Oil Price Gains For Fifth Consecutive Month     The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday. OPEC attributed the continued rise in international oil prices to the supportive oil market...

Oil Drops To $62 As COVID-19 Dims Demand Outlook       The international oil benchmark, Brent crude, fell the most in nearly two weeks on Monday as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories. Brent, against which...

Oil Rally Pushes Nigeria’s Revenue Above Budget Estimate       The upturn in the price of the international oil benchmark, Brent crude, has pushed Nigeria’s oil revenue above the estimate in the 2021 budget. Brent, against which the country’s crude oil is priced, has been trading more than...

OPEC+ To Lower Oil Demand Forecast Amid COVID-19 Uncertainty       The Organisation of Petroleum Exporting Countries and its allies have agreed to lower the forecast that oil demand would grow by 5.9 million barrels per day this year. A panel of OPEC+ technical experts agreed to revise...

Oil Price Rises To $64 As Ship Blocks Suez Canal       The international oil benchmark, Brent crude, reversed its recent losses on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost...

Nigeria’s Daily Oil Production Rises To 1.42m Barrels       Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production...