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WTI Crashes Below $0 A barrel — A Record Low

WTI Crashes Below $0 A barrel — A Record Low

The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude. What’s happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That’s the lowest level since NYMEX opened oil futures trading in […]

Nigeria’s Oil Producers Are Itching to Pump More

Nigeria’s Oil Producers Are Itching to Pump More

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan […]

Oil Trades Near Two-Week High After U.S. Stockpiles Plunge

Oil Trades Near Two-Week High After U.S. Stockpiles Plunge

Oil traded near the highest close in more than two weeks after crude stockpiles in the world’s largest economy slid more than forecast to a two-year low.  Futures were little changed in New York after settling on Wednesday at the highest since Dec. 1. U.S. inventories fell 6.5 million barrels last week — more than double the […]

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy […]

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil Heads for Third Weekly Loss as U.S. to Nigeria Prolong Glut

Oil headed for a third weekly drop as rising supplies from the U.S. to Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York, down 3.9 percent this week, and close to the levels traded when OPEC agreed output curbs in November. U.S data released […]

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

Crude Oil Tops $55 For First Time In 16 Months

Crude Oil Tops $55 For First Time In 16 Months

Brent crude rose to over $55 per barrel monday, hitting a 16-month high on rising prospects of a tightening market after the Organisation of Petroleum Exporting Countries (OPEC) agreed on a landmark deal to cut production last week.   This is coming as OPEC is set to meet non-OPEC countries to finalise the global oil […]

Nigerian Develops Model To Boost Fuel Supply

Nigerian Develops Model To Boost Fuel Supply

A NIGERIAN Petroleum Engineer, Mr. Chinedu Onyeizu, has developed a three node policy and a technology-based model aimed at addressing the challenges of fuel supply in Nigeria, by empowering Nigerians and the authorities with the capacity to track supply across all the downstream petroleum sector value chain. Addressing newsmen in Abuja, Onyeizu, a graduate student […]

Oil Up As Canada, Nigeria Problems Counter Stockpile Concern

Oil Up As Canada, Nigeria Problems Counter Stockpile Concern

Crude Oil prices rose yesterday, boosted by supply disruptions in Canada and Nigeria that have knocked out 2.5 million barrels of daily production and temporarily eclipsed concern over high global inventories and a looming surplus of refined products. Brent crude futures were up 39 cents on the day at $44.02 per barrel while U.S. crude […]