Crude oil prices have increased on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq.
An explosion at a U.S. oil rig and reduced exploration activity also supported prices there.
Brent crude futures, the international benchmark for oil prices, were at...
Oil rose to above $56 a barrel on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.
Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd),...
Oil-markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand.
Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and...
Saudi Arabia, the world’s largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others.
The country’s state-owned oil company, Saudi Aramco, lowered the pricing terms...
Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.
Following...
By AUGUSTINE EHIKIOYA
In a move to save the economy from collapse and shore up earnings from crude export, President Muhammadu Buhari is on a two-nation trip to Saudi Arabia and Qatar. His mission is to push for a rise in the price of oil...
