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Oil prices stable as US tariff, Ukraine uncertainty dominates sentiment
Oil prices were little changed on Monday, buoyed by positive economic news from China but pressured by the possible negative impact of U.S. tariffs with traders still concerned about the Russia-Ukraine war. Brent futures fell 10 cents, or 0.1%, to $72.71 a barrel. U.S. West Texas Intermediate (WTI) crude fell 20 cents, or 0.3%, to $69.56. In other U.S. energy markets, the start of the April contract as the new front-month cut U.S. diesel futures down to a nine-week low toward the end of winter heating season. Gasoline futures soared to a six-month high ahead of summer driving season. On Sunday, U.S. Commerce Secretary Howard Lutnick said levies on Canada and Mexico would take effect on Tuesday but President Donald Trump will determine whether to stick with the planned 25% level.
“Tariffs might dent economic and oil demand growth, but they also curtail oil supply when directed towards oil producers, such as Canada and Mexico,” said PVM analyst Tamas Varga. Canada’s oilfield drilling and services sector was showing signs of slowing ahead of threatened tariffs. Mexico’s President Claudia Sheinbaum said that whatever Washington decided, her country was ready. China, the No. 2 economy after the U.S., said it was preparing countermeasures to tariffs targeting U.S. agriculture.
In early trading, crude prices drew support from data showing manufacturing manufacturing activity in February expanded at the fastest pace in three months. But, recent reports of softening U.S. consumer demand spurred fears of a slowdown. Analysts said Trump’s planned tariffs have also raised inflation worries at the U.S. Federal Reserve. This could lead the Fed to keep interest rates higher for longer, which could slow economic growth and energy demand.
Worries about the impact of possible slowing economic growth on oil demand pressured WTI prices, which fell about 10% over the past six weeks. That prompted speculators last week to cut their net long futures and options positions on the New York Mercantile and Intercontinental Exchanges to their lowest since a record low of 30,623 contracts in December 2023, according to the U.S. Commodity Futures Trading Commission’s Commitments of Traders report. Britain said there were several possible proposals for a possible Ukraine ceasefire. France floated a proposal for a month-long initial truce that could pave the way for peace talks. On Sunday, Ukrainian President Volodymyr Zelenskiy said he believed he could salvage his relationship with Trump. However, he said talks needed to continue behind closed doors after the Oval Office clash last week.
The showdown raised the prospect of a lasting divide between the two leaders, RBC Capital analyst Helima Croft said in a note, adding it could lead to a swifter removal of U.S. sanctions on Russia, the No. 3 oil producer behind the U.S. and Saudi Arabia. Russia is a member of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allied countries. Prospects for a peace deal in Ukraine and potential spending increases in the euro area caused the U. S. dollar to fall by around 1% versus a basket of other currencies, its biggest daily percentage decline since late January. A weaker U.S. dollar could boost energy demand by making dollar-priced oil less expensive for buyers using other currencies. Reuters
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Customs seizes multi million-naira petroleum products in Adamawa
The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.
ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.
“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.
He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.
He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN
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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026
Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.
Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters
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Don’t patronise touts, immigration personnel available 24/7—CGIS
Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.
Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.
The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.
Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.
She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.
“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated.
Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.
She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.
The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.
She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.
With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.
Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.
These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.
She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.
The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.
She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.
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