LAGOS AUGUST 7TH (NEWSRANGERS)-Oil prices surged on Monday to the highest level in months after Saudi Arabia extended production cuts for another month, threatening to keep inflation in the U.S. abnormally high. West Texas Intermediate crude, the U.S. benchmark, hovered around $82 a barrel during afternoon trading, the highest level since mid-April, when prices rose…
LAGOS MARCH 9TH (NEWSRANGERS)-The world’s faltering effort to contain the coronavirus outbreak hammered stocks and crude oil on Sunday, as new cases surfacing across the U.S. amplified fears of a global downturn. Brent crude (BZ=F) prices collapsed, falling by as much as 31% on Sunday evening in what was the largest single-day drop since the…
LAGOS FEBRUARY 14TH (NEWSRANGERS)-Nigeria’s oil production could drop by 35 percent in the next ten years as regulatory uncertainty and costs amid languishing oil prices may prompt oil majors to postpone final investment decisions on three major deepwater projects, consultancy Wood Mackenzie told Reuters on Thursday. OPEC member Nigeria is the largest oil producer in…
LAGOS SEPTEMBER 11TH (NEWSRANGERS)-The Organisation of Petroleum Exporting Countries (OPEC) has commended the Federal Government of Nigeria for accepting to host the upcoming Global Maritime Security Conference, saying the talks will go a long way in addressing security concerns in the maritime domain of the entire Gulf of Guinea. Secretary-General of OPEC Mohammed Sanusi Barkindo…
LAGOS SEPTMBER 5TH (NEWSRANGERS)-World oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast, OPEC’s secretary-general said on Wednesday. Mohammad Barkindo also told an energy conference in South Africa’s Cape Town that a stable environment was needed to encourage oil industry investment to meet…
LAGOS JUNE 14TH (NEWSRANGERS)-US President Donald Trump on Wednesday accused the Organisation of Petroleum Exporting Countries(OPEC) of driving up oil prices, in a fresh swipe at the cartel’s agreement to cap production. “Oil prices are too high, OPEC is at it again. Not good!” he wrote on Twitter. Oil prices peaked in late May, hitting…