The prices of crude oil plummeted more than 1 per cent on Monday for a third session, after official data revealed refining and economic activity slowed in China. Brent crude was down 90 cents, or 1.3 per cent, at $69.69 a barrel by 0649 GMT. U.S. oil dropped by 97
OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their allies are planning to increase oil production by 2.1 million bpd by as early as July this year, suggesting the confidence they have
Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks. Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost 6 cents to $40.25 a
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 diesel are currently being hit
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 on NYMEX rose to a
In “Futures In Focus”, Bob Iaccino, founder at Path Trading Partners, discusses this week’s moves in the commodities market. He speaks on “Bloomberg Markets.”
Nearly two and a half years after exiting Nigeria’s downstream oil sector, ExxonMobil is weighing the sale of some oil and gas fields in the country. The United States-based oil major recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company
The States Disaggregated Mining and Quarrying Data for 2018 reflected Nigeria produced 55,850,075.43 tonnes of solid minerals. Ogun State produced the highest tonnes of solid minerals among the 36 States and the FCT. The State produced 16,497,405.35 tonnes of solid minerals representing 30% of the total tonnes of solid minerals
According to the corporation, the invitation of participants in the swap contract was in line with Nigeria’s public contract and procurement law – the Public Procurement Act 2007, as well as its policy and procedures on same. It said the decision to engage qualified and credible companies in the DSDP
BAKU (Reuters) – OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June when the market will be able to assess the full impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC