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Granting waivers on Iranian oil only emboldens the ayatollahs: The only way to reach any agreement with Tehran to constrain the activities of its clients is by ...
thehill.com/opinion/national-security/4622953-granting-waivers-on-iranian-oil-only-emboldens-the-ayatollahs/
Granting waivers on Iranian oil only emboldens the ayatollahs
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Oil prices jump $3/bbl on unconfirmed reports of explosions in Iran: Oil slipped on Friday following an earlier price spike of more than $3 after Iran played ...
reuters.com/business/energy/oil-prices-ease-prospect-persistently-high-us-interest-rates-2024-04-19/
Oil prices jump $3/bbl on unconfirmed reports of explosions in Iran
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US reinstates oil ban on Venezuela's Nicolas Maduro is back. Could it affect gas prices?
usatoday.com/story/news/politics/elections/2024/04/17/us-reinstates-venezuelas-oil-sanctions-maduro-deal/73354429007/
US reinstates oil ban on Venezuela's Nicolas Maduro is back ...
Quick Glance: US to Reinstate Sanctions on Venezuela’s Oil and Gas Sector
  • The United States will reimpose sanctions on Venezuela’s oil and gas sector due to the Maduro government's failure to allow 'an inclusive and competitive election' to take place.

  • The US government decided not to renew the temporary authorization (General License 44) that allowed transactions with Venezuela's national oil and gas sector without fear of sanctions, citing the Maduro government's failure to uphold key areas of the 'Barbados Agreement.'

  • While the impact of revoking the authorization could not be quantified, another authorization from 2022 allowing the oil company Chevron to resume limited resource extraction operations in Venezuela will remain in place.

  • Despite reinstating sanctions, a US official emphasized that this should not be seen as a final decision on Venezuela's electoral capabilities, and efforts to support a better future for the country will continue.
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Nigeria's Dangote refinery supplies petroleum products to local market: Nigeria's Dangote oil refinery started supplying petroleum products to the local market ...
reuters.com/markets/commodities/nigerias-oil-marketers-load-products-dangote-refinery-2024-04-02/
Nigeria's Dangote refinery supplies petroleum products to local market
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Turkey’s Erdogan heads to Iraq in rare state visit to discuss water, oil, security
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Turkey’s Erdogan heads to Iraq in rare state visit to discuss water, oil ...
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Abu Dhabi GDP turns in Dh1.14 trillion performance - best in 10 years: Non-oil economy contributed significantly, with manufacturing leading the way
gulfnews.com/business/economy/abu-dhabi-gdp-turns-in-dh114-trillion-performance---best-in-10-years-1.1711963572557
Abu Dhabi GDP turns in Dh1.14 trillion performance - best in 10 years
Quick Glance: Abu Dhabi's 2023 Economy Grew 3.1% Due to Sharp Non-Oil GDP Expansion
  • Abu Dhabi’s GDP for the 12 months to December reached 1.14 trillion dirhams ($310.63 billion), despite challenges and global market fluctuations affecting all sectors.

  • The non-oil economy of Abu Dhabi grew by 9.1% year-on-year for the 12-month period, driven by significant progress in the construction, finance, insurance, transportation, and storage sectors.

  • Abu Dhabi is intensifying efforts to diversify its non-oil economy and attract investments in sectors such as tourism, aviation, and technology.

  • The construction sector grew by 13.1%, and the financial and insurance sector saw the largest percentage growth with a 25.5% expansion.
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Phillips 66 explores sale of REX interstate pipeline stake worth over $1 billion, sources say
reuters.com/markets/deals/phillips-66-explores-sale-rex-interstate-pipeline-stake-worth-over-1-billion-2024-03-26/
Phillips 66 explores sale of REX interstate pipeline stake worth over $1 ...
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US says it will not renew easing of Venezuela oil sanctions unless progress made on elections
reuters.com/world/americas/us-says-it-will-not-renew-easing-venezuela-oil-sanctions-unless-progress-made-2024-04-15/
US says it will not renew easing of Venezuela oil sanctions unless ...
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Saudi Arabia may hike May crude oil prices to Asia: Top oil exporter Saudi Arabia may raise the official selling price (OSP) for flagship Arab Light crude in May ...
reuters.com/markets/commodities/saudi-arabia-may-hike-may-crude-oil-prices-asia-2024-04-01/
Saudi Arabia may hike May crude oil prices to Asia
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Venezuela oil sector braces for loss of US license, Maduro hits back: The day after the United States announced it would reimpose costly limits on Venezuela's ...
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Venezuela oil sector braces for loss of US license, Maduro hits back
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G7 ‘ready to take measures’ in response to further destabilisation by Iran: G7 leaders offered their full support for Israel on Sunday following an attack by ...
scmp.com/news/world/middle-east/article/3258986/g7-ready-take-measures-response-further-destabilisation-iran
G7 ‘ready to take measures’ in response to further destabilisation by Iran
Quick Glance: Israel artist calls for Gaza ceasefire
  • The representative of Israel at the international art fair is calling for an immediate ceasefire in Israel’s war on Gaza.

  • Ruth Patir’s video installation called (M)otherland was scheduled to open on Saturday at Israel’s national pavilion at the international art show but will remain closed for now.

  • Patir stated on her website that the artist and curators are showing solidarity with the families of the hostages and the large community in Israel calling for change, rather than canceling themselves or the exhibition.

  • It is believed that there are still individuals in Gaza, including 129 captives taken during the attacks led by Hamas on Israel on October 7, with 34 of them presumed dead.
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Oil prices fall for a second day as US crude inventories increase: Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S. ...
reuters.com/markets/commodities/oil-prices-fall-second-day-us-crude-inventories-increase-2024-03-27/
Oil prices fall for a second day as US crude inventories increase
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NNPC blames logistics for worsening fuel queues: The queues for Premium Motor Spirit, popularly called petrol, grew worse in Abuja and neighbouring Nasarawa and ...
punchng.com/nnpc-blames-logistics-for-worsening-fuel-queues/
NNPC blames logistics for worsening fuel queues
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Does fighting inflation always lead to recession? What NZ data tells: Here is what 60 years of New Zealand data shows us.
rnz.co.nz/news/business/515288/does-fighting-inflation-always-lead-to-recession-what-nz-data-tells
Does fighting inflation always lead to recession? What NZ data tells
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Navy relocates training base from Lagos to Rivers: The Nigerian Navy said it has concluded arrangements to relocate the Naval Training Command headquarters from ...
punchng.com/navy-relocates-training-base-from-lagos-to-rivers/
Navy relocates training base from Lagos to Rivers
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Oil Market Sees Muted Impact From Iran Sanctions to Avoid US Price Shocks: Legislation pushing Joe Biden to ratchet up sanctions on Iranian crude oil is on track ...
bloomberg.com/news/articles/2024-04-22/oil-market-sees-iran-sanctions-having-muted-impact-on-exports
Oil Market Sees Muted Impact From Iran Sanctions to Avoid US Price Shocks
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Israel And The US: Ironclad| Countercurrents: The massive movement in the US and around the world against Israel’s genocide has been inspiring in its breadth and ...
countercurrents.org/2024/04/israel-and-the-us-ironclad/
Israel And The US: Ironclad| Countercurrents
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Stranded cargo shows credit challenges at Nigeria's Dangote refinery: Chinese state energy major PetroChina has been waiting to unload a cargo of U.S ...
reuters.com/markets/commodities/stranded-cargo-shows-credit-challenges-nigerias-dangote-refinery-2024-04-25/
Stranded cargo shows credit challenges at Nigeria's Dangote refinery
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‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower: The oil-rich kingdom is plowing money into glitzy events, computing power and artificial ...
nytimes.com/2024/04/25/technology/to-the-future-saudi-arabia-spends-big-to-become-an-ai-superpower.html
‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower
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Iran-Israel war: Impact on the economy and financial markets - Companies - The Jakarta Post
thejakartapost.com/business/2024/04/24/iran-israel-war-impact-on-the-economy-and-financial-markets.html
Iran-Israel war: Impact on the economy and financial markets - Companies - ...
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MRS slashes diesel price to N1,050: MRS Oil Plc has slashed the price of Automotive Gas Oil popularly known as diesel to N1,050 per litre across its outlets ...
punchng.com/mrs-slashes-diesel-price-to-n1050/
MRS slashes diesel price to N1,050
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Soldiers neutralised 216 oil thieves, arrested 332 suspects — Military: Troops of the Nigerian Army have neutralised 216 individuals, arrested 332 suspects and ...
punchng.com/soldiers-neutralised-216-oil-thieves-arrested-332-suspects-military/
Soldiers neutralised 216 oil thieves, arrested 332 suspects — Military
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JUST IN: Again, Dangote slashes diesel, aviation fuel prices to N940, N980: Dangote Petroleum Refinery on Tuesday announced a further reduction in the prices of ...
punchng.com/just-in-again-dangote-slashes-diesel-aviation-fuel-prices-to-n940-n980/
JUST IN: Again, Dangote slashes diesel, aviation fuel prices to N940, N980
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FG targets $10bn investment from oil, gas: The Federal Government on Tuesday signed the consolidated guidelines for the implementation of fiscal incentives for ...
punchng.com/fg-targets-10bn-investment-from-oil-gas/
FG targets $10bn investment from oil, gas
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Stanbic IBTC seeks improved investment in energy: Stanbic IBTC Holdings has canvassed for improved investment in energy and infrastructure in the country to ...
punchng.com/stanbic-ibtc-seeks-improved-investment-in-energy/
Stanbic IBTC seeks improved investment in energy
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NNPC, firm partner to raise P’Harcourt refinery’s capacity: The Nigerian National Petroleum Company Limited has signed an agreement with the African Refinery ...
punchng.com/nnpc-firm-partner-to-raise-pharcourt-refinerys-capacity/
NNPC, firm partner to raise P’Harcourt refinery’s capacity
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Tether Will Freeze Wallets Evading Venezuelan Sanctions: Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports.
coindesk.com/policy/2024/04/24/tether-will-freeze-wallets-evading-venezuelan-sanctions/
Tether Will Freeze Wallets Evading Venezuelan Sanctions
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Cause of scarcity in fuel supply resolved – NNPC: The Nigerian National Petroleum Company Limited said it has addressed concerns that surround the current ...
punchng.com/cause-of-scarcity-in-fuel-supply-resolved-nnpc/
Cause of scarcity in fuel supply resolved – NNPC
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Geopolitical strife and commodity volatility: Inflation impact? - Companies - The Jakarta Post
thejakartapost.com/business/2024/04/17/geopolitical-strife-and-commodity-volatility-inflation-impact.html
Geopolitical strife and commodity volatility: Inflation impact? - ...
Quick Glance: Powell Warns of Lack of Progress on Inflation
  • Federal Reserve Chair Jerome Powell emphasized that the U.S. economy, while otherwise strong, has not seen a return of inflation to the central bank's target.

  • Powell mentioned that the current policy should remain in place as inflation has not declined quickly enough and there has been no further progress towards the 2% goal.

  • Since July 2023, the Fed has maintained its benchmark interest rate in a target range between 5.25% and 5.5%, the result of 11 consecutive rate hikes.

  • Financial markets have had to adjust their expectations for rate cuts this year as inflation has been higher than expected, and the Fed's policy continues to be dependent on data.
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Sustaining naira appreciation: For now, the naira appreciation has not trickled down as the prices of goods and services are still very high.
punchng.com/sustaining-naira-appreciation/
Sustaining naira appreciation
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Gold prices are dropping as tensions between Israel and Iran calm: Commodities prices have been impacted by the volatile geopolitical situation in the Middle ...
qz.com/gold-prices-israel-iran-middle-east-conflict-oil-1851427171
Gold prices are dropping as tensions between Israel and Iran calm
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Assessing Indonesian fiscal risks amid the Iran-Israel conflict - Academia - The Jakarta Post
thejakartapost.com/opinion/2024/04/22/assessing-indonesian-fiscal-risks-amid-the-iran-israel-conflict.html
Assessing Indonesian fiscal risks amid the Iran-Israel conflict - ...
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Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT : RIYADH: Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February ...
arabnews.com/node/2498386/business-economy
Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT 
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Oando releases 2022 financial results, to clear backlog of old financials: The release of the Company's FYE 2022 results indicates that it is finally on ...
premiumtimesng.com/promoted/688761-oando-releases-2022-financial-results-to-clear-backlog-of-old-financials.html
Oando releases 2022 financial results, to clear backlog of old financials
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Venezuela’s Economic Resurgence in 2024: In a remarkable turnaround, Venezuela's economy is poised to outshine its neighbors, Colombia and Ecuador ...
riotimesonline.com/venezuelas-economic-resurgence-in-2024/
Venezuela’s Economic Resurgence in 2024
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Local production could help stabilise global oil prices - Guyana Chronicle: THE Inter-American Development Bank (IDB) predicts, in its 2024 Latin American and ...
guyanachronicle.com/2024/04/24/local-production-could-help-stabilise-global-oil-prices/
Local production could help stabilise global oil prices - Guyana Chronicle
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$500m funds: Lokpobiri, ex-local content boss clash: The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the former Executive Secretary ...
punchng.com/500m-funds-lokpobiri-ex-local-content-boss-clash/
$500m funds: Lokpobiri, ex-local content boss clash
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Oil Prices Climb Over 1% Amid Signs of Strengthening Global Demand: This week, oil markets displayed notable resilience, with prices climbing over 1% despite ...
riotimesonline.com/oil-prices-climb-over-1-amid-signs-of-strengthening-global-demand/
Oil Prices Climb Over 1% Amid Signs of Strengthening Global Demand
Profile picture of The Punch
NSCDC arrests three oil thieves with 16,000 litres of diesel: Operatives of the Nigeria Security and Civil Defence Corps, Delta Command have arrested three oil ...
punchng.com/nscdc-arrests-three-oil-thieves-with-16000-litres-of-diesel/
NSCDC arrests three oil thieves with 16,000 litres of diesel
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NNPCL, partner unlock 12,000bpd output from Awoba Field: The Awoba Unit, which straddles OMLs 18 and 24, is located in the mangrove swamp south of Port Harcourt ...
punchng.com/nnpcl-partner-unlock-12000bpd-output-from-awoba-field/
NNPCL, partner unlock 12,000bpd output from Awoba Field
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Filling the ‘teapots’: How Russia, Iran bypass Western sanctions on oil: The two top global energy producers have devised ways to circumvent the US-led economic ...
trtworld.com/business/filling-the-teapots-how-russia-iran-bypass-western-sanctions-on-oil-17617547
Filling the ‘teapots’: How Russia, Iran bypass Western sanctions on oil
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Commercial transport operators hike fares as petrol stations shut outlets: The transport operators hiked fares due to fuel scarcity as petrol stations shut down ...
premiumtimesng.com/news/top-news/688428-commercial-transport-operators-hike-fares-as-petrol-stations-shut-outlets.html
Commercial transport operators hike fares as petrol stations shut outlets
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P/Harcourt refinery: Marketers eye N500/litre petrol, set to load: Oil marketers are gearing up to load petroleum products from the Port Harcourt Refining ...
punchng.com/p-harcourt-refinery-marketers-eye-n500-litre-petrol-set-to-load/
P/Harcourt refinery: Marketers eye N500/litre petrol, set to load
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Niger Delta bedevilled by environmental, infrastructural challenges – Oborevweri: Oborevweri made the call on Monday while declaring open the 6th meeting of the ...
punchng.com/niger-delta-bedevilled-by-environmental-infrastructural-challenges-oborevweri/
Niger Delta bedevilled by environmental, infrastructural challenges – ...
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Oil price eases on hopes of Middle East de-escalation after attacks: Iran produces more than three million barrels of crude oil a day as a major producer within ...
irishexaminer.com/business/economy/arid-41374870.html
Oil price eases on hopes of Middle East de-escalation after attacks
Quick Glance: Oil Prices Could Witness a 'Super Spike Well Above $100' Post Iran's Strike on Israel
  • Market analysts predicted that oil prices could surge to $100 per barrel and beyond after Iran conducted an aerial attack on Israel, reigniting concerns of a regional war.

  • Iran carried out an aerial attack on Israel on Saturday night, launching over 300 drones and missiles, marking the first direct military attack by Iran on the Jewish state.

  • Insufficient investment renders the supply more fragile, raising the likelihood of a 'super spike well above $100' if the supply is disrupted.

  • Recent months have seen oil prices rise due to trade disruptions and delays caused by maritime attacks in the Red Sea by the Houthis, who express solidarity with the Palestinian people.
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US to hit Iran with new sanctions in 'coming days', Yellen says
deccanherald.com/world/us-to-hit-iran-with-new-sanctions-in-coming-days-yellen-says-2981430
US to hit Iran with new sanctions in 'coming days', Yellen says
Quick Glance: Yellen warns of further sanctions in response to Iran's increasing activities
  • Treasury Secretary Janet Yellen warned of potential global economic damage from rising tensions in the Middle East and pledged that the U.S. and its allies won't hesitate to use their sanctions powers to address Iran's 'malign and destabilizing activity' in the region.

  • The fast-rising tensions between Iran and Israel and the potential implications of escalation on the global economy are at the forefront of the spring meetings of the International Monetary Fund and World Bank.

  • Yellen announced additional sanctions actions against Iran in the coming days and expressed support for liquidating roughly $300 billion in frozen Russian Central Bank assets for Ukraine's reconstruction.

  • Another major focus of this year's meetings will be Chinese industrial policy, which Yellen believes poses a threat to U.S. jobs and the global economy. She plans to meet with Chinese counterparts to identify potential areas of cooperation and address concerns.
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Ekiti residents lament petrol scarcity, as PMS sells for 750/litre: A resident lamented that the situation had become unbearable, calling on the state ...
premiumtimesng.com/news/more-news/687711-ekiti-residents-lament-petrol-scarcity-as-pms-sells-for-750-litre.html
Ekiti residents lament petrol scarcity, as PMS sells for 750/litre
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India discussed oil market volatility with OPEC chief, government says: India, the world's third biggest oil importer and consumer, discussed recent trends and ...
reuters.com/markets/commodities/india-discussed-oil-market-volatility-with-opec-chief-government-says-2024-04-19/
India discussed oil market volatility with OPEC chief, government says
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Nigeria Plans to Offer Crude Trading on Bourse for First Time: Nigeria’s commodities exchange plans to offer crude oil and gas trading to deepen access to ...
bloomberg.com/news/articles/2024-04-19/nigeria-plans-to-offer-crude-trading-on-bourse-for-first-time
Nigeria Plans to Offer Crude Trading on Bourse for First Time
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Nigeria needs to diversify economy, says IMF: The International Monetary Fund has said that Nigeria needs to diversify its economy to meet its developmental ...
punchng.com/nigeria-needs-to-diversify-economy-says-imf/
Nigeria needs to diversify economy, says IMF
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Tinubu commends Dangote refinery on diesel price reduction: Mr Tinubu affirms that Nigerians and domestic businesses are the nation's surest transport and ...
premiumtimesng.com/news/top-news/686895-tinubu-commends-dangote-refinery-on-diesel-price-reduction.html
Tinubu commends Dangote refinery on diesel price reduction
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War in the Middle East: Iran exports more oil than it has for a long time: The exchange of blows between Israel and Iran is causing heated discussions. However ...
nzz.ch/wirtschaft/konflikt-im-nahen-osten-iran-exportiert-trotz-sanktionen-so-viel-erdoel-wie-schon-lange-nicht-mehr-ld.1827130
War in the Middle East: Iran exports more oil than it has for a long time
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Saudi tourism fund signs MoU for development of resorts in Kingdom: RIYADH: Saudi Arabia is set to witness the development of new luxury resorts as the Tourism ...
arabnews.com/node/2494846/business-economy
Saudi tourism fund signs MoU for development of resorts in Kingdom
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Nigeria's crude oil output goes down again in March - OPEC | Africanews: OPEC data based on direct communication show that Nigeria's average daily production ...
africanews.com/2024/04/20/nigerias-crude-oil-output-goes-down-again-in-march-opec/
Nigeria's crude oil output goes down again in March - OPEC | Africanews
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Suspend new restrictions on dom accts, MAN tells CBN: Manufacturers faulted the decision by CBN directing deposit money banks to stop the use of foreign ...
punchng.com/suspend-new-restrictions-on-dom-accts-man-tells-cbn/
Suspend new restrictions on dom accts, MAN tells CBN
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Govt to closely monitor economic impacts of MidEast escalation: Airlangga - Economy - The Jakarta Post
thejakartapost.com/business/2024/04/16/govt-to-closely-monitor-economic-impacts-of-mideast-escalation-airlangga.html
Govt to closely monitor economic impacts of MidEast escalation: Airlangga ...