WHY CRUDE OIL PRICES ARE RISING, BY OPEC

The Organisation of Petroleum Corporation (OPEC) has attributed the increase in crude oil prices to supply disruptions in Nigeria and Iraq, and signs that US shale oil output is shrinking.

OPEC said tht US refiners were providing support, with utilization above 89 per cent, as plants returned from maintenance ready to meet buoyant gasoline demand.

Read more @ The Guardian

NIGERIA DISPLACES S'ARABIA AS INDIA'S TOP OIL SUPPLIER

Nigeria, Africa’s top oil producer, last month overtook Saudi Arabia as India’s top oil supplier for the first time in at least four years, according to ship tracking data compiled.

 

Indian refiners are said to be switching from long-term contracts with Middle East suppliers to cheaper African crudes through spot market.

 

Read more @ Punchonline