BluFx’s global oil market trends for 2020
Oil producer club, OPEC, says global oil demand is anticipated to decline by 6.4 million barrels per day in the second half of the year compared with a decline of 11.9 million barrels per day in the first half of the year. Uchenna Minnis, Managing Partner at BluFx Nigeria joins CNBC Africa to discuss the trends in the global oil market and what they mean for emerging markets like Nigeria.
Russian oil spill leads to charges against plant director
The director of an Arctic power plant faces five years in jail after a major oil spill. Some 20,000 tons of diesel have flowed out of a collapsed storage structure, polluting waterways in Russia's north.
Oil prices rise as COVID-19 lock-downs start to ease
Oil prices have climbed up in recent times driven by relaxed coronavirus restrictions and lock-downs in some countries which have allowed some businesses and factories to resume operations. The market was also supported by Saudi Arabia’s decision to further deepen its output cut. Rolake Akinkugbe-Filani, Managing Director of Energyinc Advisors joins CNBC Africa to focus on the global oil market and its implication for Nigeria.
Coronavirus deepens risks for migrant workers in the Gulf
In the oil-rich Persian Gulf states, foreign workers face high risks, low wages and exploitation. The COVID-19 outbreak is a health crisis they can't afford, and authorities and employers are providing little support.
Why global oil prices are going topsy-turvy
These are strange times indeed — with oil prices in negative territory, sellers are practically giving it away. But is that really because of the coronavirus or is it about the oil market itself?
How low can it go? The collapse of crude oil prices
With the global economy grinding to a sudden halt because of the Covid-19 pandemic, oil prices are going through the floor with suppliers fast running out of room to store the stuff. That’s terrible news for oil producers the world over, particularly in countries who rely on hydrocarbon handouts to keep regimes afloat. But if you’re dreaming of free fill-ups, don’t hold your breath. It might not be such great news either for cash-strapped consumers: for one, much of the price at the pump is tax and it will only fall so much.
Oil prices crash through the floor as storage runs short
The price of US oil plunged below zero for a second day on Tuesday, as a supply glut in the market leads to a shortage of space to store excess oil. West Texas Intermediate plunged as low as $-40 on Monday, which means producers were having to pay buyers to take their oil. The plunge has been exacerbated by the fact that Tuesday is the final day for contracts to deliver barrels in May, when demand is expected to remain low.
US to probe if coronavirus came from Chinese lab, Security forces kill 18 as Nigeria enforces lockdown order and more
Here is why you should pick a copy of The Guardian on Friday. Find these stories and much more when you grab a copy of The Guardian on the newsstands on Friday.
Nigeria to begin investigation into Lagos explosion
Lawmakers in Nigeria have directed Committees on Petroleum Downstream, Gas Resources and Petroleum Upstream to investigate the Lagos pipeline explosion and urged the Nigerian government contribute to the emergency relief fund created for residents. This follows initial steps taken by Lagos and Nigeria's state-owned oil company NNPC's explanation even as residents debate the cause of explosion. CNBC Africa's Christy Cole has been following the story.
Buhari approves reduction of petroleum pump price to N125, Lagos moves to stop church, mosque services
Here is why you should pick up a copy of The Guardian on Wednesday. Find these stories and much more when you grab a copy of The Guardian on the newsstands on Wednesday.