Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump’s decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply.
Global benchmark Brent crude futures was down 1.7...
Nigeria issued its first Forcados oil loading plan since 2016, putting the nation's June oil exports on track to hit thier highest level in at least 15 months.
The plan, if realised, would return loadings by Nigeria, normally West Africa's biggest oil exporter, to levels...
Oil prices fell to a three-week low on news that Libyan output was recovering from an oilfield technical issue. This fuelled concerns that the Organisation of Petroleum Exporting Countries (OPEC)-led output cuts to reduce global inventories were being undermined by producers outside the deal.
Benchmark...
Nigeria is not opposed to joining OPEC production caps but will have to wait and see production back to acceptable levels.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said on Thursday that “we are targeting that by the end of the extension...
Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days and traded above the $50 per barrel mark.
Oil prices were bolstered by the biggest one-week drop in the United States’ inventories so far this year, and after Iraq and...
Global oil benchmark, Brent crude, struck a five-month low as the United States’ crude inventories showed a lower-than-expected decline amid growing compliance with a deal to limit production by the Organisation of Petroleum Exporting Countries and other producers.
Brent, against which half of the world’s...
