Oil and Gas

 Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs. Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices. U.S. crude futures were down 50 cents, or […]

Oil prices rose for a third straight day on Thursday, as production cuts curbed supply from OPEC and its allies, and U.S. monetary policy appeared to be more favorable. OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found Thursday, as Saudi Arabia and its Gulf allies […]

OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines. The 14-member Organization of the Petroleum Exporting Countries has pumped 30.98 million barrels per day (bpd) […]

Oil headed for its biggest one day drop in a month on Monday on evidence of yet more growth in U.S. crude supply, although the price is still on course for its strongest January gain for 14 years. Further weighing on oil markets, the trade dispute between the United States and China looks unlikely to […]

Russia should not unleash an oil price war against the United States but rather stick with output cuts even at the cost of losing market share in the medium term, one of the main Russian architects of a production pact with OPEC said. Since 2017, Russia and OPEC have cut oil production jointly for the […]

Nigeria led the other oil producers in the 14-member Organisation of Petroleum Exporting Countries in total crude production in December 2018, producing 1.797 million barrels per day, from 1.579 million barrels per day in November. OPEC, in its latest Monthly Oil Market Report for January, said Nigeria’s output rose to 1.750 million bpd in December […]