Six companies, including ExxonMobil Corp, bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve, in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market. The oil sold in a range of $67.66-$69.05/bbl, according to the Department…
In a bid to consolidate its foothold on the shipping business in Nigeria and boost profitability, the Nigerian National Petroleum Corporation (NNPC), has unveiled plans to set up a subsidiary to provide refueling services to ships and other ocean-going vessels. A statement by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu,…
By Irina Slav Saudi Arabia could earn US$161 billion (605 billion riyals) this year from crude oil sales, versus a budgeted US$131 billion (492 billion riyals), local financial services provider Al Rajhi Capital said in a report published this weekend. The company noted improvements in the economic growth of the Kingdom on the back of…
Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November. The News Agency of Nigeria (NAN) has reported. Brent crude oil was up at 78.09 dollars a barrel. U.S. crude was 10 cents higher at 69.90 dollars. The two benchmarks have risen strongly over…
