Peak summer demand could drain global oil inventories to critical levels if the OPEC/non-OPEC coalition leaves its production cut agreement in place, Russian energy minister Alexander Novak said Tuesday. That would leave producers unable to respond to any disruptions and lead to a price spike, he said in Minsk ahead of OPEC/non-OPEC meetings scheduled later […]
Business
OPEC oil ministers gather to discuss production increase
The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-OPEC country that since late 2016 […]
Oil rises ahead of OPEC, China tariffs loom over U.S. prices
Oil prices rose on Monday in volatile trade as this week’s OPEC meeting raised the specter of production increases and as investors assessed the impact of a trade dispute between the United States and China. U.S. crude oil (CLc1) edged up 6 cents a barrel to $65.12 a barrel by 12:43 p.m. EDT (1643 GMT). […]
Nigeria Govt loses N100billion on aviation charges’
An aviation expert, Capt. John Ojikutu (retd.) says the Federal Government lost over N100 billion in Ticket Sales Charges (TSC) and Cargo Sales Charges (CSC) in the aviation sector between 2013 and 2017. Ojikutu, a member of the Aviation Round Table (ART) and Chief Executive Officer of Centurion Securities said this in a statement on […]
Nigeria Bureaux De Change Operators wants Yuan for customers
The Association of Bureaux De Change Operators of Nigeria (ABCON) has urged the Central Bank Nigeria (CBN) to approve Renminbi (Yuan) disbursements to its members to deepen the China-Nigeria Swap deal. Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria (NAN) in Lagos that the approval would enable BDCs sell Personal and Business […]
Oil is tumbling ahead of next week’s OPEC meeting
Oil fell Thursday a week ahead of an OPEC meeting where the cartel could reverse coordinated supply cuts that have propped up prices over the past two years. Brent, the international benchmark, was down 2.95% to $74.64 a barrel per 11 a.m. ET. WTI shed 3.04% to $64.96 a barrel. Saudi Arabia, the unofficial head […]
Nigeria’s Buhari will sign off 2018 budget on Tuesday, minister says
Nigerian President Muhammadu Buhari will sign the government’s long-delayed budget into law on Tuesday, Information Minister Lai Mohammed said on Friday. In May, Nigeria’s parliament passed a record 9.12 trillion naira ($28.95 billion) budget for 2018 aimed at boosting growth eight months before the country’s next presidential election. But it still needs to be returned […]
China vows to hit back against US tariffs
China said on Friday that it will strike back quickly if the United States hurts its interests, hours before US President Donald Trump was due to unveil revisions to a tariff list targeting 50 billion dollars worth of Chinese goods. Washington and Beijing appeared increasingly to be headed toward a trade war after several rounds […]
OPEC divisions on whether to increase production run deep
Saudi Arabia and Iran, among the world’s largest oil producers, are offering competing narratives over oil supply needs for the second half of the year. Divisions among key OPEC producers run deep, with competing perspectives emerging in statements Thursday on whether or not to increase oil production. U.S. President Donald Trump turned again to twitter […]
Trump bashes OPEC for ‘high’ oil prices
President Trump complained Wednesday that oil prices are too high and blamed the spike on OPEC, the group of 14 nations that controls a major portion of the world’s supply of crude petroleum. “Oil prices are too high, OPEC is at it again. Not good!” the president tweeted even as prices fell amid the expectation […]