Nigeria’s new President faces old problems

Nigeria’s new President faces old problems

Nigeria’s new President Bola Ahmed Tinubu | Photo Credit: AP May 29 was a historic yin-and-yang moment for Nigeria, Africa’s most populous country and largest economy. On the positive side, a peaceful and orderly transfer of power followed a general election with Bola Ahmed Tinubu, 70, being sworn in in Abuja as Nigeria’s 16th Executive … Read more

Oil prices slide on concerns over China’s demand

Oil prices slide on concerns over China’s demand

A flare to burn methane from oil production is seen on a well pad near Watford City, North Dakota, Aug. 26, 2021. | Photo Credit: AP Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. Brent crude futures fell … Read more

Oil prices retreat on demand destruction fears, benchmarks off 4% for week

Oil prices retreat on demand destruction fears, benchmarks off 4% for week

Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks’ aggressive rate hikes and China’s COVID-19 curbs will hurt demand. Brent crude futures slipped 12 cents, or 0.1%, to $89.03 a barrel at … Read more

Oil prices slip as weak manufacturing data stokes recession fears

Oil prices slip as weak manufacturing data stokes recession fears

Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries. Brent crude futures fell 29 cents to $99.74 a barrel by 0002 GMT, with WTI crude futures down 22 cents at $93.67 a barrel. The slide came after Brent … Read more

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

LONDON: OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum … Read more

Oil slumps 5% as rising OPEC+, Iranian output weighs

Oil slumps 5% as rising OPEC+, Iranian output weighs

NEW YORK: Oil fell more than $3 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC … Read more

Saudi Aramco to prioritise energy supply to China for 50 years, says CEO

Saudi Aramco to prioritise energy supply to China for 50 years, says CEO

Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday. Saudi Arabia, the world’s biggest exporter, retained its position as China’s top supplier in the … Read more