Brent crude oil fell on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production. Despite the increase, which is intended to stop the gap between global supply and demand from becoming too wide, analysts said global […]
OPEC nations and oil-producing countries not in the cartel said Saturday they have agreed to share increased oil production a day after OPEC announced it would pump more crude oil — a move that should help contain the recent rise in global energy prices. Russia and other oil-producing allies said after their meeting in Vienna […]
Russia and other non-members of Organisation of Petroleum Exporting Countries (OPEC) have agreed to join OPEC in raising oil production output by one million barrels per day (mb/d) from July 2018. The Minister of Energy and Industry of United Arab Emirates (UAE) Mr Suhail Al Mazrouei, made the decision known at a news conference after […]
A Nigerian man who masterminded a conspiracy to obtain millions in refunds from the Internal Revenue Service has been sentenced in Oregon to 15 years in federal prison. Emmanuel Kazeem, 35, who also lived in Bowie, Maryland, was sentenced Wednesday in Eugene. A jury previously convicted him of fraud, conspiracy and aggravated identity theft. “Emmanuel […]
Oil prices jumped more than 4 percent on Friday after major producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand. The Organization of the Petroleum Exporting Countries and other top crude producers, meeting in Vienna, agreed to raise output from July by about 1 […]
Minister of state for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, said Nigeria would advise against additional oil supply to the global market by OPEC and non-OPEC members. Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC Ministerial […]
The Organisation of the Petroleum Exporting Countries (OPEC) is approaching today the conclusion of agreements in favor of its trade strategies which will allow for stability in the crude oil markets. The ongoing meeting in this Vienna seeks to increase oil production, while easing the opposition of Iran and Saudi Arabia in this regard. The […]
The Nigerian Inter-Bank Settlement System (NIBSS), on Thursday said the banking industry lost the sum of N12.30 billion to various frauds between 2014 and 2017. Mr Adebisi Shonubi, Managing Director, NIBBS, disclosed this at the third Annual Banking Security Summit organised by MAXUT Consulting in partnership with OneSpan, a global data security company in Lagos. […]
Nigeria has rolled over its crude for oil products contracts by six months until the end of the year, the head of the country’s NNPC Oil Company told Reuters on Thursday. “We have rolled it over until the end of December,” Maikanti Baru said on the sidelines of the OPEC seminar in Vienna. The contracts, […]
For OPEC, over-compliance with its supply-cutting deal is a nice problem to have. Once known for rampant cheating on agreed oil output targets, the Organization of the Petroleum Exporting Countries has been over-delivering on a pact in place since January 2017, cutting around one and a half times the promised amount. The Organization of the […]