Oil & Energy
Oil Prices Steady Amidst Hope On US, China Trade Talks
Oil prices were steady last Friday, amidst hope that the United States and China could soon settle their trade disputes.
International Brent crude oil futures were at $60.93 per barrel at 0712, 9 cents above their last close.
U.S. West Texas Intermediate (WTI) futures were at $53.80 per barrel, virtually unchanged from their last settlement.
Oil prices were supported as U.S. President Donald Trump said last Thursday that he would meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal.
But crude markets were weighed down by a survey on Friday that showed China’s factory activity shrank by the most in almost three years in January amid slumping orders, reinforcing fears that a slowdown in the world’s second-largest economy is deepening.
Despite these concerns, traders said oil markets overall are being supported by supply cuts from the Organisation of the Petroleum Exporting Countries (OPEC), which according to a Reuters poll, pumped 30.98 million barrels per day (bpd) in January, down 890,000 bpd from December.
In Venezuela, meanwhile, U.S. sanctions imposed on state oil firm PDVSA were keeping tankers stuck at ports and are expected to accelerate the supply drop in February.
“The latest U.S. sanctions could directly halt around 500,000 barrels per day (bpd) of Venezuelan exports to the U.S.,” Citi Bank said.
Much Venezuelan crude oil is rated as heavy and requires the light petroleum naphtha, much of it supplied from the United States, for dilution before export to refineries.
“An additional 350,000 bpd of Venezuelan oil output is at risk due to the lack of U.S. dilutents, a result of the U.S. product exports ban with immediate effect,” Citi Bank said.
Some relief especially to U.S. refiners may come in the form of Canadian heavy crude, despite infrastructure constraints between the two countries.
The Alberta government announced it was increasing the oil production curtailment limit for February and March to 3.63 million bpd, which translates in restoring 75,000 bpd of the 325,000 bpd cut announced in December.
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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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