Oil prices rose slightly amid reports of slower growth in China.

Bukola OdufadeJanuary 3, 2019

Oil prices rose slightly today as worries over signs of slower economic growth in China were countered by the Organization of Petroleum Exporting Countries’ (OPEC) production cutbacks. Brent crude traded at $55.69 per barrel, while West Texas Intermediate (WTI) rose to near $47 per barrel. Prices bounced back as a result of investors’ confidence that […]

Oil prices rebound, helped by weak dollar, Saudi supply cuts

January 3, 2019

     Oil prices rebounded on Thursday after an early slide, helped by dollar weakness and signs of output cuts by the world’s top crude exporter Saudi Arabia that eased concerns about a glut.    International Brent crude futures were up 94 cents at $55.85 a barrel by 1340 GMT. U.S. West Texas Intermediate                         oil futures […]

Oil rises to $51 after steep slide; growth fears weigh

December 26, 2018

Oil edged up to $51 a barrel on Wednesday after reaching its lowest since June 2017 on perceptions that a price slide prompted by worries over the global economy had been overdone amid an OPEC-led effort to tighten supply. Crude has been caught up in wider financial market weakness as the U.S. government shutdown, higher […]

Total set to start exports from big new oil field in Nigeria

December 21, 2018

Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Bloomberg says shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for […]

Nigeria’s crude oil export fell slightly in Q3 2018-CBN

Bukola OdufadeDecember 20, 2018

Nigeria’s crude oil export fell marginally, in the third quarter of 2018, averaging 1.39 million barrels per day, The Central Bank of Nigeria said in its newly released report. This figure represents a decline of 0.7 percent in comparison with the crude oil export of preceding quarter, at 1.40 million barrels per day. Allocation of […]

OPEC exit frees Qatar from U.S. legal concerns

December 13, 2018

Even before taking over Qatar’s energy policy in a government reshuffle last month, Qatar Petroleum (QP) CEO Saad al-Kaabi had long wanted the Gulf state to leave OPEC. Kaabi was concerned OPEC membership could be a stumbling block for QP’s ambitions in the United States, where it has one of the world’s biggest LNG terminals, […]

Oil rises to $61 on Libyan supply cut, U.S. inventories

December 13, 2018

· · Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more […]

PPPRA assures Nigerians of uninterrupted fuel supply during the festivities.

Bukola OdufadeDecember 13, 2018

The Petroleum Products Pricing Regulatory Agency (PPPRA), has assured Nigerians of uninterrupted petroleum products supply and distribution during the festive period and afterwards. Abdulkadir Saidu, Executive Secretary of the PPPRA  said the agency was working hard with other agencies of government to ensure that there was no shortfall in the supply and distribution of petroleum […]

Oil charts show demand ailing in world’s top consuming region

Bukola OdufadeDecember 12, 2018

Oil investors are concerned about supplies due to booming U.S. output and uncertainty over how OPEC and its allies will implement production cuts may have reason to worry about demand as well. A look at refining profits in Asia shows consumption may not be keeping with supplies in the world’s top oil-consuming and importing region. […]