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  • Updated: March 31, 2024

Weekly oil, gas news highlights from March 24 to March 31, 2024

Weekly oil, gas news highlights from March 24 to March 31, 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.

NNPC announces new petrol price for marketers, crash price for Nigerians

The Nigerian National Petroleum Company Limited (NNPCL) reduced the depot price of Premium Motor Spirit (PMS), often known as petrol, from N640 to N630 per litre.

Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), verified the new pricing and stated that the NNPC has pledged additional supply. Read more here.

Africa Energy Bank to start operation with $5 billion capital

The proposed Africa Energy Bank, aimed at financing oil and gas projects across the continent, is set to launch this year with an initial capital base of $5 billion.

Jointly initiated by Afreximbank and the African Petroleum Producers Organization (APPO), the bank aims to address financial gaps in Africa’s energy sector amid growing pressure on major banks to divest from fossil fuel projects. Read more here.

Nigeria's oil prices hit $89 amid Russia, Ukraine conflict

Oil prices surged in Nigeria amid growing concerns over global supply disruptions fueled by escalating conflicts in the Middle East and between Russia and Ukraine.

Nigerian grades like Brass River and Qua Iboe traded above $89 a barrel, while Brent Crude hit $85 per barrel. Bonny Light Crude Oil, the country's primary export grade, fetched $87.46 a barrel. Read more here.

Brent surges to nearly $86 amid escalating geopolitical tensions

Oil benchmark Brent surged close to $86 a barrel on Monday amid escalating hostilities between Russia and Ukraine as well as ongoing conflicts in the Middle East.

Brent crude futures climbed 44 cents to reach $85.87 a barrel, while U.S. crude futures gained 46 cents to $81.09 by 1321 GMT. Read more here.

FG to review oil companies' plans to end gas flaring by 2030, emphasizes methane reduction

In a bid to tackle climate change and promote environmental sustainability, the Minister of State for Environment, Dr. Iziaq Salako, has announced plans for the periodic review of international and indigenous oil companies' strategies to end routine gas flaring by 2030.

This initiative, led by the National Oil Spill Detection and Response Agency, aims to ensure compliance with set targets for reducing methane emissions in Nigeria's oil and gas sector. 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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