Saudi Arabia to increase crude supply in oil standoff with Russia

Saudi Arabia will raise its crude supply to a record high in April, the kingdom announced on Tuesday, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new talks. The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on… Read More Saudi Arabia to increase crude supply in oil standoff with Russia

Oil prices fall as Saudi Arabia slashes official selling price

Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth. Prices fell by as much as a third following Saudi Arabia’s move after Russia… Read More Oil prices fall as Saudi Arabia slashes official selling price

Oil prices drop globally; OPEC countries comply with oil-output directive

Global oil prices dipped on Tuesday but continued to trade in a tight range with the OPEC-led output cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as… Read More Oil prices drop globally; OPEC countries comply with oil-output directive

Oil price hikes above $40/barrel; oil producers plan meeting

Oil prices rose above $40 a barrel on Wednesday, driven by anticipation that the world’s largest exporters could agree this month to freeze production and help erode the largest global build in unwanted crude in years. Producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20… Read More Oil price hikes above $40/barrel; oil producers plan meeting

The oil price crash is unacceptable- President Buhari tells OPEC

President Muhammadu Buhari, yesterday, in Doha, Qatar, told member states of Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members that the continued crashing of oil prices was no longer acceptable. President Buhari, as a matter of of urgency, called on all other stakeholders in the sector, especially the oil producing nations to articulate ways… Read More The oil price crash is unacceptable- President Buhari tells OPEC