Business
With Crude at $111, IEA Sees Prolonged Crisis
Brent crude oil price rose above $111 per barrel on Tuesday, as the International Energy Agency (IEA) warned that global energy markets might not return to normal in 2027 amid escalating tensions in the Middle East.
The international benchmark was trading above $111 per barrel, according to CNN, as concerns over a possible escalation of the conflict involving the United States and Iran heightened fears of further disruptions to global oil supplies.
However, Oilprice.com data showed that Brent later retreated to $109 during the day.
The Executive Director of the IEA, Fatih Birol, warned that the global energy market remained vulnerable to overlapping crises in the Middle East, saying there was no credible prospect of a return to normal next year.
“I don’t see any credible pathway that 2027 will be a year of normalisation,” CNN quoted Birol as saying at an industry gathering in London on Tuesday.
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He warned that the Strait of Hormuz, a strategic waterway that handled about one-fifth of global oil and natural gas supplies before the war, could be closed again.
“The Strait of Hormuz has been closed once, it can be closed again,” he said.
The warning comes as crude oil price rose in recent weeks amid concerns that the conflict involving the United States and Iran could escalate, threatening oil production and shipments across the region.
Iran has signalled preparations for another round of conflict, issuing public threats against Washington, while Saudi Arabia has faced attacks by Iran-backed Houthi militants that have disrupted oil shipments.
The developments have heightened uncertainty in the international energy market, although oil continues to flow from the Middle East despite the security challenges.
Data from analytics firm, Kpler, showed that the seven-day average of oil flows from the region, including shipments through the Strait of Hormuz, the Red Sea and the Gulf of Oman, had risen above pre-war levels to just over 24 million barrels per day as of Tuesday.
CNN reported that the restoration of Saudi Arabia’s pipeline exports had helped sustain oil flows, even as tanker crossings through the Strait of Hormuz remained well below pre-war levels.
Birol warned against assessing the severity of the energy crisis solely through crude oil prices, noting that petroleum products had experienced more significant price increases.
“We don’t use crude oil, we use products,” he said, noting that diesel prices had doubled from pre-war levels, largely because of the conflict involving Iran and attacks on Russian refineries.
He warned that the outlook could worsen as diesel demand typically increases during the coming season, while several major refineries are scheduled for maintenance.
“We are on thin ice and I am very worried about this,” he stated.
The IEA chief added that member countries would consider releasing additional emergency oil reserves if necessary to ease supply pressures.
The agency’s member countries agreed to release 400 million barrels from emergency reserves in March, with about 80 percent of the volume already supplied to the market and the remaining 20 percent yet to be released.
Birol said member countries still held about 1.6 billion barrels in reserves.
“We are keeping it for the rainy days,” he said.
Business
Dangote Refinery, Fertiliser Expansion to Employ Over 90,000 in Lagos
President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has declared that over 90,000 people are expected to be working at the group’s petroleum refinery & petrochemicals and fertiliser operations in Lagos next year.
This is as the group accelerates investments to create jobs, strengthen industrial production and transform agriculture across Africa.
Dangote, who disclosed this in an interview, also unveiled plans to establish 20 fertiliser blending plants in strategic locations across the continent to improve farmers’ access to essential inputs and support year-round supply. The projects form part of an investment programme that could reach $65 billion over four years, spanning refining, fertiliser, petrochemicals, power, pipelines and other businesses.
“The refinery expansion is huge. By next year, we expect to have almost 90,000 people working on the refinery and fertiliser projects in Lagos,” he said.
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Dangote said creating opportunities for Africa’s youthful population was a central motivation for the group’s expansion, stressing that the continent needed more factories and greater domestic production to meet its growing needs. “My biggest concern is job creation in Africa. We have a very youthful population, and we are not creating enough jobs. We must push harder to create opportunities and keep our young people productively engaged,” he said.
The refinery expansion will add another 700,000 barrels per day of processing capacity, taking the planned total to about 1.4 million barrels per day, alongside additional petrochemical facilities and infrastructure. Beyond energy, Dangote outlined a fertiliser expansion programme designed to help turn Africa’s agricultural potential into greater production, more reliable food supplies and economic opportunities.
“We also plan to establish 20 blending plants in strategic locations across Africa. We intend to begin mining potash and phosphate in Congo-Brazzaville very soon,” he said.
He disclosed that the group was working towards nine million tonnes of urea capacity, with plans for 1.2 million tonnes of diammonium phosphate, DAP, and one million tonnes of NPK blending capacity in Lagos. Dangote said the objective was to ensure that farmers in countries hosting the group’s operations, as well as neighbouring markets, could obtain fertiliser when needed, without the uncertainty associated with lengthy import and delivery processes.
“What we want is for the countries where we operate, and their neighbours, to have fertiliser available 365 days a year. Farmers should be able to buy it when they need it, without worrying about supply,” he said.
Citing Ethiopia, he explained that fertiliser imports had to pass through Djibouti before being transported inland, creating logistical challenges that could leave supplies arriving after the planting season. “With local production, the fertiliser will be available there. We will also have one million tonnes of NPK capacity attached to the project,” he said.
Dangote linked the programme to his determination that Africa should build the capacity to meet its own agricultural input requirements, rather than remain vulnerable to disruptions in international markets. “At the beginning of the Russia–Ukraine crisis, the African Union went to Russia to plead for fertiliser. I said then that, within four years, Africa should never again have to go anywhere to beg for fertiliser,” he said.
He expressed confidence that sufficient access to gas would enable a much larger expansion in fertiliser production. “If Africa needs 30 million tonnes and we can secure enough gas, we can produce and supply it,” he said. “Africa has an enormous agricultural advantage. We must lead the effort to turn that opportunity into a major agricultural transformation.”
The group’s wider investment programme includes an initial ambition to develop 10,000 megawatts of power with some African countries and increase cement capacity to 100 million tonnes. Dangote said reliable electricity was essential to industrial growth, enabling African countries to process their raw materials, retain more value within their economies and create opportunities for their people. He disclosed that approximately $50 billion of the planned investment would go into existing businesses, while another $15 billion would be directed towards new ventures, including projects yet to be announced. The programme would be financed through a combination of free cash flow, internally generated equity and debt, he said.
Dangote urged African investors to take the lead in developing the continent, arguing that substantial domestic investment would encourage international capital to follow.
“I am tired of hearing about ‘potential’. We have been talking about Africa’s potential for decades. But Africans themselves must invest in their continent,” he said. “What gives other investors comfort and confidence is seeing us put our own money on the table. That is what we are trying to do. We are demonstrating that we are serious.”
He argued that sustained investment by African businesses was essential to unlocking the continent’s industrial and agricultural opportunities, while giving international investors the confidence to participate.
“Governments are always calling for foreign investors. But what attracts a foreign investor is a domestic investor,” he said. “We must demonstrate that we are doing something substantial in Africa so that others can join us.”
Photo Caption: Group President/Chief Executive, Dangote Industries Limited, Aliko Dangote (left), in conversation with the President of the Republic of Namibia, H.E. Dr Netumbo Nandi-Ndaitwah, during the official launch of the Dangote Namibia Tank Farm and Regional Pipeline Investment in Walvis Bay, Namibia, recently.
Business
Nigeria Has 106 Operational CNG Stations – PiCNG
The quest for diversified fuel sources with a view to reducing cost of transportation has seen operational CNG stations in Nigeria rise to 106.
The Executive Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Barr. Ismaeel Ahmed, has stated this during the commissioning of a CNG Integrated Refueling Unit (IRU) Station by Pi‑CNG & EV and Rolling Energy, in Karu.
According to Ahmed, 170 stations are in different stages of development or waiting for different licences from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He added that investors are trooping into the sector as $2.6 billion worth of private investment has come in, adding that while most of the stations are privately-owned, the government is intervening with policies that will make their construction easy.
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He stated that it took Nigeria 60 years to get to 24,000 PMS stations but the rate of construction of CNG stations makes the country the fastest adoption rate for CNG and electric vehicles.
“We are moving at a scale that is very impressive. The work is in progress and a lot of entrepreneurs are seeing the need for this and they are coming in and we’re calling them to come in and invest more,” he said.
He added that the route where CNG buses are plying has led to reduction in transport fare but he said there is the need to do more in providing additional buses for fares to crash.
On his part, the State House Permanent Secretary, Temitope Fashedemi, said the use of CNG will help to reduce the burden of increasing the price of petrol.
He added that Nigerians will soon see the availability of the product when more investors build new stations and the Ajaokuta-Kaduna-Kano pipeline is completed.
“The stations will reduce the pressure in other places that we’re going to, and they can come here and refuel at any time, and even convert. And hopefully this will also be a clarion call for persons with the capacity to also set up things like this for the benefit of the citizens.”
The Chairman and Founder of Rolling Energy, Mubarak Umar Danbatta, said the station will help the government achieve its goals in ensuring that Nigeria is energy secure.
Business
NOG to Tackle Oil Industry Challenges with Strategic Professional Inputs
A call has gone to researchers, engineers, academics and other energy professionals to present technical solutions and innovations capable of addressing challenges across Nigeria’s oil and gas industry.
The organisers of the Nigeria Oil and Gas (NOG) Energy Week have opened submissions for its 2027 Technical Seminar, made the call for papers, citing 14 technical categories across the energy value chain for specific attention.
They maintain that it is aimed at promoting the exchange of research, field experience and practical knowledge to support investment, operational efficiency and technological development in the sector.
The organisers said submissions would cover upstream activities, including geoscience, field development, drilling and asset management, as well as midstream operations involving infrastructure, facilities, supply and pipeline transportation, shipping and marine services.
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Other areas include downstream infrastructure, power generation and industrialisation, alongside cross-cutting subjects such as artificial intelligence, digital transformation, decarbonisation, health, safety, security and environment (HSSE), project management, finance and people development.
Asset Operations Support at TotalEnergies EP Nigeria, Razaq Shuaib, who reviewed submissions for last year’s programme, said the contributions reflected the range of expertise available across the industry, including working engineers and students.
He stressed the importance of developing technical knowledge and human capacity to sustain progress in Nigeria’s energy sector, noting that human capital remained a major driver of industry growth.
Also, Portfolio and Country Director, dmg Nigeria, Wemimo Oyelana, said the programme was designed to give professionals working on practical industry challenges an opportunity to share their experience and findings with a wider audience.
“We built this programme to reach the people actually solving problems in the field and providing them with a platform to share what they are learning within the wider industry. If you have worked through something the industry needs to hear about, this is the platform for it,” Oyelana said.
The organisers said abstracts of 500 words must be submitted by December 18, 2026, through the NOG Energy Week website. Selected papers will be presented at the Bola Ahmed Tinubu International Conference Centre, Abuja, on June 29 and 30, 2027.
The organisers are expecting more than 1,000 submissions for the next edition, with eligible professionals encouraged to submit research and technical findings for consideration.
The seminar is expected to provide a platform for sharing practical approaches and emerging technologies that could support activities across the energy value chain, particularly in areas requiring improved operational performance, infrastructure development and more efficient use of resources.





