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Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

As OPEC pursues oil supply war, here’s who has most firepower

…Saudis plan maximum output with aim to reach record levels…Kuwait, Abu Dhabi are adding barrels, Iraq’s capacity limited With...

Shell cuts spending, buybacks in response to oil price slump

Shell said Monday it was cutting its capital expenditure by 20% to $20 billion and would pause its share buyback programme as...

Why the OPEC-Russia blowup sparked all-out oil price war

First Russia tossed a hand grenade into global oil markets. Then Saudi Arabia dropped a bomb. After the dramatic collapse of an...

COVID-19: IMO advocates sustained shipping, improved seafarers’ welfare

In an address on 20 March IMO Secretary-General Kitack Lim stressed the vital need to maintain commerce by sea and protect seafarers’...

Demise of the Petrostates

The oil price crash is an existential threat to petrostates from Nigeria to Iran, where governments rely on oil wealth to stabilize...

Oil’s historic tumble illustrated in charts

The sudden plunge in oil prices to near $30 a barrel takes the market back to early 2016 when rising U.S. shale...

Enhanced Capacity: Nigeria leads Africa’s refining revolution

...Faces stiff competition from West African neighbours The resuscitation of Nigeria's under-performing refineries is a Key Performance Indicator...

Exxon, Shell seek enforcement of arbitration award against NNPC

Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion...

OPEC plans massive oil cut in crunch talks with Russia

…OPEC delivered surprise with bigger-than-expected cut plan…Oil prices have plunged 20% this year, now trading below $50 OPEC...

Oil cargoes pile up as Nigeria struggles to find buyers

…Chinese, European buyers proving reticent to purchase cargoes …Coronavirus has dented Chinese demand; European margins weak As oil traders...

OPEC needs Russian support to back big oil output cut

…Riyadh pushing for cuts of 1-1.5 mln bpd …Moscow reluctant so far to cut more output …Oil price slide hits OPEC...
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Oil price slump exposes Nigerian banks to severe risk

Nigerian banks' credit profiles face severe risks from the oil price slump and operating environment disruption due to the coronavirus pandemic, Fitch...

Worldwide offshore rig count drops in March year-over-year

The worldwide offshore rig count in March 2020 has dropped four rigs sequentially and year-over-year, according to rig count reports by Baker...

OPEC+ producers debate possible oil cuts of 10 mln bpd

The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said...

Covid-19: DPR issues staff reduction notice to Oil Companies

Nigeria’s Department of Petroleum Resources ordered oil and gas companies on Thursday to reduce their workforce and practice social distancing, tightening measures...