OPEC production climbs by 35,000 bpd to 31.87m bpd in May, report shows
Businessam Staff
June 12, 2018
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 […]
African countries make advance orders for Nigeria’s Dangote Refinery’s products
Businessam StaffJune 12, 2018
Advanced orders for products appears to have kicked in for the much-awaited world’s biggest refinery being built by the company run by Africa’s richest man, Aliko Dangote, the Dangote Oil Refinery, it emerged recently in Accra, Ghana. Attending a conference in Accra, Ghana, the company was inundated with interests by petroleum importing African countries as […]
Norwegian oil firm says global demands could peak in early 2020s on climate goals success
Businessam StaffJune 7, 2018
Equinor, a Norwegian oil, and gas firm said Global oil demand could peak in the early 2020s if countries pull together to hit climate goals or keep growing until 2050 in a conflict-ridden world. Expectations for when oil demand will peak could change the supply dynamics, as investors weigh up whether to back long-term projects […]
OPEC’s Barkindo says Southern Gas Corridor changing energy landscape
Ayobami AdedinniJune 4, 2018
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 […]
Nigeria’s state oil firm direct sale–direct purchase agreement helping to keep steady product supply
Businessam StaffJune 4, 2018
The direct sale-direct purchase agreement (DSDP), adopted by the Nigerian government, which replaced the controversial oil processing agreement (OPA), has been hailed for being a value-adding agreement which has achieved one of the aims it set out to accomplish – the availability of petrol in the country, which has now seen the country enjoy five […]
Analysts see oil prices increasing in coming months but will not reach $100
Businessam StaffJune 1, 2018
Analysts predict oil prices set to increase again after seeing a resurgence Thursday with Brent crude climbing to $78, but will most likely not reach the $100 mark. Brent crude dropped from $80 per barrel on Wednesday last week to $75 on Monday when Opec revealed its intention to increase supply to the market, plugging […]
Natural gas price moves to $2.98 on inventory rise
Temitayo AyetotoMay 31, 2018
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
Temitayo AyetotoMay 31, 2018
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, […]
EITI chair wants Chevron, ExxonMobil to remain in global transparency effort
Ayobami AdedinniMay 30, 2018
Despite calling their decisions to not report tax information both “unprecedented” and “disappointing,” Fredrik Reinfeldt, the chairman of Extractive Industries Transparency Initiative said Wednesday that he would not recommend Chevron and ExxonMobil be removed from the initiative. EITI is a “global standard to promote transparent and accountable management of natural resources,” and includes 51 implementing […]
Analyst says OPEC unlikely to open oil taps in June
Ayobami AdedinniMay 30, 2018
As a result of the Organisation of Petroleum Exporting Countries’ (OPEC) keen observation of ongoing geopolitical events that could impact broader global growth, it probably won’t decide in June to bring back more oil supply, David Lennox, resources analyst at Fat Prophets said Tuesday. Reports that Russia and Saudi Arabia are considering increasing oil production […]