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  • Oil & Gas - News
  • Updated: January 14, 2024

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

Weekly oil, gas news highlights from January 7 to January 14

Welcome to the AllNews Morning roundup! Check out today's top 10 Nigerian newspaper headlines for Sunday, January 14, 2024, on www.allnews.ng and stay updated on local and global news.

Dangote refinery commences production with capacity of 650,000 barrels per day

Dangote Petroleum Refinery, boasting a capacity of 650,000 barrels per day, has commenced the production of refined petroleum products.

This colossal single-train refinery, situated in Lagos, Nigeria's commercial hub, officially commenced production on Friday. Read more here.

Oil prices fall on Saudi cuts, OPEC sees rise amid Middle East tensions

Oil prices fell more than 1% on Monday, with sharp price cuts by top producer Saudi Arabia and an increase in OPEC output offsetting concerns over growing geopolitical tensions in the Middle East.

Brent crude fell 0.93% or 73 cents to $78.03 a barrel by 0753 GMT after sliding more than 1% earlier in the session, while West Texas Intermediate crude futures down 1.04%, or 77 cents, to $73.04 a barrel. Read more here.

NNPC records highest-ever profit of N2.5 trillion

The Nigerian National Petroleum Company Ltd (NNPCL) has demonstrated remarkable financial success, announcing a N2.5 trillion profit in 2023 that broke previous records.

With the accomplishment, the firm has come a long way since its founding in April 1977. Read more here.

Brent crude surges 2.3 per cent to $79.22 per barrel

The price of a barrel of Brent crude increased by 2.3% on Friday, January 12, 2024, to $79 according to a review of crude oil prices around the world as of 01:54 GMT+1, Brent was trading at $79.22 per barrel.

Experts noted that the attack by the Iran-backed group on shipping in the Red Sea beginning late last year led to strikes by the United States and Britain against Houthi military targets in Yemen, which resulted in a spike in the prices of Brent crude and West Texas Intermediate (WTI) benchmarks. Read more here.

Operation Delta Safe recovers 1.1 million litres of crude oil from illegal refineries

1.1 million litres of crude oil were reportedly recovered from illegal refinery in the Niger Delta Region during the last week, according to Operation Delta Safe.

Major General Edward Buba, the Director of Defence Media Operations, divulged the information during a press briefing on the operations of the Nigerian Armed Forces held in Abuja on Thursday. 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 & Gas news around the world.

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