Jet fuel consumption remains the hardest hit section of the global oil market as passengers avoid air travel as a result of the pandemic and government travel restrictions. The specific problems of the jet market explain why refinery margins for closely related distillates such as
Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mele Kyari, head of the state oil firm NNPC, said on Wednesday. He told Channels TV that discussions were taking place on an operating model in which the
Looking for pre-pandemic consumption as early as Q4- Inventory data remains bullish The price of oil is sitting at just below $43 per barrel Technical factors point higher, and so does the price action in other commodities The price of nearby October crude oil futures
Whenever the commodity cycle reaches a trough, all eyes turn to China. Asia’s biggest powerhouse has through years of explosive growth become the top—or one of the top—importers of many commodities, leading the producers of these commodities to base their own growth strategies on China’s
Gold prices settled sharply lower Wednesday, ending a two-day string of gains, as the U.S. dollar halted its skid and as commodity investors watched for minutes from the Federal Reserve’s July policy meeting, which could provide further insights on the central banker’s outlook for the
In 2018, when a rice farmer, Lawal Bala, experienced a positive turnaround in his farming business, he was overwhelmed with joy. For Mr Bala, the farming season was worth looking forward to. Now, he enjoys farming more than ever before. This had not always been
Global food prices continued rising for the second consecutive month in July, led by vegetable oils and dairy products, the Food and Agriculture Organisation has said. According to the Food Price Index report published on Thursday on the FAO web page, which tracks international prices of the most
Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian oil company Seplat. OPEC
This year has been brutal for the oil patch. Dual shock waves slammed the sector earlier in the year as OPEC and Russia ignited a price war just as oil demand started cratering because of the COVID-19 outbreak. But global oil producers have since called
The recovery in oil demand and the less-than-feared demand destruction earlier this year will support oil prices next year when producers will be playing catch up with demand, and Brent oil prices could rise to $66 a barrel, according to Energy Aspects. Brent Crude prices are