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Travel won’t recover until Q3, says oil’s largest trader By Verity Ratcliffe and Anthony Di Paola on 1/13/2021 (Bloomberg) --A return to pre-pandemic levels of oil demand will hinge on jet-fuel use, which is unlikely to recover until the third quarter of the year, said Mike Muller, head of trader Vitol SA’s operations in Asia. Jet fuel has been the oil product hardest hit by the coronavirus pandemic in Asia. Demand in the region for fuels such as d...

ABUJA – The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies called OPEC+, to stabilise the global oil market. Group Managing Director of NNPC, Malam Mele Kyari, who gave the assurance at the ongoing virtual Gulf Intelligence UAE Global Energy Forum 2021, said that despite the negative effects of the production cuts on government revenues, it was the...

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By Etuka Sunday The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilizing the global oil market. The Group General Manager, Group Public Affairs Division, NNPC, Dr. Kennie Obateru in a statement said, the Group Managing Director of NNPC, Mallam Mele Kyari, stated this Wednesday while speaking at the ongoing virtual Gulf Intelligence “...

Mazrouei sees oil market rebalanced by start of 2022 The UAE’s energy minister on Jan. 13 warned US shale producers to show restraint in the face of rising oil prices, or else risk delaying the market’s rebalancing, which he predicted could otherwise be achieved by the start of 2022. “All producers need to be careful not to flood the market; if anyone does that then the prices will suffer,” Suhail al-Mazrouei told the Gulf Intelligence Global UAE Energy Forum. “I think [shale oil prod...

The Nigerian National Petroleum Corporation (NNPC) says it is currently diversifying its portfolio beyond oil assets due to the impact of global energy transition.

Mele Kyari, the NNPC group managing director, says the company is currently diversifying its portfolio beyond oil assets

WITH Nigeria's oil production restricted to 1.74 million barrels per day by the Organization of the Petroleum Exporting Countries, OPEC, the Nigerian National Petroleum Corporation (NNPC) says it will focus on increasing gas and condensate productions to boost revenue for the country.

Airline travel will continue to suffer in the first half this year and will only recover, and jet fuel consumption with it, in the back half of 2021 according to oil trading giant Vitol