Oil & Energy
Worries Over Disruptions As Oil Stabilises
Oil steadied near three-month high on Thursday, supported by
worries over possible disruptions to supply from the Middle East and a steep
fall in U.S. oil inventories.
Global crude oil benchmark Brent has risen more than a third
in less than two months on escalating worries about a conflict over Iran’s
nuclear programme.
Meanwhile, investors hope for more stimulus measures from
Central Banks that would boost commodities.
A fall in production in the North Sea during September, due
to maintenance, has also tightened supply in Europe and helped push up the
price of light, sweet crude for immediate delivery.
Brent futures fell five cents to 116.20 dollars per barrel,
after ending 2.22 dollars up at the highest settlement since May 2.
U.S. crude lost 20 cents to 94.13 dollars, after rising 90
cents to its highest settlement since May 14.
“As long as it keeps focusing on the chances of war in the
Middle East and quantitative easing in the United States, this market will stay
strong,” said Carsten Fritsch, commodity analyst.
“But the market has been overbought for a while and these
levels are not justified by fundamentals, which show plenty of oil available
and demand growth slowing.”
Data on Wednesday showing a sharp fall in stocks of oil in
the world’s top consumer, the United States, has also exacerbated global supply
worries.
U.S. crude stockpiles fell more than expected last week,
slipping 3.7 million barrels to 366.16 million barrels, the Energy Information
Administration reported, despite a modest rise in crude imports as plant
utilisation remained high.
Analysts had forecast a drop of 1.7 million barrels.
Inventories of refined products were mixed, with gasoline
stocks down 2.37 million barrels against an expected 1.5 million barrels.
Distillates, which include diesel and heating oil, rose
677,000 barrels versus a forecast decline of 200,000 barrels, the EIA said.
Crude stocks may have also declined in part due to the fall
in output because of hurricanes in the United States.
“This could be due to plant utilization as they say, but it
is certainly affected by market disruptions from bad weather in the U.S.,” said
Natalie Robertson, an analyst at ANZ.
“This would be taken as positive for crude in the coming
weeks.”
Investors are looking out for further indications of
monetary stimulus measures in the United States.
Consumer prices there were flat in July for a second
straight month and the year-on-year increase was the smallest in more than
1-1/2 years, giving the Federal Reserve room to tackle high unemployment.
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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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