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  • Updated: March 24, 2024

Weekly oil, gas news highlights from March 17 to March 24, 2024

Weekly oil, gas news highlights from March 17 to March 24, 2

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.

Nigerian oil prices rise amid supply concerns

Nigerian oil prices per barrel rose slightly in London on Monday, continuing the upward trend that began last week.

This surge, combined with concerns about diminishing supply and potential attacks on Russian energy infrastructure, resulted in a nearly 4% increase in prices. Read more here.

Nigeria emerges as top recipient of Shell's record payment

In a significant financial development, Nigeria has emerged as the top recipient of payments from Shell, the multinational oil company, for the year 2023.

Shell made its highest-ever payment to the Nigerian government, totalling $4.92 billion. Read more here.

MIDOil shares details on plans to build 100,000 BPD refinery

MIDOil Refining and Petrochemicals Company Limited is set to embark on the construction of a 100,000 barrels per day modular refinery in Lagos State.

The announcement was made during the unveiling of a three-in-one investment opportunity. Read more here.

Oil prices hold firm amid global supply, demand dynamics

Oil prices are expected to remain relatively stable this week after a small gain last week, indicating a complicated interplay of market forces.

Throughout the week, prospects for a possible Middle East truce and the rise of the US dollar have dampened positive enthusiasm fueled by strong demand. Read more here.

IMF loan: Alarm as Egypt hikes fuel prices amid economic crunch

The Egyptian government's plan to raise fuel prices today has sparked alarm among civilians, emphasising the country's economic woes.

The move is part of Egypt's $3 billion financial arrangement with the International Monetary Fund (IMF) and aims to align domestic fuel pricing with global market rates. 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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