Opec and Russia oil production freeze is meaningless gesture, says IEA
A deal among some Opec producers and Russia to freeze production is perhaps “meaningless” as Saudi Arabia is the only country with the ability to increase output, according to a senior International Energy Agency (IEA) executive. Brent crude futures are up more than 50% from a 12-year low near $27 a barrel hit early this […]
Oil slides on mounting U.S. stockpiles, strong dollar
Oil fell below $40 a barrel on Thursday, heading for the biggest weekly slide in two months, dented by record-high stockpiles in the United States and a stronger dollar. The U.S. government’s Energy Information Administration (EIA) said crude stockpiles climbed by 9.4 million barrels last week – three times the 3.1-million-barrel build forecast by analysts […]
Oil bonanza over, algeria woos the investors it has long ignored
Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades. “The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in […]
Nigeria grapples with changes to gasoline import models
Africa’s largest oil producer Nigeria could be on the verge of another fuel shortage crisis as the government tries to adapt to the various changes that have taken place in the way it imports gasoline. The Nigerian government is caught between handing its entire second-quarter gasoline import permits to state oil firm Nigerian National Petroleum […]
