OPEC reaches first deal to cut oil output to 32.5 million bpd

OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure…

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Flour Mills Says Firms Face ‘Monumental’ Challenges

Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Nigeria are finding profits under pressure from a fall in crude prices, a weak naira…

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Fuel Price: OPEC Secretary-General meets Iran oil Minister in Tehran

A meeting between OPEC Secretary-General Mohammed Barkindo and Iran’s oil minister to discuss global oil market conditions and crude prices has started in Tehran, the ministry’s official website reported on…

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50,000 Laid Off In Saudi Arabia As Oil Crisis Bites Deeper

Saudi construction giant Binladin group has laid off tens of thousands of workers, leading to rare protests, as workers torch seven buses demanding compensation as low oil prices begin to…

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Fuel Price: Oil marketers Nigeria raises alarm over imminent increase

Owing to the continued scarcity of foreign exchange to finance the importation of oil products, Nigerians have been asked to prepare for another increase in the pump prices of petrol….

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