Oil Prices Rises To $53 As Saudi Cuts Exports Oil prices rose on Thursday lifted by a sustained decline in inventories and Saudi Arabia’s preparedness to cut crude supplies to its prized Asian customers. Brent crude futures were 52.99 dollars a barrel by 0855 GMT, while US West Texas Intermediate crude was up 17 cents…
Oil Price Drops After OPEC Meeting
The global price of crude oil further dropped on Friday, after the Organisation of Petroleum Exporting Countries, OPEC, decided not to cut output at its meeting in Vienna. Abdallah Salem el-Badri, OPEC’s secretary general said they would not try to shore up prices by reducing production. “There’s a price decline. That does not mean that…
Alison-Madueke Elected as OPEC President
Diezani Alison-Madueke, Nigeria’s Petroleum Minister has been elected as President of the Organisation of Petroleum Exporting Countries, OPEC. Alison-Madueke’s election as President of OPEC took place on Thursday at the ongoing 166th ordinary meeting of the Organisation, taking place in Vienna, Austria. She becomes the first female to be elected into that position, and replaces…
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