NNPC signs agreements with two Chinese companies to complete and operate Port Harcourt and Warri refineries following failed overhauls. Nigeria’s state-owned NNPC has signed a Memorandum of Understanding with Chinese firms Sanjiang Chemical Company Limited and Xinganchen t
Global oil supply losses of 13.7 million barrels per day in April could drive Brent to $150 and US inflation to 4%, the bank forecasts. JPMorgan warns that April’s global oil supply disruptions of 13.7 million barrels per day could push Brent crude to $150 and lift US head
Saudi Aramco warns supply disruptions have removed 1 billion barrels from global oil markets, delaying normalization despite potential route reopenings. Saudi Aramco CEO Amin Nasser stated the global oil market will require months to recover, even if disrupted supply route
The Department of Energy releases 53.3 million barrels to nine firms as part of a 400 million-barrel IEA effort to stabilize oil markets. The US Department of Energy will loan 53.3 million barrels of crude oil from the Strategic Petroleum Reserve to nine energy companies,
Crude prices rose 2.78% to settle at $98.07 as buyers defended support near the 100-hour moving average at $96.96. Crude oil futures settled at $98.07, gaining $2.65 or 2.78% on the day. The session saw a low of $96.13, briefly dipping below the 100-hour moving average at
BP shares rise 2.2% after RBC cites higher oil prices as an opportunity for the company to reduce debt and improve financials. BP shares climbed 2.2% in Monday trading following RBC Capital’s upgrade to Outperform from Sector Perform. The firm cited the current windfall fr
OPEC oil output has declined to its lowest level since 2000, with production falling by 830,000 barrels per day (bpd) to an average of 20.04 million bpd in April, according to a Reuters survey published Monday. Kuwait recorded the largest production drop, with reports indi
U.S. President Donald Trump cites Venezuela’s estimated $40 trillion in oil wealth as rationale for potential statehood bid. President Donald Trump said he is weighing the possibility of granting Venezuela U.S. statehood, citing the country’s vast oil reserves valued at $4
Quick Read - President Trump’s proposed federal gas tax suspension of $0.184 per gallon would save average households roughly $194 annually, but crude oil prices—not taxes—remain the dominant driver of gasoline and diesel costs, limiting the economic relief the policy can...
WTI Oil gains 3.18% on Trump's Iran stance West Texas Intermediate Oil posts strong gains on Monday. The US benchmark trades around $94.70, up 3.18% on the day. The increase follows Trump's rejection of the Iran peace plan and Hormuz closure fears.