that could be the largest ever by a sovereign wealth fund.
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Shell is facing pressure from a major investor group to set stricter climate targets aligned with the Paris Agreement. The investor group, managing $4 trillion, argues Shell’s current goals are insufficient. Shell claims the proposal would hurt its finances and hinder the energy transition. The outcome of the shareholder vote on May 21st remains to be seen.
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As Yellen highlights unfair practices in China’s clean energy sector, she calls for a balanced global market and sustainable cooperation.
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The Biden administration treads carefully in escalating sanctions against Iran’s oil exports, balancing economic stability and international diplomacy.