Oil

The CEO in East Africa of fuel supplier Rubis was expelled from Kenya after days of fuel shortage. The Energy Cabinet Secretary pointed the finger at companies “diverting cargo earmarked for local use for export”. Rubis assured its…

Libyan National Oil Company (NOC) has announced the suspension of oil production from two major fields. According to a statement "production was interrupted after an armed group shut down the valves delivering the crude". The statement…

Algeria's state-owned oil and gas group Sonatrach has announced intentions to invest $40 billion between 2022 and 2026 in oil exploration, production and refining, and gas exploration and extraction, CEO Toufik Hakkar said. "Our…

The black liquid ended the week bearish, posting its sixth consecutive weekly loss. This comes as investors adopt a watch and hold stance as they monitor the current spread of the newest COVID-19 variant, despite the Organization of…

Nigeria's President, Muhammadu Buhari has received the certificate of incorporation of the Nigeria National Petroleum Company Limited. The certificate was presented to him at the Presidential Villa, Abuja, on Friday. …

Libya  says work has begun on the construction of an oil refinery in the south of the conflict-ridden desert country. The project will cost between $500 million and $600 million and become operational within three years, according to the…

Asian stocks were steady Monday after U.S. equities extended a rally on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil dipped amid OPEC+ tension. Shares slipped in Japan and Hong Kong,…

Oil edged lower as the coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output. Futures in New York slipped 0.2% after falling back below $73…

Oil posted its biggest weekly gain since the middle of April ahead of the U.S. Memorial Day weekend that kicks off the country’s summer driving season. West Texas Intermediate rose 4.3% this week. A spate of positive U.S. economic data…

Oil fell as India’s worsening Covid-19 crisis weighed on the near-term outlook for demand ahead of a key OPEC+ meeting later this week. Futures in New York slid below $62 a barrel after advancing 1.2% on Friday, the most in more than a…