After the US, Russia today began supplying LNG to India under a long-term deal as world’s fourth-largest buyer of liquefied natural gas (LNG) diversifies import basket to meet its vast energy needs.
Nigeria’s state oil firm NNPC has issued crude export contracts that are expected to last two years instead of the usual one year, trading sources familiar with the matter said on Monday.
Faced with a population boom that has sent carbon emissions soaring and stretched power supplies to breaking point, oil-rich Nigeria is turning to renewable energy in a big way.
The tender was issued on Nov. 10, and closed on Jan. 9. It is open to refinery or retail outlet owners, the governments of high energy consuming nations, established and globally recognised crude oil traders and indigenous Nigerian downstream oil and gas companies.
Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed.
Facing acute energy shortages, Pakistan plans to ink multibillion-dollar LNG supply contracts with Nigeria and Algeria
India’s biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report.
Oil prices failed to move higher last week and the upward momentum faded in the light of increasing Opec output. US oil production also continued to inch up while US oil inventories fell across the board.
Nigeria exported over 155.125 million barrels of crude oil to India between February and March 2017, thus making it the biggest importer, according to data from the Nigerian National Petroleum Corporation (NNPC).
Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency (IEA).