Oil and gas prices surged while stock markets fell on Wednesday on renewed fears over Russian energy supplies and soaring inflation. Crude futures jumped more than four percent with Brent North Sea, the international benchmark, exceeding $120 per barrel. The…
Tanker spills 1,000 tonnes of crude oil into Indian Ocean near Mauritius in environmental disaster
A ship that ran aground off the coast of Mauritius has leaked more than 1,000 tonnes of crude oil into the Indian Ocean. The island nation has declared a “state of environmental emergency” after the MV Wakashio vessel began to spill out…
Oil Prices Appreciate On Tight Market Supply
Oil prices appreciated yesterday as ongoing supply cuts led by OPEC kept markets relatively tight, but Brent remained below $70 per barrel on concerns over an ongoing trade war between the United States and China. Front-month Brent crude futures, the…
Crude Oil Price Climbs to $68 as Supplies Tighten
Crude oil price climbed more than one per cent with United States crude hitting a 2019 high yesterday after tight supply and positive signs for the global economy drove both benchmarks’ largest first-quarter gains in nearly a decade. The price…
OPEC Rebel Ecuador To Cap Oil Output 20,000 BPD Higher
One month after abandoning the OPEC production cut deal and shaking the alliance, Ecuador said this week that it was planning to cap its crude oil production at the current level of 541,000 bpd so as to not undermine the cartel’s…