Oil & Energy
Oil Prices Rise, Head For Weekly Gains

Oil prices advanced last Friday and were heading for the second week of gains amid growing confidence that demand for fuel is starting to pick up.
This is in spite of the coronavirus pandemic that has slammed economies worldwide.
Brent crude was up 14 cents, or 0.3 per cent at $45.10 by 0043 GMT, heading for a gain of about 1.6 per cent this week.
West Texas Intermediate had gained 12 cents or 0.3 per cent to $42.36.
The U.S. benchmark is heading for a gain of nearly three per cent this week.
“The situation has improved in some, but the market dynamics are still less than stellar,’’ said Robert Yawger, Director of Energy Futures at Mizuho Securities, adding “the market is oversupplied’’.
Prices have been bolstered this week by U.S. government data showing crude oil, gasoline and distillate inventories all fell last week as refiners ramped up production and demand for oil products improved.
Still, the International Energy Agency has reduced its oil demand forecast for this year.
And the agency said lower air travel due to the COVID-19 pandemic would cut global oil consumption this year by 8.1 million barrels per day (bpd).
The Organisation of the Petroleum Exporting Countries (OPEC) said earlier this week that world oil demand is likely to drop by 9.06 million bpd this year.
This indicated a bigger decline than the 8.95 million bpd decline expected a month ago.
OPEC and allies including Russia, collectively called OPEC+, cut output since May by around 10 per cent of typical global demand to tackle the fallout from the global health crisis.
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Dangote Refinery Resumes Gantry Self-Collection Sales, Tuesday
This is revealed in an email communication from the Group Commercial Operations Department of the company, and obtained by Newsmen, at the Weekend.
The company explained that while gantry access is being reinstated, the free delivery service remains operational, with marketers encouraged to continue registering their outlets for direct supply at no additional cost.
The statement said “in reference to the earlier email communication on the suspension of the PMS self-collection gantry sales, please note that we will be resuming the self-collection gantry sales on the 23rd of September, 2025”.
Dangote Petroleum Refinery also apologised to its partners for any inconvenience the suspension may have caused, while assuring stakeholders of its commitment to improving efficiency and ensuring seamless supply.
“Meanwhile, please be informed that we are aggressively delivering on the free delivery scheme, and it is still open for registration. We encourage you to register your stations and pay for the product to be delivered directly to you for free. We sincerely apologise for any inconvenience this may cause and appreciate your understanding,” it added.
It would be recalled that in September 18, 2025, Dangote refinery had suspended gantry-based self-collection of petroleum products at its depot. The move was designed to accelerate the adoption of its Free Delivery Scheme, which guarantees direct shipments of petroleum products to registered retail outlets across Nigeria.
The refinery stressed that the earlier decision was an operational adjustment aimed at streamlining efficiency in the downstream supply chain.
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