The President of Gabon, Ali Bongo (photo), has said that the country is planning to return to the Organization of Petroleum Exporting Countries (OPEC) and is making efforts to bring together other African countries for a more organized reaction to the declining oil prices in the global market. According to the president, Several members of OPEC have requested that the country return to the group...

Oil prices fell on Wednesday after Saudi Arabia dismissed production cuts as data revealed a further rise in U.S. crude stockpiles. Iran had stated it has no interest in limiting production following the lifting of sanctions. U.S. crude futures traded at $31.25 per barrel on Wednesday. International Brent futures fell around 1% at $32.90 per barrel. The drops were caused by...

The International Energy Agency has said that the oversupply in the global market will continue into 2017, restricting any chance of a price recovery in the short term. According to the agency U.S. shale oil output will drawback this year and in 2017, as the price drop affects drilling. The Organization of Petroleum Exporting Countries (OPEC) will increase its market share a little with Iran,...

Oil prices dropped on Friday as talk of plans to freeze production levels was altered by an increase in U.S. crude records, Reuters reports. Brent futures dropped by 35 cents at $33.93 a barrel on Friday morning with U.S. crude falling by 36 cents to $30.41. Oil prices increased by over 14 % this week driven by Saudi Arabia and Russia's decision to freeze production at January...

The prices of crude oil on Wednesday near $31 per barrel after four days of deteriorations, buoyed by the possibility of a partnership between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to confront the oversupply situation in the market. Iran's oil minister, Bijan Zangeneh (photo) today revealed that his country is prepared to discuss with Saudi...

Workers at company Petroci have increased their strike for another 72 hours as they look to bring in workers from other companies in the sector to join the protest. “Next week we will intensify the strike and see if other employees from other companies in the sector join the Petroci employees in this strike,” Geremie N'Guessan Wondje, secretary general of the SYNTEPCI union said. Petroci...

The Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, has disclosed the reason behind the sharing of 78 % of the 3.1 million metric tonnes of petrol import allocation for Q1 to the Nigerian National Petroleum Corporation (NNPC). According to him, the allocation was due to the failure of some oil marketers to meet preceding import allocation...

As fuel scarcity persists in Nigeria, various filling stations are taking full advantage of the ongoing supply shortage by violating market regulations laid down by the Department of Petroleum Resources (DPR). So far 97 filling stations in both Lagos and Ogun states have been sealed by the (DPR) for market violations. According to the DPR, in a statement the retail outlets violated various...

In Botswana, the Ministry of Minerals, Energy and Water Resources has announced to the public and other consumers that the retail pump price of petrol, diesel and illuminating paraffin is to reduced starting from Saturday December 4, 2015. In a press release issued by the Ministry, the changes are as follows: the retail prices for unleaded Petrol 93 will reduce by 17 thebe per litre, unleaded...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) in the Western zone, today reaffirmed its commitment in working with the federal government in ending the ongoing fuel scarcity affecting the country. According to IPMAN, the association is prepared to load fuel from the Nigerian National Petroleum Corporation (NNPC)’s fuel depots and distribute to various filling...