Nigeria played a key role in making India’s December crude soar to highest levels in nearly three years even as the African country has become the fourth biggest crude supplier to the Asian nation.
India has described the latest decisions by OPEC regarding oil supply as confusing, even as many importers are seeing their expectations of higher volumes disappointed.
Nigeria’s newest crude grade called Anyala will soon arrive in Europe as the first export cargo of the crude is on its way to Northwest Europe.
Oil and gas supermajor Total has said it will not renew its membership in the American Petroleum Institute (API) for 2021 due to divergences with the main U.S. oil lobby over climate policies.
The Federal Government is currently taking measures to mitigate the impact of the oil output cut deal by the organization of the Petroleum Exporting Countries and its allies.
Oil price rose above $56 per barrel on Tuesday due to Saudi Arabia’s plan to limit supply offsetting worries that rising coronavirus cases globally would curtail fuel demand.
Domestic demand for oil products will peak by 2025 due to COVID impacts and the rise of electric vehicles according to China’s largest refiner, Sinopec.
In October this year, Saudi Arabia’s crude oil exports rose to 6.159 million barrels per day (bpd), up by nearly 100,000 bpd from the 6.066 million bpd exports in September.
The president of OPEC says energy demand was still fragile with the coronavirus raging across parts of the world, hence, oil producers’ cartel shouldn’t rush to increase output early next year
Some stakes in Saudi Aramco’s subsidiaries will be sold to raise cash for the oil giant. Anonymous Bloomberg sources hinted that the oil company has hired Moelis & Co. to come up with a plan to sell stakes in Aramco’s pipelines for the purpose of coming up with nearly $10 billion.