Qatar announces departure from OPEC, to focus on gas ambitions 

Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group’s de facto leader Saudi Arabia and marring efforts to show unity before this week’s meeting of exporters to tackle an oil price slide. Doha, one of OPEC’s smallest oil producers but the world’s… Read More Qatar announces departure from OPEC, to focus on gas ambitions 

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

Two billion barrels of shale oil reserves discovered in Iran’s western province

Iran has found shale oil reserves of 2 billion barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday. “Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2 billion… Read More Two billion barrels of shale oil reserves discovered in Iran’s western province

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