Shares of U.S. oil companies jumped Monday after President Donald Trump indicated that major American oil firms could gain access to Venezuela’s vast oil reserves. Trump made the announcement following the arrest of Venezuelan President Nicolas Maduro. “We’re going to have our very large U.S. oil companies go in, spend billions of dollars, fix the …
Nigerians have called on the Nigerian National Petroleum Company (NNPC) Limited to drop its pump prices of petrol below what is sold by Dangote Refinery distribution partners. This public demand further highlights a fascinating shift in Nigeria’s downstream oil market, now characterized by rising competition between the state-owned oil firm and private marketers. The public …
Oil prices dropped on Thursday, extending losses from the previous session, as rising U.S. crude inventories and a shift in OPEC’s supply outlook raised concerns about global oversupply. Brent crude fell 20 cents to $62.51 a barrel, while U.S. West Texas Intermediate dropped 24 cents to $58.25 a barrel. U.S. crude stockpiles rose by 1.3 …
Oil prices rebounded on Monday, climbing more than $1 after last week’s losses, as OPEC+ announced a modest production increase amid concerns over potential new sanctions on Russian crude. The group, which includes OPEC members plus Russia and allies, plans to raise output by 137,000 barrels per day from October, a figure far below earlier …
