Energy

Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts

The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ production cut deal. Nigerian daily This Day quoted the managing director of the NNPC as laying out this plan, and noting a boost …

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Oil Holds at Highest Since February

Oil prices held at their highest since February on Wednesday, with WTI trading above $53 a barrel and Brent over $56.5 a barrel, after API data showed US crude stocks fell for the third week by a faster-than-expected 5.821 million bpd. EIA data will be released later in the day. …

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Crude Oil Extends Gains to 11-Month Highs

WTI crude futures traded higher at $53 per barrel on Tuesday, their highest level since February 2020, as US crude inventories are seen falling for a fifth straight week and as investors expect President-elect Joe Biden to deliver “trillions” in extra pandemic-relief spending when he takes office next week. Prices …

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Brent Crude Price Drops to $55/Barrel

Oil prices fell on Monday, amid concerns over weak global fuel demand as a surge of COVID-19 infections hit China and Europe. China, the second-largest oil user globally, saw its largest daily rise in virus cases in over five months today, with authorities imposing lockdown measures barring people and vehicles …

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Oil Prices Swing as Saudi Agrees to Cut Production

WTI crude futures swung between small gains and losses on Wednesday but hovered around $50 a barrel which is the highest level in 11 months after Saudi Arabia unexpectedly agreed to voluntarily cut production by 1 million bpd in February and March during an OPEC+ meeting. The move also persuaded …

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Oil Prices Fall as OPEC+ Meeting Hits Deadlock

Oil prices declined on Tuesday before deadlocked talks between major producers about potential changes in February output are set to continue later in the day. The majority of OPEC+ members were reportedly in favor of maintaining the January production quotas into February, but were unable to budge Russia from its …

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Brent Crude Oil Hits $53 Per Barrel

Brent crude soared 2.3% to $53.00 a barrel on Monday at around 07:00 AM GMT, amid hopes that OPEC+ may cap output at current levels in February at a meeting later in the day as the COVID-19 pandemic continues to cast a shadow over oil demand. OPEC+ was forced to …

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Oil Prices Gain on Demand Concern

Oil prices advanced on Tuesday, rising for the third time in four sessions, as traders were upbeat about rising fuel demand after the US House voted 275-134 on Monday to meet Trump’s demand for $2,000 relief checks from $600, sending the measure to the Senate for a vote. Adding the …

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