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The Saudi energy minister said on Monday it was premature to say whether there was consensus among OPEC and its allies to extend a supply cut agreement, but a meeting in May would be key as by then the effect of current reductions would be clearer.
Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.
Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.
The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.
Oil prices were stable on Monday, largely maintaining gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela provided the market with support.
Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.
Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.
The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.
The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
The Organisation of Petroleum Exporting Countries (OPEC) and its allies are working toward a deal this week to reduce oil output by no less than 1.3 million barrels per day, four sources said.
Saudi Crown Prince Mohammed bin Salman was holding meetings in Algeria as he continued his tour of Arab nations after attending the Group of 20 summit in Argentina.
The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said.
Russia is planning to sign a partnership agreement with the Organisation of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday.
The Federal government is set to launch a new civil defence outfit called ‘Agro-Rangers’ which will guard farmers and allied investments and facilities across the country.
A Sharia Court in Minna on Thursday sentenced a labourer, Hamisu Umar, to 20 strokes of cane for stealing a mobile phone.
Special Counsel Robert Mueller said in his investigation report released Thursday he was unable to declare President Donald Trump not guilty of obstruction of justice based on the evidence.
The Edo State Internal Revenue Service has commenced aggressive tax enforcement exercise to collect revenue owed the state government.
A North Central group under the auspices of North Central Alliance for Danjuma Goje has thrown its weight behind the Senator for the position Senate President in the 9th Assembly.
Internet hosting services that fail to promptly remove online terrorist content could face hefty fines under a bill approved by EU lawmakers on Wednesday.
The Economic and Financial Crimes Commission (EFCC), Ibadan Zonal Office, has secured jail terms for two internet fraudsters in Ibadan, Oyo State.
The Commissioner of Police, Kaduna State Command, Malam Ahmad Abdurrahman, on Monday led a patrol along Kaduna-Abuja highway as part of confidence building measures to assure motorists of the safety of the road.
Pep Guardiola says he is sure Manchester City will bounce back from their first-leg defeat and beat Tottenham to reach the semi-finals of the Champions League.
The Confederation of African Football (Caf) looks set to award the 2020 African Nations Championship (CHAN) to Cameroon after Ethiopia appeared to have withdrawn as hosts having expressed doubts about its readiness to stage the tournament.