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Africa

IEA lowers forecast for oil demand growth in 2024

The International Energy Agency said demand growth for oil next year will be slower than previously forecast, citing lackluster macroeconomic conditions, post-pandemic recovery running out of steam and burgeoning use of electric vehicles.

Global Project Data

Hydrocarbon Processing Staff: Nichols, Lee

Gulf Energy Information’s Global Energy Infrastructure database is tracking nearly 1,050 active projects in the HPI.

End of Nigerian fuel subsidy set to squeeze Europe's refiners

One of Europe's main markets for gasoline has shrunk, threatening to squeeze European refiners, after Nigeria removed fuel subsidies, which destroyed much of the country's domestic demand and a regional market for smuggled fuel.

Egypt to import more mazut fuel oil to manage power cuts

Egypt will import $250 MM up to $300 MM worth of mazut fuel oil to manage power cuts, Egyptian Prime Minister Moustafa Madbouly said.

Nigeria unions to strike unless fuel price hike is reversed

Nigerian labor unions plan to strike to demand a reversal in petrol price hikes and lower public school fees, the Nigerian Labour Congress said.

Obscure traders ship half Russia's oil exports to India, China after sanctions

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.

G20 bloc fails to reach agreement on cutting fossil fuels

The Group of 20 (G20) major economies meeting in India failed to reach consensus on phasing down fossil fuels following objections by some producer nations.

Shell suspends loadings of Nigeria's Forcados crude oil

Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at the export terminal, a spokesperson for its local subsidiary, SPDC, said.

Oil supply disruptions boost prices

A series of oil supply disruptions across the globe has helped push Brent crude prices above $81 a barrel for the first time since April.

IEA trims 2023 oil demand forecast on economic headwinds

Oil demand is set to hit a record high this year but economic headwinds and interest rate hikes mean the increase will be slightly less than anticipated, the International Energy Agency said.