Global oil demand set to see first quarterly decline in over 10 years, says IEA
Businessam Staff
February 13, 2020
Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA), as the new coronavirus and widespread shutdown of China’s economy hits demand for crude. Demand is now expected to fall by 435,000 barrels a day (b/d) in the first quarter of 2020, […]
EIA reports hefty oil inventory build
Businessam StaffFebruary 12, 2020
Crude oil prices hesitated today after the Energy Information Administration reported a US oil inventory build of 7.5 million barrels for the first week of February. The report came a day after the American Petroleum Institute estimated an inventory build of 6 million barrels. Analysts had expected a build of 2.93 million barrels for the period, after the EIA reported […]
Global oil demand growth is evaporating
Businessam StaffFebruary 11, 2020
The coronavirus epidemic in China has triggered restrictions in the country’s public transport and air travel, both at a domestic and an international level, reducing demand for oil, which has lost about a fifth of its value since the start of the year. What does that mean for the world’s 2020 oil demand? Assessing the impact of […]
Upstream sector leads global oil & gas M&A deals
Samson EchenimFebruary 11, 2020
By Samson Echenim The upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process. The acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of $57 billion was the highlight of oil and […]
Equatorial Guinea looks to copy Nigeria’s modular refinery model
Ben EguzozieFebruary 11, 2020
…as oil minister visits Waltersmith site in Imo Equatorial Guinea, an oil producer in the Gulf of Guinea, says it is highly interested in Nigeria’s yet-to-take off modular refinery model. Recently, the central African oil producer sent its oil minister to the Ibigwe oilfield in Obiti, Ohaji/Egbema local government area of Imo State, to […]
Coronavirus pushes oil to fifth consecutive weekly drop
Businessam StaffFebruary 7, 2020
Oil prices were on track for a fifth weekly decline early on Friday, weighed down by the loss of demand in China amid the coronavirus outbreak while OPEC and Russia scramble to come up with a unified position on how to contain the price slide. At 7:07 a.m. EDT on Friday, WTI Crude was down 0.67 percent […]
OPEC committee recommends fresh 600,000bpd oil output cut
Businessam StaffFebruary 7, 2020
With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies has recommended a provisional cut of 600,000 barrels per day in oil supply to the international market, in response to the Coronavirus outbreak, […]
Equatorial Guinea looks to copy Nigeria’s modular refinery model
Ben EguzozieFebruary 7, 2020
…as oil minister visits Waltersmith site in Imo Ben Eguzozie in Port Harcourt Equatorial Guinea, an oil producer in the Gulf of Guinea, says it is highly interested in Nigeria’s yet-to-start modular refinery model. Recently, the central African oil producer sent its oil minister to the Ibigwe oilfield in Obiti, Ohaji/Egbema local government area […]
OPEC+ struggles with oil’s incredibly fast fall
Businessam StaffFebruary 4, 2020
OPEC+ is meeting urgently to discuss moves in the face of an inexorable slide in oil prices that has brought Brent crude far below $60 a barrel and that saw West Texas Intermediate dip below $50 this week. “Given oil’s fast and furious fall — and the havoc that it could wreak on government finances […]
US unexpectedly lifts Iran-related sanctions on Chinese tanker company
Businessam StaffJanuary 31, 2020
The United States will remove the sanctions it imposed on Chinese tanker operator Cosco for violating the Iran oil sanctions. One of the sources, from a large Chinese oil company, said Cosco had already been taken off the sanction list and only an official confirmation of the removal was pending. The other source said Washington […]