Oil prices increased marginally on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, […]
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U.S. President Donald Trump, who recently called on OPEC producers to help reduce oil prices, has raised prices through his tweets, Iranian OPEC Governor Hossein Ardebili was quoted as saying by news agency SHANA on Thursday. “Your tweets have increased the prices by at least $10. Please stop this method,” the oil ministry news agency […]
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Oil prices rose on Thursday. Brent April crude futures were up 53 cents on the day at 69.42 dollars a barrel by 1150 GMT, while NYMEX crude for March delivery rose 42 cents to 65.15 dollars a barrel. Brent crude rose by 3.3 per cent in January, its strongest start to the year for five […]
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Oil markets were firm on Monday, with Brent crude opening above $60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at $60.63 per barrel at 0018 GMT, up 19 cents or 0.3 per cent from their […]
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The Organisation of Petroleum Exporting Countries (OPEC), has agreed to allow Nigeria supply crude oil to the global market, in continuation of the exemption from the oil production cuts agreed on by members and non-members. The decision was made at the meeting of the joint ministerial monitoring committee of OPEC and non-OPEC countries which held […]
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Africa’s third-biggest oil producer, Equatorial Guinea, has been accepted as a new member of the Organisation of the Petroleum Exporting Countries (OPEC), Reuters reports on Thursday. Equatorial Guinea said in January it was seeking to become OPEC’s 14th member and the sixth from Africa, an addition that would help raise the continent’s influence and profile […]
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OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average. “While it is evident that the market rebalancing is now moving forward and investment specifically in short-cycle projects is returning, it is essential we do not take […]
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Oil price is rapidly declining, this time, it has fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since December 2016. Since the Organisation of Petroleum Exporting Countries (OPEC) decided to cut its production […]
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The Organisation of Petroleum Exporting Countries (OPEC) has lost over $1 trillion to fluctuation of oil prices, its Secretary General, Dr Mohammed Barkindo has said. Barkindo disclosed this on Monday while addressing a news conference organised by the Minster of State for Petroleum, Dr Ibe Kachikwu. According to the OPEC scribe who is on a […]
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Oil prices rose more than one per cent on Tuesday after news that the world’s top producers cut production in January more than forecasters had expected just as the dollar sank. “This is very high, a good number,” an OPEC source said of the January compliance estimate. The dollar was down by 0.9 per cent […]
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