Co-operation central to stability in global oil and gas industry

Oil and Gas Industry

Major stakeholders in the global oil and gas industry have all stressed the importance of co-operation in tackling issues such as an economic development of developing countries, evolving energy future, oil industry challenges, and investments amongst others at the 7th OPEC International seminar in Vienna. Ibe Kachikwu, Nigerian minister of state for petroleum resources who […]

OPEC production climbs by 35,000 bpd to 31.87m bpd in May, report shows

Crude oil production by member countries of OPEC rose in May, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report released Tuesday. Total production of OPEC countries rose by 35,000 barrels per day (bpd) in May to 31.87 million bpd. Saudi Arabia’s production increased by 9.99 million bpd to 85.5 […]

OPEC’s Barkindo says Southern Gas Corridor changing energy landscape

Mohammad Barkindo, OPEC Secretary-General

Mohammad Sanusi Barkindo, the Organisation of Petroleum Exporting Countries, (OPEC) secretary general, has said the Southern Gas Corridor is changing the energy landscape in a fundamental way. Speaking at the 25th International Caspian Oil and Gas Exhibition and Conference, Barkindo said the corridor is poised to further enhance and strengthen energy security in an increasingly […]

Natural gas price moves to $2.98 on inventory rise

Natural gas futures for July delivery rose to around $2.98 shortly after the U.S. Energy Information Administration (EIA) on Thursday reported that natural gas stocks increased by 96 billion cubic feet for the week ending May 25. The commodity traded up about 1.2 percent in advance of the EIA’s report, at around $2.95 per million […]

Brent spread tops $10 as bottleneck weighs on NYMEX

The spread between the August ICE Brent crude futures contract and the August New York Mercantile Exchange (NYMEX) West Texas Intermediate (WTI) futures contract has topped $10 per barrel, as geopolitical and macroeconomic factors have swept Brent prices higher, while underlying physical constraints in the US central and southwest regions have kept NYMEX prices subdued, […]