Amid escalating geopolitical tensions, oil prices surged due to concerns over potential disruptions in global oil supply chains, affecting market stability and price dynamics.
In the News
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Russia proposes floating nuclear plants to African nations, aiming to solve energy challenges and support sustainable development across the continent.
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The G7 nations have pledged support for gas investments in Nigeria, aiming to enhance the country’s energy security and promote sustainable growth.
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A Texas judge dismissed a lawsuit by Exxon Mobil against activist investor Arjuna Capital after the group agreed to withdraw a proposal on greenhouse gas emissions. The dismissal raises concerns about Exxon’s approach to shareholder engagement on environmental issues.
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Texas, Louisiana, and Mississippi challenge a federal rule demanding $7 billion in cleanup guarantees from oil companies, arguing it could devastate smaller operators.
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Eskom’s new strategy addresses loadshedding and focuses on unbundling, with CEO Marokane outlining operational recovery and future goals.
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Nigeria is losing 400,000 barrels of crude oil daily due to theft and vandalism, significantly impacting the economy. A Nextier report calls for enhanced security measures and community engagement to address this critical issue.
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British wind and solar farms could face unexpected charges when exporting clean power to continental Europe under the European Union’s new carbon border tax plan. This has sparked concerns within the UK energy industry, which fears the levy could penalize green energy producers and increase energy prices for consumers.
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The United States’ oil refining capacity edged up for the second consecutive year, reaching 18.38 million barrels per day (bpd) in 2024. This increase is primarily driven by expansions at existing facilities, with a major project at Exxon Mobil’s Beaumont, Texas refinery playing a significant role. However, the industry grapples with consolidation and uncertainty surrounding the ownership of Citgo Petroleum, the sixth-largest refiner, potentially impacting future fuel prices.
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Western sanctions aimed at crippling Russia’s oil exports have had a mixed impact. While Russia is selling less oil and for lower prices overall, a growing network of shippers is helping them find new buyers and earn more revenue than initially anticipated. This network, known as the shadow fleet, is allowing Russia to sell its oil to countries like India for a higher price, despite the $60 per barrel price cap imposed by the West.