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Nigeria commits to 2060 net zero emissions target

  • Spanish Market: Crude oil, Electricity, Natural gas
  • 03/11/21

Nigeria has committed to reaching net zero emissions by 2060, but stressed that developing countries need technical and financial support to hit targets.

Gas will retain a key role in the country's energy transition, Nigeria's president Muhammadu Buhari said at the UN Cop-26 climate conference in Glasgow. "The data and evidence show that Nigeria can continue to use gas until 2040 without diverting from the goals of the Paris agreement," he said.

"Nigeria is actually more of a gas than an oil producing country. Consequently, I am requesting for financing of projects using transition fuels, such as gas," he said.

The president stressed throughout his speech at the world leaders summit at Cop 26 that developing countries will require financial and technical support to attain their climate change goals.

He said that Nigeria did not need to be persuaded about the importance of fighting climate change. "Desertification in the north, floods in the centre, pollution and erosion on the coast are enough evidence," he said.

Buhari said that Nigeria's commitment to a just transition is reflected in the country's "ambitious" energy plan, which includes bringing power to five million households by using decentralised solar energy solutions.

Nigeria is the largest producer of oil on the African continent and a major LNG exporter. The country exported 11.8mn t of LNG in January-August this year.

Nigeria joins major oil producers Saudi Arabia and Russia in targeting net zero emissions by 2060.


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Iran fires missiles at US military base in Qatar


23/06/25
23/06/25

Iran fires missiles at US military base in Qatar

London, 23 June (Argus) — Iran today fired missiles at a US base in Qatar in retaliation for the weekend attack on its nuclear facilities. The Iranian military said the US' Al-Udeid base was its target. The Qatari government said it intercepted the missiles and there were no deaths or injuries. Tensions in the region have been stretched since the US bombed Iranian nuclear facilities at the weekend. US president Donald Trump today again expressed a desire for regime change in Tehran, which in turn said US military interests were now legitimate targets. Earlier, Qatar closed its airspace and the US and UK embassies there issued safety warnings to their citizens, suggesting this Iranian attack was flagged and expected. The price of Ice Brent crude fell by as much as 4.5pc in the wake of the Iranian attack to an intraday low of $72.48/bl, having hit a five-month high of $81.40/bl earlier in the day. The Iranian move echoes its attacks on US military targets in Iraq after the US' killing of senior Iranian military commander Qassem Soleimani in January 2020. Perhaps mindful of this, foreign firms operating in Iraq today started removing some employees from the country. Regional airlines began cancelling and rerouting flights across the Middle East, with flight tracking showing almost no flights in the air above the Mideast Gulf. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump escalates pressure to keep oil prices down


23/06/25
23/06/25

Trump escalates pressure to keep oil prices down

Washington, 23 June (Argus) — President Donald Trump is pressing domestic oil producers to increase drilling as he works to contain the energy market fallout from a potential escalation in hostilities following US airstrikes on nuclear sites in Iran. Trump said today he was monitoring how the oil industry is responding to the conflict, which depending on Iran's response could disrupt 17mn b/d of crude and refined products that are shipped through the strait of Hormuz. The US carried out air strikes on Iran's Fordow, Natanz and Isfahan nuclear sites early on 22 June local time. Brent crude futures hit a five-month high above $80/bl earlier Monday but had fallen to $73.81/bl as of 1:18 pm ET, after Iran said it had launched an attack on a US military base in Qatar. "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Trump wrote Monday morning in a post on his social media website Truth Social. Trump followed up by directing the US Department of Energy (DOE) to "DRILL, BABY, DRILL!! And I mean NOW!!!" US energy secretary Chris Wright, in a social media post responding to Trump's instructions, said "we're on it" but did not say what actions he would take. DOE does not have a formal oversight or regulatory role related to oil and natural gas production, although it does manage the US Strategic Petroleum Reserve (SPR). The White House, asked for comment, said Trump was urging his administration to support drilling to keep energy prices low. Since Trump's first day in office, he has "championed domestic energy production to strengthen American economic security", the White House said. DOE did not immediately respond to a request for comment. Trump has sought to increase US oil production by easing regulations, expediting environmental reviews and expanding leasing, but it could take years for those actions to translate into higher production. In the near-term, Trump's most potent tool to reduce prices would be ordering a release of oil from the SPR, which holds 402.5mn bl of crude in four storage sites in Louisiana and Texas. Trump and many other Republican lawmakers were critical of former president Joe Biden for ordering the emergency release of 180mn bl of crude from the SPR in 2022 in the wake of Russia's invasion of Ukraine. Trump has said he wants to refill the SPR to its full capacity of 714mn bl. The White House said Monday it is not yet seeing interruptions to oil flows, but that the "many tools" available to the president and his "commitment to peace through strength" should "all be reassuring to the market". By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trump again brings up regime change in Iran


23/06/25
23/06/25

Trump again brings up regime change in Iran

Washington, 23 June (Argus) — President Donald Trump's administration is trying to articulate what it ultimately aims to achieve in Iran, after directly involving the US in the Israel-Iran war over the weekend. Senior administration officials took to the TV news shows on Sunday to assert that Washington is not trying to topple the government in Iran. They claimed that the US bombing raids, in the early hours of Sunday Tehran time, caused irreparable damage to Iran's nuclear program. And they suggested that the US will not carry out additional air strikes unless Iran retaliates against US interests in the region or targets vessel traffic in the strait of Hormuz. But Trump then contradicted his own administration's message by posting on his social media platform: "If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change??? MIGA!!!" Iran has responded with tough rhetoric to the US air strikes but did not hit back at US interests across the region, even though Iran and Israel continued to exchange missile attacks. Tehran said today that US airstrikes have expanded the range of legitimate military targets for its armed forces, while a senior Iranian lawmaker said the parliament has concluded that the strait of Hormuz "should be closed". The strait of Hormuz is the world's most critical oil transit route, with around 17mn b/d of crude and refined products — roughly a quarter of global seaborne oil trade — passing through it. Iran has repeatedly threatened to close the strait in past confrontations but has never followed through on that rhetoric. In the past, Tehran has targeted or seized vessels transiting the waterway, prompting some shipowners to consider alternative routes. Crude oil futures, which in the run-up to the US attack already reflected risk premiums associated with potential disruption to oil flows from the Mideast Gulf, rose in early trading in Asia today but eased later in the day. Trump, who has frequently touted declines in oil prices during his second administration, posted today: "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" He then posted, "To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!" The Energy Department cannot mandate how much crude US oil companies produce, but it does control the US emergency oil stocks. Uncertainty ahead The Pentagon has been more restrained than Trump and his national security advisers in providing an assessment of the air strikes. Joint Chiefs of Staff chairman, general Dan Caine said on Sunday that initial assessments indicated that Iran's nuclear facilities suffered "extremely severe damage and destruction" but noted that it was too early to say whether Iran maintains any nuclear capability. Trump by contrast posted about "monumental damage" and asserted that "obliteration is an accurate term" in reference to Iran's nuclear sites. "Sometimes we have a tendency to think that a military solution can insert some certainty into a situation," said retired general Joe Votel, who commanded Middle East-based US forces in 2016-19. "But I think what we're seeing here is that there still is a significant amount of uncertainty about what is going to take place." It will take time to accurately assess the impact of US air strikes on Iran's nuclear program, Votel said today during a discussion hosted by think tank the Middle East Institute. The UN's nuclear watchdog, the IAEA, said on 22 June that no increases in off-site radiation levels had been reported following the US strikes. The eventual shape of Iran's response is a further cause of uncertainty, Votel said. "Do they have a surprise for us, if they held something in reserve that we're going to see revealed here?" An Iranian counter-attack aimed at the US would invite more US strikes. But if Iran's response proves muted or non-existent, "will we be going back?," he asked. "And then, how does all this conclude?" The US embassy in Qatar today issued a "shelter in place" warning to US citizens in the country, which hosts the largest US air force base in the region. The US embassy did not cite a specific threat, noting that the warning was out of an "abundance of caution". The UK embassy issued a similar warning to British citizens. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK set to boost clean energy investments by £30bn/yr


23/06/25
23/06/25

UK set to boost clean energy investments by £30bn/yr

London, 23 June (Argus) — The UK government plans to increase its clean energy investment by more than £30bn/yr over the next 10 years as part of its broader industrial strategy, it announced today. The new Clean Energy Industries Sector Plan sets out a framework to boost the UK' economy to 2035 by investing in low-carbon technologies. It focuses on key sectors including offshore and onshore wind, nuclear fission and fusion, hydrogen, carbon capture, usage and storage (CCUS) and heat pumps. State-owned entity Great British Energy will invest more than £8.3bn during this parliament, including £1bn for a Clean Energy Supply Chain Fund to support domestic manufacturing. The National Wealth Fund, with £27.8bn in capital, will channel at least £5.8bn into CCUS, hydrogen, ports and green steel projects. And state-owned development bank the British Business Bank will allocate £4bn under its Industrial Strategy Growth Capital package to attract £12bn in private investment for climate technology firms, the government said. The contracts for difference scheme's newly launched "clean industry bonus" has committed £544bn to offshore wind supply chains, potentially leveraging £9bn in private funds, with discussions under way to extend this to hydrogen and onshore wind. The offshore wind sector is projected to contribute £2bn-3bn of gross value added per gigawatt installed and could support 100,000 jobs by 2030, the government said. Nuclear fission initiatives include £300mn for the high-assay low-enriched uranium fuel programme, while the projected 3.2GW Hinkley Point C and 3.2GW Sizewell C nuclear plants aim to pass on 64pc and 70pc, respectively, of the construction value to UK businesses. Fusion energy will receive £2.5bn over five years to advance research, including the Spherical Tokamak for Energy Production prototype by 2040. Hydrogen projects, backed by the hydrogen allocation rounds, are expected to secure £400mn in private investment by 2026, with a regional hydrogen network planned for 2031. CCUS will benefit from £9.4bn to support the East Coast and HyNet clusters, with further funding for the Acorn and Viking clusters under review. And a £13.2bn Warm Homes Plan aims to boost heat pump demand, supported by an investment accelerator competition to expand manufacturing. Starting in 2027, the British Industrial Competitiveness Scheme is intended to reduce electricity costs by up to £40/MWh for more than 7,000 electricity-intensive businesses in manufacturing sectors such as automotive, aerospace and chemicals. Industrials will be exempt from levies used to fund renewables obligation schemes, feed-in tariffs and the capacity market. And the government plans to increase support for about 500 energy-intensive firms such as steel and glass manufacturers by raising their electricity network charge discount from 2026 to 90pc from 60pc. The plan projects significant job growth by 2035, with a forthcoming Clean Energy Workforce Strategy to address skill shortages in engineering and manufacturing, the government said. By Timothy Santonastaso Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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