The Brent oil is poised to rise over $70 dollars in spite of international Media “manipulative stance”, media editor reveals.
Browsing: crude oil
Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.
Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage
The Organisation of Petroleum Exporting Countries, the Middle East-dominated producer club, and Russia, the world’s single biggest oil producer, have been withholding output to tighten the market and prop up prices.
The jump in Brent prices widened its premium to WTI prices, making US oil exports more attractive
Crude oil is a natural unrefined petroleum resource composed of hydrocarbon deposits and other organic materials
The Economic and Financial Crimes Commission had arraigned them for dealing in petroleum products in Nigeria without license.
Seeded with funding from Royal Dutch Shell (Shell), All On works with partners to increase access to commercial energy products and services for underserved and unserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta.
For over three decades, Nigeria pursued this model. But things are changing, with the election of President Muhammadu Buhari in 2015, who was propelled into office under the mantra of “change”. That clamour for change, in the areas of governance, security and economy, coincided with the collapse of global oil prices and a consequent huge deficit in government revenues. These circumstances provided the ingredients for an overhaul of the entire economic model. The first and rather numbing conclusion of that exercise was that Nigeria is not actually an ‘oil economy’. With just 2 million barrels of oil per day and over 180 million people, simple mathematics tells us that 90 Nigerians share a barrel of oil compared to three Saudis, 1.44 Kuwaitis and 1.69 Qataris. With oil at just 10 per cent of GDP, Nigeria simply does not fit into the mould of the traditional oil economies.
The amount of US oil rigs drilling for new production fell by seven to 736 in the week to October 20, the lowest level since June, General Electric Co’s Baker Hughes energy services firm said on Friday.
Traders said prices were pushed up by a drop in US crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies
Brent crude futures, the international benchmark for oil prices, were at $57.85
The minister said at the inauguration of the Advanced Bio-resources Laboratory and Livestock Feed Mill that the technology would assist in tracing stolen crude
The Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers would meet in Vienna on Friday to consider extending an agreement to reduce output by about 1.8 million barrels per day.
US West Texas Intermediate crude futures were at $50 per barrel at 0547 GMT, and close to the more than three-month high of $50.50 reached last Thursday.
U.S. West Texas Intermediate crude was above 50 dollars on hitting a four-month high and finished 1.2 per cent higher at 49.89 dollars, the highest since July 31.
According to him, 2018 looks like a better year for crude in terms of pricing but countries are focusing on alternative energy.
Brent crude futures climbed 58 cents to $52.45 a barrel by 12:12pm, while United States West Texas Intermediate crude futures were trading at $48.34 dollars, up 51 cents.
“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
Wednesday’s focus will be on the U.S. government report to see whether it confirms the figures from the API, an industry group.