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The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC even with the group’s production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
Read More Oil prices fell by around 1 per cent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.
Read More Oil fell below 62 dollars a barrel on Wednesday after a report showed a rise in U.S. crude inventories, while concerns about the impact on global supplies of U.S. sanctions on Venezuela faded.
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Oil prices edged up on Tuesday buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.
Read MoreOil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.
Read More Oil prices fell by almost 1 per cent on Monday, with Brent crude slipping below $60 per barrel.
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OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
Read More Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by the Organisation of the Petroleum Exporting Countries (OPEC).
Read More Oil slipped to about 60 dollars a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.
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The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will not lose focus on diversifying the economy from oil to other sustainable sectors like agriculture.
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