Nigeria has made a bold and exciting decision: it will now sell its oil in its local currency, the naira, instead of using U.S. dollars. This move is seen as a major step toward boosting Nigeria’s economy and gaining more control over its natural resources. Let’s break down what this
In January, Shell, one of the world’s largest oil and gas companies, announced plans to sell its Nigerian onshore oil business to a group called Renaissance. This group includes four local Nigerian companies and a foreign energy firm. The deal is worth a whopping $2.4 billion. However, this sale has
A top African energy advocate is accusing Western banks of unfairly discriminating against African oil and gas projects, calling it “financial apartheid.” NJ Ayuk, chairman of the African Energy Chamber, claims that while Western countries enjoy investments in their energy sectors, African nations are being denied similar support due to
Ukraine is facing a major energy dilemma as Hungary and Slovakia threaten to cut off its electricity supply if Ukraine doesn’t ensure oil transport to these countries. With around 40% of Ukraine’s electricity imports coming through Hungary, such a move could lead to severe blackouts in Ukraine, which is already
Russia and Cuba are exploring a major new project: building an oil refinery in Cuba with the help of Russian companies. This plan could turn Cuba into a key player in oil production, rather than relying on dwindling supplies from Venezuela. With Cuba struggling with severe fuel shortages and skyrocketing
In an interview, Indian Oil Minister Hardeep Singh Puri said that the West has tried to ‘weaponize’ Russian oil for ideological reasons. On the fringes of India Energy Week on Thursday, Indian Oil Minister Hardeep Singh Puri told RT that his country will keep purchasing Russian oil as long as
The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade. To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the
After Iraq’s Oil Ministry approved Inpex, the big oil corporation of Japan, to sell its share of Iraq’s biggest oil discovery, ‘Block 10’, Russia is set to take control of it for 20 years. Iraq’s Eridu oil field is estimated to have reserves of seven to ten billion barrels based
Although the use of renewable energy in making electricity has been steadily increasing in recent years, oil remains the most crucial energy source globally, especially for transportation and heating. According to a report by the International Energy Agency (IEA), 29% of the world’s energy will come from oil in 2020,
