BluFx’s global oil market trends for 2020

Following the removal of the fuel subsidy on May 29 by President Bola Tinubu. Prices of goods and services have largely increased with several businesses struggling to keep the door open. GuardianTV stepped out today to check in with Nigerians to see if they've gotten used to the new normal and this was what they had to say.

Less than a week after the Wagner Group's attempted coup, uncertainty reigns in Russia. Opponents of Vladimir Putin are considering other threats to his leadership, including the economy. The oil price is a major hitch.

In spite of an agreement struck in April to cut production of crude by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, oil prices still haven't seen a boost. In this edition, we see that concerns over global economic growth are outweighing the production cuts. Also, European space rocket Ariane 5 gears up for its final lift-off and Singaporean bank UOB makes a winning bet on Taylor Swift fans.

Fresh figures have shown the extent of the European Union's efforts to reduce its energy dependency on Russia, with Moscow accounting for just 3 percent of the bloc's oil imports in the first quarter of this year, compared to 26 percent during the same period in 2022. The EU has also moved away from Russian natural gas, relying more heavily on Norway, the UK and Algeria. This comes as the decline in Moscow's export revenues weakens its currency.

Following the receipt of credible intelligence, a Private Security Contractor engaged by NNPC Ltd., Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board on July 7, 2023.

Angola is rich in crude oil but has to import the fuel it needs. A new refinery could change that.

The UN says it has begun an operation to pump 1 million barrels of oil from a rusting supertanker off Yemen's coast, hoping to avoid an environmental disaster that could devastate local ecosystems and major ports.

The UN said over 1 million barrels of oil have been removed from the tanker, off Yemen's Red Sea coast. For years, the UN and other organizations had sounded the alarm over the dangers surrounding the corroding vessel.

Youth plaintiffs have won a rare victory against a US state government for promoting climate-killing fossil fuels. A tsunami of climate-related lawsuits are set to follow.

Find these stories and much more when you grab a copy of The Guardian on Thursday.⁣

Ecuadorians have said 'no' to oil extraction in a portion of the Amazon, one of the world's most biodiverse regions, in a referendum hailed as a historic example of climate democracy.

Find these stories and much more when you grab a copy of The Guardian on Saturday.⁣