In the last two years refiners faced volatile challenges that were tied to market developments. The United States shale revolution which increased production affected global oil production significantly.

Oil prices slightly went up during the week with the WTI benchmark settling at US$56.87 while the Brent benchmark traded at US$66.65 on Tuesday. The slowdown in demand for petroleum, together with renewed oil stockpiling in the US and the issuing of waivers to eight countries to buy Iranian oil after imposed sanctions, pushed the price of Brent down from US$80 per barrel in October 2018 to US$66.65 on Tuesday.

When Crown Prince Mohammed bin Salman, also known as MBS presented the Saudi vision 2030, on April 15, 2016, few gave the 33-year-old the benefit of the doubt. The Saudi vision statement of not depending solely on oil for future energy needs recognized the fact that real wealth lies in the ambition of its people and the potential of the younger generation. To him, all success stories start with a vision. Was the crown prince certain he would be able to fulfill his dream for a nation that had for long been the largest exporter of global crude? His wish was to pep up the revolution on the need to increase refining capacity as oil transition bells tolled.

President Muhammadu Buhari won the 23rd February 2019 election that appeared predictable. As the Chairman of the Independent National Electoral Commission, INEC, Professor Mahmood Yakubu presented the certificate of return last Wednesday, the winner; Buhari condemned the primitive acquisition of wealth which he hoped to tackle as he prepared for his second term in office. Like President Olusegun Obasanjo, President Buhari is one of the mortals that would rule Nigeria three times.

China’s launch of the yuan-denominated oil contracts in March 2018 was to promote the Chinese yuan as a global reserve currency.

Ronald Wilson Reagan (1911- 2004) who served as the 40th President of the United States from 1981 to 1989,  said in his 1984 State of the Union address that: “A nuclear war can never be won and must never be fought.” 

By Sony Atumah In logic, a paradox is an apparently contradictory conclusion that is derived from what seems to be valid premise. Many paradoxes are based on false premises or arguments underlying the logical systems involved. Most petro states have many paradoxes based on incomplete presumptions. A petro state is one whose government’s income is […]

The Central Bank of Nigeria, CBN is supporting private enterprises in the country. It has got programmes that have given fillips to this administration’s special interventions. They are critical investments with some of them venture capital.

The Crown Prince of Saudi Arabia, Mohammed bin Salman, MBS in January, 2016 broke the news that global oil giants, Saudi Aramco would float a US$2 trillion Initial Public Offering, IPO in 2018. Described as the most lucrative in history, three stock greats, the New York Stock Exchange, the London Stock Exchange and Hong Kong out of the 16 ‘Trillion Dollar Club’ members globally, jostled to win the listing of Aramco shares.

It was a sunrise 12 days ago, with a new year. We take a global peek of what this year may have in store for oil. As forecasted by the International Energy Agency, IEA in its Oil Market Report, global demand is projected to increase to 100.8 million barrels per day this year from a daily average of 99.3 million barrels per day in 2018. But another belief is that global oil supply will outpace demand throughout 2019. 

After about 58 years of membership of the Petroleum Exporting Countries, OPEC, the Qatari government on Tuesday January 1, 2019, finally exited the oil cartel which it joined in 1961.

Many Nigerians may not know that there are refineries in Nigeria. Our four refineries have been comatose in a quarter of a century. Those who know that four refineries exist in Nigeria, wonder day and night why their national infrastructures in Port Harcourt (1&2), Warri and Kaduna would operate at zero level.

The subsidy of gasoline or premium motor spirit, PMS was an issue in the Vice Presidential debate last week. The belief is that Nigeria has been entrapped by subsidy since 2011 when the Federal Government envisioned the idea of subsidy removal.

The French government, last week, succumbed to the sustained nationwide protests against higher fuel taxes. President Emmanuel Macron had planned tax increase on gas by 2.9 cents and diesel by 6.5 cents a litre. It sparked revolt from Saturday, November 17, 2018; with protesters numbering about 280,000.

The Group of 20 nations, G20 last week met in Buenos Aires, Argentina, on  November 30-December 1, 2018, to build consensus for fair and sustainable development through an agenda that is people-centred, inclusive and forward-looking.