Oil & Energy
Crude Oil Stockpiles Climb To 331.4 Million Barrels
Crude inventories and gasoline supplies rose last week, the government said Friday.
Crude inventories climbed by 2.4 million barrels, or 0.7 per cent, to 331.4 million barrels, which is 6.2 per cent below year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected a build of 2 million barrels for the week ended February 5, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Gasoline inventories rose by 2.3 million barrels, or 1 per cent, to 230.4 million barrels. That was above analyst expectations and 6 per cent above year-ago levels.
At the same time, U.S. refineries ran at 79.1 per cent of total capacity on average, a rise of 1.4 per cent from the prior week. Analysts expected capacity to build to 77.8 per cent.
Inventories of distillate fuel, which include diesel and heating oil, fell by 300,000 barrels to 156.2 million barrels for the week ended February 5. Analysts expected distillate stocks to drop by 1.75 million barrels.
Crude prices fell $1.88 to $73.40 per barrel on the New York Mercantile Exchange.
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Oil & Energy
Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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