Oil & Energy
Brent Oil Hits $115 Over Iraq’s Turmoil
Brent crude hit a nine-
month high near 115 dollars a barrel on Thursday as heavy fighting in Iraq limits oil supply from OPEC’s second-biggest producer.
Government forces battled Sunni militants for control of Iraq’s biggest refinery.
Meanwhile, Prime Minister Nuri al-Maliki waits for a U.S. response to an appeal for air strikes to beat back the threat to Baghdad.
The sprawling Baiji refinery, 200 km (130 miles) north of the Iraqi capital near Tikrit, was a battlefield.
Troops loyal to the Shi’ite-led government held off insurgents from the Islamic State of Iraq and the Levant and its allies who had stormed the perimeter, threatening national energy supplies.
Brent was poised for a third day of gains following a rise of more than four per cent last week after Islamist militants seized much of northern Iraq.
“There are clear concerns that significant supply disruption is not far off,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
Brent was up 10 cents at 114.36 dollars a barrel, after reaching an intraday peak of 114.80 dollars.
This is its highest since Sept. 9. On Wednesday, it ended up 81 cents at 114.26 dollars a barrel, the highest settlement since Sept. 6.
U.S. crude for July delivery rose 30 cents to 106.27 dollars a barrel.
VTB Capital oil and commodities strategist Andrey Kryuchenkov said Brent was near the top of its current range around 115 dollars.
“It will be hard to breach 115 dollars, but then there is little serious resistance until 120 dollars.”
Oil prices found more support after the Federal Reserve gave a positive assessment of the U.S. economy and committed to retaining accommodative monetary policy.
However, U.S. crude eased back after data from the U.S. Energy Information Administration showed domestic crude inventories declined by 579,000 barrels in the week ended June 13.
The decline was much less than the drawdown of 5.7 million barrels reported by industry group American Petroleum Institute (API).
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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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