Oil & Energy
Oil Price: OPEC Blames Speculators For Fluctuation
The Organisation of
Petroleum Exporting Countries (OPEC) has blamed the fluctuation in crude oil price currently being experienced by members on the role of speculators in the international oil market.
This is contained in the organisation’s current Monthly Oil Market Report (MOMR) obtained by the News Agency of Nigeria (NAN) in Abuja.
According to the report, speculators reduced their ‘net-long positions’ by almost 50 per cent in August, 2014.
“This is indicative of the kind of speculation oil markets have had to suffer in recent times,” it said.
It stated that the actions of speculators “distabilise trading patterns and create uncertainty in the market”, adding that the development had made it difficult for planning needed to enhance the development of the market.
The publication also said that since the financial crisis in 2008, there were moves by regulators to limit the extent of speculation on global exchanges.
“But unfortunately, where there are quick gains to be made, speculation will always be a feature in commodity trading, especially in oil,” it said. The organisation, however, expressed confidence in the oil market, saying “the high demand of the product round-the-year would remain for the foreseeable future. It might not glitter in its crude form, but oil is undeniably precious.”
It remarked that because of the vital role oil played in nations’ economies, any change in the price of crude often affected consumers and producers.
The publication revealed that since the summer of 2014, OPEC’s reference barometer on international pricing for oil stood around 105 dollars per barrel, adding that “this price was acceptable to consumers, producers and oil companies”.
It maintained that OPEC’s position on the oil market had been continued search for stability to prosper the market, and called for the commitment from all stakeholders to tackle the challenges in the sector. “A multilateral world quite simply requires a multilateral approach with all parties pulling in the same direction. “Unilateral actions borne out of self-interest are only unhelpful, but risk-placing us all on a slippery slope,” it said.
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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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