Oil prices surged on Tuesday, April 2nd, 2024, driven by concerns over potential supply disruptions in Russia and the Middle East. The benchmark Brent crude futures contract reached its highest level since October 2023, after a Ukrainian drone attack targeted a major Russian refinery. Additionally, Iran’s vow to retaliate against Israel for a deadly airstrike raised fears of a wider conflict in the Middle East.
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 edged higher on Wednesday, April 3rd, 2024, on concerns about tighter global crude supplies. A larger-than-expected decline in U.S. crude oil inventories and ongoing geopolitical tensions in the Middle East fueled investor worries.
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Venezuela’s oil industry is on the rise after Chevron restarted drilling operations. This follows the US easing sanctions on Venezuelan oil in October 2023. The new drilling program is expected to significantly increase oil production. However, the future of this collaboration is uncertain as US sanctions relief hinges on upcoming Venezuelan elections.
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Oil prices edged higher on April 1st, with US crude futures settling at a five-month peak. This cautious increase reflects a balancing act in the oil market. Optimism about economic growth in major consumers like the US and China is fueling expectations of rising demand, but this is countered by concerns over tightening global oil supplies.
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Canada is charting a new course for its liquefied natural gas (LNG) industry, prioritizing clean energy and emissions reduction. The government is encouraging private sector investment in clean electricity solutions for LNG production, aiming to achieve net-zero emissions by 2030 for new LNG facilities.
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Brutal winter weather in January caused a temporary setback for US oil production, according to a new report by the Energy Information Administration. Production is expected to rebound in the coming months, but the incident highlights the need for the industry to build resilience against extreme weather events.
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Russia’s Deputy Prime Minister, Alexander Novak, announced on Friday that the country won’t restrict diesel exports. This decision comes amidst concerns about rising fuel prices and potential shortages following drone attacks that disrupted refining capacity.
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The sudden closure of the Port of Baltimore, a critical artery for US coal exports, is throwing a wrench into the industry’s plans for continued growth. The port shutdown, caused by the collapse of a key bridge, is hindering the movement of millions of tons of coal and forcing producers to scramble for alternative shipping routes.
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DEPA, Greece’s state-controlled gas supplier, is locked in a dispute with Russian energy giant Gazprom over the pricing terms of their natural gas supply contract. Soaring energy prices across Europe, fueled by the ongoing war in Ukraine, have significantly impacted the deal’s viability. DEPA is seeking a retroactive price reduction and relief from future payments through arbitration.
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Facing refinery repairs, Russia turns to neighboring Belarus to meet its gasoline needs. This temporary reliance highlights the interconnectedness of energy markets within Eastern Europe.