Kuwait announced Friday it will export its first crude oil shipment from oilfields in a shared neutral zone with Saudi Arabia that had been shut for five years due to a dispute. Oil Minister Khaled al-Fadhel said that around one million barrels will be loaded on Saturday and Sunday onboard a Kuwaiti tanker “whose final […]

Saudi Arabia boosted crude oil supply to record levels Wednesday, with state giant Aramco offering 18.8 million barrels on a single day despite a global supply glut as a price war rages with Russia. Aramco’s announcement comes after a deal to limit crude output between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, expired on Tuesday. The […]

Crude oil prices fell below $20 a barrel on Monday resulting from a sharp drop in demand as the world battles with the coronavirus pandemic and for many analysts, the best time to invest is now. Aside the pandemic, the price war between Saudi Arabia and Russia also contributed to the sharp drop in the […]

By Sebastine Obasi There are fears that global oil demand will soon plunge by more than 10 percent from the typical 100 million barrels per day, bpd consumption, as the raging coronavirus pandemic otherwise known as covid-19 forces countries into lockdown, according to the world’s biggest independent oil trader, Vitol. “Demand destruction this year depends […]

By Emma Ujah – Abuja Nigeria has been a mono-economy for many years, relying solely on crude oil as her major source of revenue. Before now, agriculture and mining were the primary drivers of Nigeria’s economy, but these have been abandoned since the 70’s as a result of the discovery of oil. The resultant effect […]