24 August 2018, Singapore/Beijing — China’s Unipec will resume purchases of U.S. crude oil in October after a two-month halt…
Browsing: U.S. Energy Information Administration
02 August 2018, News Wires — Israel would deploy its military if Iran were to try to block the Bab al-Mandeb…
28 July 2018, News Wires — Oil prices edged down on Friday after three days of gains, but were still…
26 July 2018, News Wires — Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia…
17 July 2018, News Wires — Brent crude prices rose from a three-month low on Tuesday after more oil workers…
10 July 2018, Libreville — Gabon oil workers’ union ONEP began a 15-day strike at the facilities of French oil…
27 June 2018, News Wires — French oil and gas company Total SA expects the global natural gas market to grow…
The minister observed that the Light sweet Nigerian crude is very similar to the light oil produced in US shale, adding that as US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.
Iraq, OPEC’s second-largest producer, committed to reduce daily production by 210,000 barrels to 4.351 million barrels as part of a December agreement among major oil producers. That agreement stipulated a total reduction of 1.8 million barrels per day in the first six months of 2017.
The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects.