Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from January 1 due to fiscal problems.
For the world’s biggest oil traders, it feels like a return to the 1980s when earnings were diluted by an abundance of crude.
British Oil exploration Company, Tullow will increase the amount of crude oil it transports by road from the oil wells in the north of Kenya to the port city of Mombasa for storage by 1 400 barrels day, in preparation for its first shipments by mid-2019.
Oil prices rose on Thursday, buoyed by a drawdown in US crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action.
Oil prices edged up along with global markets on Tuesday on cautious optimism over the outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore.