The American Petroleum Institute (API) reported a build in crude oil inventory of 1.26 million barrels for the week ending February 15, coming in under analyst expectations that predicted a Continue Reading
Oil prices hovered around 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. Continue Reading
Crude prices rose more than 1 percent on Wednesday to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from Continue Reading
Two separate reports from major investment banks over the past week put forward this argument. Bank of America Merrill Lynch predicts that medium-term oil prices will be “anchored” around $60 Continue Reading
A monitoring committee for an OPEC and non-OPEC oil supply reduction deal found compliance with the cuts at 83 percent, four delegates from the group told Reuters on Wednesday. The Continue Reading
Saudi Energy Minister Khalid al-Falih said on Wednesday he hoped the oil market would be balanced by April and that there would be no gap in supplies due to U.S. Continue Reading
Libyan officials have stated that the control of the El Sharara oilfield has been handed over by LNA forces to Libyan oil security forces, the state controlled oil guards. Even Continue Reading
Kenya has recalled its ambassador to Somalia Lt. Gen. Lucas Tumbo after it emerged that oil and gas blocks in disputed territorial areas were auctioned to the United Kingdom. According Continue Reading
The Norwegian consultancy firm that gathered data on Mogadishu’s oil stock in the Indian Ocean says it only worked on blocks in Somali territory. The information gathered by Spectrum Geo Continue Reading
President Muhammadu Buhari on Wednesday in Abuja pledged the cooperation of Nigeria to the effort of oil-producing nations to reduce output to attract higher prices in the global market. A Continue Reading
