With the launch of the Murban crude futures contract, Abu Dhabi seeks to consolidate its position as a major oil producer for years to come.
Algerian President Abdelmadjid Tebboune announces a government reshuffle and orders the release of 60 detainees of a protest movement that forced his predecessor from power.
Oil producers agree to modest oil output increase by 500,000 barrels per day but fail to find a compromise on a broader policy for the rest of next year.
People continue to protest against a political system that rewards loyalty, not merit.
Some blame fat salaried government employees, others point the finger at poor economic management. The causes of the downturn are many, however.
Crude oil prices plunge over expectations for less demand during the pandemic just as more supply from Libya becomes available.
The Sultanate is reeling from the double whammy of low oil prices and Covid-19. But with intra-GCC tensions high, a consensus on aid won’t come easily.
Ministers of the cartel and outside nations led by Russia meet via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
Prices rally as top producers say they would turn taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen amid Covid-19 pandemic.
After the price of US benchmark crude set for May delivery fell as low as -$40 per barrel, we bring you answers to pressing questions ranging from what's a crude future, why are we short on oil storage and what it means for you, the consumer.
US West Texas Intermediate (WTI) crude for May delivery was up $38.73 at $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
US crude oil futures turned negative for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
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