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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 […]

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar said it will leave OPEC next month, a rare example of the toxic politics of the Middle East rupturing a group that had held together for decades through war and sanctions.  Qatar, a member since 1961, is leaving to focus on its liquefied natural gas production, Energy Minister Saad Sherida Al-Kaabi told a news […]

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 […]

Kachikwu Questions $24 Billion Oil Deals

Kachikwu Questions $24 Billion Oil Deals

Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, Aug. […]

Nigeria To Require Higher Quality On Fuel Imports From July 1

Nigeria To Require Higher Quality On Fuel Imports From July 1

Nigeria will increase quality standards for its imported gasoline, diesel and kerosene from July 1, a change health campaigners have long said is necessary to protect citizens from toxic fuel. All imported diesel from July 1 can contain a maximum of 50 ppm sulphur, while gasoline and kerosene can contain a maximum of 150 ppm, […]