Crude Oil market fundamentals improving – Saudi Energy Minister

Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut…

 
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Nigeria Loses to Angola as Africa’s largest oil producer and Up to $100 Billion in Revenue.

Nigeria said it lost out on as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record…

 
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OPEC

Oil prices slip back; traders await OPEC report

Crude futures slipped on Monday as investors booked profits ahead of a key data that would indicate the progress of an ongoing multi-country effort to cut back oil production. “Traders…

 
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Oil prices rise as OPEC & non-OPEC production cuts agreement come into effect.

Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will…

 
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Black Market

Nigeria’s foreign exchange reserves decline 11.7 pct to $25.72 bln

Nigeria’s foreign exchange reserves fell 11.7 percent to $25.72 billion by Dec. 28, from $29.13 billion a year earlier, central bank data showed on Friday. However, the reserves showed a…

 
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OPEC

Nigeria, set to benefit most from OPEC cut, struggles to cash in

Nigeria, one of two OPEC countries completely shielded from any cuts to its oil production, was in line for a windfall from the group’s agreement late last month to shore…

 
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OPEC deal will go ahead even if only Russia commits – Kachikwu

OPEC’s deal to cut oil production will go ahead even if Russia becomes the only non-OPEC country to commit to reduce output at a meeting this week, Nigeria said on…

 
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OPEC

The OPEC deal is a sign of ‘tough economic circumstances’

OPEC finally agreed to curtail output during its meeting in Vienna on Wednesday. This marks the cartel’s first cut since 2008 and reverses its two-year strategy of pumping as much…

 
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OPEC

OPEC reaches first deal to cut oil output since 2008

The world’s largest oil exporters agreed on Wednesday to cut output for the first time in eight years to erode a global supply overhang that has persisted for two years…

 
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Saudi Arabia

Saudis Walk Away From Russia, Oil Talks Fall Apart

Saudi Arabia is walking away from upcoming talks with non-OPEC members, including Russia, amid disagreements on how to share the burden of oil production cuts. Russia is the world’s largest…

 
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