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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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$100 + price is back for major haul



oil rigs



By Akinola Ajibade



Oil prices, yesterday recorded $105.8 per barrel in the global market, a development, attributed to the crises in the Middle East region.

This happens as dollar, a currency, which is majorly used in the international market weakened slightly, a situation, which is likely going to  slightly affect oil exporting countries, including Nigeria, that is currently struggling to fix her economy.

Brent oil prices climbed to $105.8 per barrel on Monday, up 4.65% on the day, while West Texas Intermediate (WTI) was trading at just over $102.

Prices rose Monday as traders assessed the Saudi sentiment following U.S. President Joe Biden’s meeting with the Crown Prince on Friday.

On Sunday, Biden’s advisor on international energy affairs, Amos Hochstein, said Washington believed OPEC’s producers in the Middle East–namely Saudi Arabia and the UAE–would take some steps to boost supply to the oil market soon.

However, the overriding sentiment seems to be that the Saudis have no intention of intervening in oil prices at this time. Last week’s sell-off based on notions that Biden’s trip to Saudi Arabia might result in an OPEC decision to increase production is now being reversed.

Monday’s higher oil prices are also being driven by a weakening U.S. dollar thanks to investors who have softened their expectations of a more aggressive approach to interest rates by the Fed next week.

The U.S. dollar index fell 0.464% on Monday.

Biden’s meeting with the Saudi Crown Prince had markets hedging oil lower, despite widespread doubts that anything would be accomplished in terms of increasing OPEC output.

On Monday, Iraq’s oil minister told Bloomberg that oil is likely to continue trading above $100 for the remainder of this year.

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