The following factors are driving up global oil prices.
Oil prices fell for the first time in four days on Wednesday, slipping from as much as five-month highs as mounting Coronavirus cases worldwide.
Beginning from this year, the next 10 years could be more volatile for the world’s most important fossil fuel.
Forbes, a global media company that focuses on business, investment, technology, entrepreneurship, leadership, and lifestyle has said that Iran is likely to hit the underbelly of US economy by sparking higher oil prices..
Oil prices rose more than one dollar a barrel on Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an […]
Oil prices rose on Monday to extend gains from last week, bolstered as tensions remain high between Iran and the United States after U.S. Secretary of State Mike Pompeo said “significant” sanctions […]
There are still worrying indicators that oil prices are not in a hurry to stabilise pretty soon. The latest research report by the Arab Petroleum Investments Corporation (APICORP) has given credence to this fear.
A Consulting Director of Energy at HIS Markitt, Vinod Raghothamarao, says the Vienna Alliance of OPEC and non-OPEC oil producers decided in December 2018 to reduce oil supply from October levels by a collective 1.2mmbpd starting in January 2019, effectively reversing a supply expansion of 1mmbpd that was agreed at its last meeting in June.
There is a high risk that Nigeria will cycle back into a recession in the new year if oil prices fall below $60 per barrel for any sustained period of time because growth has largely depended on the oil sector’s performance.
Head of the International Energy Agency (IEA) Fatih Birol, says the total oil production in the United States will equal that of Russia and Saudi Arabia’s combined output by 2025.