Tag: crude

US crude prices drop below $30 a barrel after OPEC deal failure sparks price war, oil-dependent economies left vulnerable

Nigeria’s $34.6 billion Budget for 2020 was benchmarked on an oil price of $57 per barrel. It expected crude oil sales to contribute 35 percent of government revenue. The oil prices' plunge has forced the Nigerian government to review its budget.

Nigeria’s crude account one of world’s least transparent – NRGI

Nigeria's Excess Crude Account tied for the world's most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute (NRGI) released on Wednesday. The $2.4 billion account was...

Saudi energy minister says 9-month extension is the ‘safe bet’ which should do the trick

Oil prices fell on Thursday morning as traders reacted to comments from OPEC delegates ahead of a widely anticipated extension of the OPEC-led production cut agreement.

As winning streak falters analysts debate where next for oil

Oil prices traded lower in the early European session following the longest positive streak of the year for the commodity as analysts remained divided on where the price will head from here.

Libya’s National Oil Corp warns of new attempt at independent oil sales

By Aidan Lewis Libya's National Oil Corporation (NOC) said on Sunday that it had identified "illegal" efforts to sell crude oil without its approval and warned potential buyers not to enter into such...

Nigeria takes 128 bids for oil-for-fuel swaps

In exchange for the crude oil, Nigeria will take fuel with sulphur content of no higher than 50 parts per million.

Oil prices soar on global producers deal

Brent crude, the international benchmark for oil prices, soared to $57.89 per barrel in overnight trading between Sunday and Monday.

Angola's state-owned oil firm to pay no dividend this year

The firm has amassed hundreds of millions of dollars in debts and has deferred payments to its suppliers