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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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Oil heading for biggest weekly loss in 2023


By Akinola Ajibade


Oil,  yesterday, suffered the biggest loss,  following banking turmoil across global markets, with investors watching for a potential response to the rout from OPEC and its allies.

West Texas Intermediate(WTI) futures rose above $69 a barrel on Friday, but are still down about 10% for the week. 

The  development made the Organisation of Petroleum Exporting Countries  OPEC + chiefs from Saudi Arabia and Russia to meet in Riyadi yesterday( Thursday) to discussed ways on how to “promote market balance and stability.”

Also, the cartel's monitoring committee, which can recommend a change in production, agreed to  meet on the issue on April 3rd.

OPEC+ will likely sit tight and monitor the market unless Brent drops below $70 a barrel for a sustained period, according to industry consultant FGE, while Energy Aspects said the producer group will probably wait for financial markets to calm before deciding whether to react.

Troubles at Credit Suisse Group combined with options covering to drive oil to its lowest level in 15 months this week. While markets are starting to see some stability, investors will also be watching to see if the Federal Reserve will hike interest rates again next week following the turmoil.

“External factors continue to dictate price action for oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. “The scale of the selloff in oil will likely be a concern for OPEC+, but they are unlikely to take quick action, instead they will probably wait for the dust to settle.”

Oil may struggle to make robust gains in the near term, with OPEC this week forecasting a modest surplus in the second quarter, a typical period of soft demand before the summer. The International Energy Agency also said that the market was already in surplus on stubborn Russian outpu

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