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  • Updated: April 14, 2024

Weekly oil, gas news highlights from April 7 to April 14, 2024

Weekly oil, gas news highlights from April 7 to April 14, 20

We're glad you're here for the most recent Oil & Gas News collections, where we swiftly present the most interesting AllNews stories from the previous week.

Nigeria awaits $1 billion Afreximbank oil-backed loan

Nigeria, Africa's largest crude oil producer, is set to receive a $1 billion loan from the African Export-Import Bank (Afreximbank) next month.

The loan is part of a larger crude oil prepayment facility aimed at shoring up forex reserves and boosting the economy. Read more here.

NNPC faces $3bn debt over imported fuel

The Nigerian National Petroleum Company Limited (NNPCL) faces a significant financial burden, owing oil traders a substantial $3 billion for imported petrol, as reported by Reuters.

NNPC, the primary importer of petrol, is taking more than 130 days to settle payments, contrary to the standard 90-day period. Read more here.

Oil prices rise to $90pb amid faltering ceasefire talks in Middle East

Oil prices in early Asian trading witnessed an increase as optimism waned regarding ceasefire negotiations between Israel and Hamas, signaling ongoing tensions in the Middle East.

Brent crude futures climbed by 40 cents to $90.78 per barrel, with U.S. West Texas Intermediate (WTI) crude rising by 35 cents to $86.78. Read more here.

OPEC reports marginal increase in crude oil production in March

OPEC's crude oil production rose by 3,000 barrels per day (bpd) in March compared to February, with Iran and Saudi Arabia seeing slight boosts while Iraq exceeded its expected output levels.

According to OPEC's Monthly Oil Market Report (MOMR), all 12 OPEC members, including Iran, Libya, and Venezuela exempt from OPEC+ cuts, averaged 26.60 million bpd in March, up 3,000 bpd from February. Read more here.

These are the latest Oil & Gas news that made trends during the week. Visit our website, https://allnews.ng for more oil and gas news around the world.

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