Crude oil

LAGOS, Nigeria, Capital Markets in Africa: The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall. World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on June 14. For that to happen, the Organization of Petroleum Exporting Countries would have to…

LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to the highest level in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, reducing a glut. Futures rose 1.3 percent in New York after climbing 3.6 percent the previous two sessions to close above $50 a barrel Tuesday for the first time since July. Inventories fell by 3.57 million barrels last week, the American Petroleum Institute was said to report. Repair work on a…

LAGOS, Nigeria, Capital Markets in Africa: OPEC ministers gathering in Vienna for the group’s biannual meeting said the oil market is moving in the right direction as a supply glut dissipates. While Saudi Arabia — the architect of the Organization of Petroleum Exporting Countries’ current policy — remained silent, ministers from the United Arab Emirates and Nigeria signalled that the strategy of letting low prices eradicate surplus production is working. Some of the world’s biggest oil traders…

Algiers, Algeria, Capital Markets in Africa: Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month. The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with…

LAGOS, Nigeria, Capital Markets in Africa: Oil traded near a seven-month high on speculation that U.S. crude stockpiles declined last week while supply losses in Canada and Nigeria whittled away the global excess. West Texas Intermediate climbed as much as 1.5 percent in New York. U.S. crude inventories probably fell by 3.5 million barrels, according to a Bloomberg survey before government data Wednesday. It would be the first consecutive weekly decrease since September. Wildfires in Canada came to within a…