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The compliance of OPEC+ producers with their output cut surged in January, suggesting that the gap between nominal monthly output quotas and actual supply to the market continued to widen. OPEC+ members complied with a massive 129 percent of the production cuts last month, an OPEC+ source told Reuters on Monday. Thats up from 122 percent compliance in December and a compliance rate of 117 percent in November. In January 2021, OPEC producers compliance jumped to 133 percent, while the non-OPEC members of the OPEC+ pact had their overall

Senior oil workers are pressuring the Nigerian government to complete the power sector privatisation by opening the transmission segment to competent private investors who have the financial and technical capacities to breathe new life into the decrepit system. Africas biggest economy continues to grapple with a grossly inadequate power supply to its estimated 200 million []

RAC says the price rises are ''hurting'' households

Vladimir Putin and Joe Biden have agreed in principle to a summit in Europe. AFP via Getty Images Global stocks fell on Monday as tensions remained high over the Russian military buildup on Ukraines border, with officials in the West continuing to fear an imminent war in Eastern Europe. The pan-European Stoxx 600 index was []

Iran''s parliament has decided to raise its forecast for oil sales and price in the upcoming financial year that starts in March amid the inclusion of barter deals for its crude, semi-official news agency ISNA quoted a parliamentary official as saying on Feb. 20. Iran''s parliament forecast sales of 1.4 million b/d based on a $70/b price, up from the

The RAC said its figures show the average price of a litre of petrol and diesel at UK forecourts on Sunday was 149p and 153p respectively.

The RAC said its figures show the average price of a litre of petrol and diesel at UK forecourts on Sunday was 149p and 153p respectively.

World oil prices fell this afternoon, while investors continued to monitor the situation between Russia and Ukraine and assess the likelihood of supply disruptions, Report informs.

OPEC''s Arab contingent said the group is united on sticking to its current supply pact, even as oil prices continue to trade close to $100/b. Speaking at the International Petroleum Technology Conference in Riyadh, ministers from Saudi Arabia, Iraq, the UAE and Kuwait said geopolitical tensions, along with industry underinvestment driven in large part by climate activists, were to blame

The Indian rupee extended its gains on Monday for the fifth straight day, driven by a weaker dollar and softer crude prices.

French giant TotalEnergies on Monday announced the discovery of significant reserves of oil and gas off the coast of Suriname and said it would begin exploration soon. The company has several exploration licences in the South American nation and made the announcement jointly with US firm APA. Total ..

Rising for the fifth straight day, the rupee extended gains by 11 paise to close at 74.55 (provisional) against the US dollar on Monday on the back of a weak dollar and softer crude oil prices

The Biden administration has once again put a pause on new leases and permits for federal oil and gas drilling after a judge blocked the administration from using a metric that estimates the societal cost of carbon emissions.

RIYADH, Feb 21 (Reuters) - Oil giant Saudi Aramco 2222.SE is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday. Speaking at a conference in Saudi Arabia, Nasser added that while the supply of oil is close

The Trade Union Congress (TUC) has threatened to issue an industrial strike by stopping its members from going to work if the persisting petrol scarcity is not addressed. The discovery of petrol with methanol above Nigerias specification had caused scarcity and resulted in long queues in filling stations across the country. Mohammad Yunusa, TUC treasurer, while speaking with journalists on Sunday, asked the federal government to identify and punish those behind the scarcity. Continue reading TUC Threatens Industrial Strike Over Continuous Fuel Scarcity at BizWatchNigeria.Ng.