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  • Updated: March 10, 2024

Weekly oil, gas news highlights from March 3 to March 10, 2024

Weekly oil, gas news highlights from March 3 to March 10, 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.

Illegal oil refining sites: Tompolo urges vigilance against sabotage

Former Niger Delta militant leader, Government Ekpemupolo, also known as Tompolo, has voiced his concerns over the state of Nigeria's economy, urging citizens to remain vigilant against sabotage targeting the oil and gas sector. 

Speaking at Oporoza, headquarters of the Gbaramatu kingdom in Delta State, Tompolo emphasised the imperative to increase crude oil production. Read more here.

Tinubu signs new policy initiatives for oil, gas sector reform

President Bola Tinubu has implemented policy directives to enhance the investment environment and establish Nigeria as the go-to location for African oil and gas industry investments.

According to a statement released on Wednesday by the presidential spokesman, Ajuri Ngelale, this is consistent with the President's committed efforts to remove barriers to investment in Nigeria, utilise the country's resources, and diversify the economy for the good of all Nigerians. Read more here.

Oil prices fall on rate cut delay as China's demand rises

Oil prices fell slightly on Thursday due to anticipation of delayed U.S. interest rate decreases, despite positive Chinese trade data indicating strong demand. 

Brent crude prices fell 0.4% to $82.62 a barrel, while U.S. West Texas Intermediate crude futures down 0.3% to $78.84. Read more here.

Petroleum sector voices concern over Nigeria's fuel supply chain amid forex market uncertainty

In a recent development, the Major Energies Marketers Association of Nigeria (MEMAN) expressed worry about the complexity facing the country's petroleum product distribution and supply chain as a result of foreign exchange market uncertainty.

Clement Isong, the association's Executive Secretary, spoke to the media about the issues faced by the FX market's complexities during MEMAN's quarterly webinar in Lagos.  Read more here.

Nigeria's fuel import expenditure hits N3.5 trn in second half of 2023

The National Bureau of Statistics reports that Nigeria spent a staggering N3.5 trillion on gasoline imports in the second half of 2023.

Nigeria spent approximately N7.5 trillion on gasoline imports in 2023, compared to N7.7 trillion the previous year, according to the 2023 full-year foreign trade figures. 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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