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  • Updated: April 07, 2024

Weekly oil, gas news highlights from March 31 to April 7, 2024

Weekly oil, gas news highlights from March 31 to April 7, 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.

Oil theft: FG adopts virtual crude oil evacuation system

The Nigerian government has introduced a virtual method of evacuating crude oil to address rampant theft and vandalism in the nation's oil industry.

The Alternative Crude Oil Evacuation Systems (ACOES) utilize barges and trucks for transporting crude oil from production points to injection/storage locations and export terminals. Read more here.

Brent crude tops $89 amid Ukrainian strikes, middle east tensions

For the first time since October, the global oil benchmark Brent hit $89 a barrel on Tuesday, if only momentarily, as rising Middle Eastern tensions and new attacks by Ukraine on Russian energy facilities threatened to disrupt oil supply.

June delivery Brent futures touched a high of $89.08 and were up $1.15, or 1.3%, at $88.57 a barrel by 13:33 GMT. Read more here.

Diesel price drop to N1,350 per litre in Nigeria's fuel market

Nigeria's diesel market witnesses a significant shift as prices plummet from around N1,700 per litre to approximately N1,350 per litre, following the commencement of diesel sales by the Dangote Petroleum Refinery.

The $20 billion refinery, which initiated domestic distribution last Wednesday, marks a notable reduction in diesel rates across the country. Read more here.

Nigerian crude oil prices surge amid global supply concerns

Nigerian crude oil prices surged above the government's budget benchmark amid global supply concerns sparked by Ukrainian attacks on Russian refineries and escalating tensions in the Middle East.

At trading close, Nigeria's Brass River and Qua Iboe crudes fetched approximately $92 per barrel, surpassing the $89 per barrel for Brent Crude. Bonny Light traded at $91.37 per barrel. Read more here.

Fuel shortage: Lagos major marketers distribute petrol to filling stations

Fuel Subsidy Removal Consequences

The Major Oil Marketing Association of Nigeria (MOMAN) has announced that the distribution of petroleum motor spirit, or petrol, has begun from depots to filling stations in Lagos and other states.

Clement Isong, remarked on Friday in Lagos while addressing the city's continuing gasoline shortage. 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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