International oil prices dipped on Friday following United States’ report that its crude output had hit a record 12 million barrels per day (bpd), thereby undermining efforts by Organisation of Petroleum Exporting Countries’ (OPEC’s) efforts to withhold supply and tighten global markets. On Friday, Brent crude futures sold at 66.87 dollars per barrel at 0326 […]
OPEC on Tuesday reported a slash in its global oil demand forecasts for this year and next as commodity prices slump on weakening market. The decision came barely 24 hours after Saudi Arabia, the largest oil producer, announced plans to cut output as a strategic option of bolstering prices. The oil cartel, in its latest […]
The International Energy Agency (IEA) has identified the high oil prices as one of the major constraints to improved performance of the global economy and urged the Organization of Petroleum Exporting Countries (OPEC) member-countries and other oil producers to boost output. Over the past few days, oil prices rallied to a four-year high above $85 […]
Brent crude, Nigeria’s oil grade benchmark at the global market, traded above 85 dollars a barrel on Wednesday, fuelled by expectations that U.S. sanctions on Iran will tighten supply and strain the ability of Saudi Arabia and other producers to supply to the international market. Online reports indicate that already crude exports from Iran, are […]
The President of the Organization of Petroleum Exporting Countries, OPEC, Suhail al-Mazrouei on Wednesday rued the price volatility in the international crude oil market, describing it as undesirable for member-countries. Mazrouei, who spoke after crude had its biggest one-day drop in two years, explained that the cartel members would prefer a more stable price environment. To […]