By Adedapo Adesanya

Oil prices gained about 1 per cent on Wednesday, as investors worried about escalating tensions between Iran and the United States, which were preparing to resume negotiations.

Brent crude oil futures chalked up 60 cents or 0.87 per cent to sell for $69.40 a barrel, while the US West Texas Intermediate (WTI) crude oil futures appreciated by 67 cents or 1.05 per cent to $64.63 per barrel.

US President Donald Trump said nothing definitive was decided during his meeting with the Prime Minister of Israel, Mr Benjamin Netanyahu, on Wednesday, but that negotiations with Iran toward a deal would continue.

On Tuesday, the American leader said he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran, even as both oil producers are prepared to resume talks.

US and Iranian diplomats held indirect talks last week in Oman, amid a regional naval buildup by the US threatening Iran. The date and venue of the next round of talks have yet to be announced.

After talks between US and Iranian teams in Oman on February 6, the US government imposed additional sanctions on Iran’s oil sector.

Meanwhile, Iran signalled readiness for nuclear verification while denying any intent to build weapons.

Also supporting oil prices was data showing that US job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3 per cent, signalling a healthy economy.

The Organisation of the Petroleum Exporting Countries (OPEC) left its oil supply-demand expectations largely unchanged in its monthly report, but highlighted that global oil demand for the wider group’s crude will drop by 400,000 barrels per day in the second quarter compared to the first.

The OPEC+ group, comprising OPEC nations, plus other allies, began raising output last year after years of cuts, but paused production hikes in the first quarter of 2026 amid predictions of a glut. Eight OPEC+ members meet on March 1, where they are expected to decide whether to resume the hikes in April.

Crude oil inventories in the US increased by 8.5 million barrels during the week ending February 6, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.8 million barrels according to government data.

EIA’s data release followed earlier figures released by the American Petroleum Institute (API), which suggested that crude oil inventories rose by 13.4 million barrels.

By Aduragbemi Omiyale

The Governor of Ogun State, Mr Dapo Abiodun, has praised Dangote Industries Limited for being an “exemplary strategic partner in our collective pursuit of industrial advancement and sustainable economic development.”

Speaking at the opening ceremony of the ongoing 15th Gateway International Trade Fair in Abeokuta, the Governor described the conglomerate as a strategic partner in the industrial and economic development of the state through investments.

Mr Abiodun, represented by the Commissioner for Trade, Industry and Investments, Mr Emmanuel Adebola Sofela, disclosed that, “Dangote’s legacy in Ogun State stands as a model of how meaningful collaboration between government and the private sector can deliver transformative results.”

According to him, the Dangote Group is no longer just an investor but a trusted ally—“one whose impact is visible in our economy, our communities, and the future we are building.”

He stated that over the years, the group’s unwavering commitment to excellence, innovation, and nation-building has not only strengthened Nigeria’s industrial backbone but has also contributed immensely to the prosperity and competitiveness of Ogun State.

“Through visionary investments, job creation, and consistent support for infrastructure and community growth, the Dangote Group has demonstrated what it means to be a responsible corporate citizen and a catalyst for broad-based development.

“Their partnership with Ogun State continues to open doors of opportunity for our people, energise local industries, and reinforce our reputation as a leading destination for productive enterprise,” he further noted.

Recall that Ibese, in the Yewa axis of Ogun State, is a host to the Dangote Cement Plc’s 12 million mtpa production capacity cement plant, while another 6 million mtpa cement plant is currently under construction at Itori, also in Ogun State.

Earlier, the president of Ogun State Chamber of Commerce, Industries, Mines and Agriculture (OGUNCCIMA), Mr Niyi Oshiyemi, in the same vein, commended the management of Dangote Group for always rising to be counted among the partners of the chamber in an effort to collaborate with the private sector for meaningful economic development.

“Today is not just the commencement of another trade fair but the celebration of collaborations, innovations, and shared prosperity.

“The trade fair in the last 15 years has served as a vital platform where ideas meet opportunity, where businesses connect with the market and where partnerships are formed to drive sustainable economic growth,” he said.

According to him, in an era defined by rapid technological advancement, global competitiveness and ever-evolving consumer needs, no business can thrive in isolation. The future belongs to those who build strong partnerships.

Mr Oshiyemi noted that OGUNCCIMA has been able to strengthen Ogun State’s position as a leading commercial and industrial hub in Nigeria and West Africa because it has been able to encourage investments, trade linkages and technology transfer by supporting policies and initiatives that enhance the ease of doing business in the state.

By Adedapo Adesanya

The Managing Director and Lead Country Manager of ExxonMobil’s affiliates in Nigeria, Mr Jagir Baxi, has noted that recent presidential directives have been instrumental in strengthening the company’s efforts to unlock deepwater resources.

Mr Baxi was appointed to the position in July 2025 to oversee ExxonMobil’s business in Nigeria, including Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.

In an interview with The Energy Year, he said the directives issued by President Bola Tinubu in May 2025 were specifically designed to eliminate rent-seeking, slash project timelines, reduce contracting costs, and restore investor confidence in the Nigerian upstream sector.

According to him, Esso Nigeria is now focusing on advancing deepwater oil and gas developments as part of ExxonMobil’s portfolio after its divestment from the joint venture with Nigerian National Petroleum Company (NNPC) Limited.

“The presidential directives have been instrumental in strengthening Nigeria’s competitiveness in the oil and gas sector. For Esso Nigeria and our shareholder, ExxonMobil, they’ve provided a meaningful platform to reassess our discovered but undeveloped resources – most notably Owowo.

“These directives signal a commitment from the highest levels of government to address long‑standing barriers to deepwater investment, and that’s an important catalyst for industry confidence,” he said.

The ExxonMobil executive noted that the directives have enabled the oil major to take tangible steps forward while working closely with the state oil company and other agencies in the sector.

“We are co‑developing a contracting strategy tailored specifically to the scale and complexity of a world‑class deepwater project,” he noted, adding, “In parallel, we’ve collaborated with the Nigerian Content Development and Monitoring Board to shape a project‑specific National Content Strategy – one designed to both enable the project and deliver sustained, impactful benefits to Nigerian businesses and the workforce. That alignment is critical if we want to create value that extends far beyond the life of a single development.”

“That said, one essential element is still outstanding: codified implementation guidance. For investors, particularly those making multi‑billion‑dollar commitments over 20 to 30‑year horizons, clarity and predictability are non‑negotiable. Our concern stems from recent experience – instances where progress delivered through certain government actions was later eroded by others. It underscores why stability in fiscal and regulatory frameworks is so vital.

“If Nigeria can translate these directives into consistent, durable rules of engagement, the country will be positioned to unlock deepwater investment at a scale that delivers long‑term value for the nation, its citizens, and its partners. And we believe that is absolutely achievable,” he explained.