The current practice by the Organisation of the Petroleum Exporting Countries (OPEC) members of cutting the prices of their crude oil goes beyond just retaining market share.
Many are also desperate to meet economic development targets, which are being frustrated by the twin problems of...
The prices of crude oil in the international market yesterday reached their highest levels in more than five weeks due to heightened speculation that the Organisation of Petroleum Exporting Countries (OPEC) would embark on output cuts to prop up prices.
According to Reuters, the global...
Militancy: The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that Nigeria will have to increase oil output by an average of 900,000 barrels per day (b/d) in order to recover crude oil that has been shut in to a series of...
The IEA said it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain’s vote to leave the European Union.
Global oil demand growth is now expected to slow to 1.2 million barrels per day...
Oil prices jumped as much as 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that had sent the market to three-month low last week.
International benchmark Brent futures were trading at $45.41 per barrel at 12:46...
Global oil benchmark, Brent crude, fell by over three per cent on Monday to around $42 per barrel amid worries about growing glut in the market.
A Reuters survey last Friday found that output from the Organisation of Petroleum Exporting Countries likely rose in July...
