Natural gas price dips after limited storage decline

Businessam StaffMarch 29, 2018

Natural gas stocks decreased by 63 billion cubic feet for the week ending March 23, according to the U.S. Energy Information Administration (EIA) on Thursday. Analysts were expecting a storage withdrawal of about 87 billion cubic feet. The five-year average for the week is a withdrawal of 46 billion cubic feet, and last year’s storage […]

China introduces crude pricing benchmark

Bukola OdufadeMarch 26, 2018

World’s largest crude importer, China announced the launch of a new crude oil pricing benchmark Monday. The benchmark designed to set an Asian pricing index will serve as a third global benchmark outside of the U.S. and Europe. The new Shanghai International Energy Exchange has begun trading today after China surpassed the U.S as the […]

Iraq supports OPEC-led oil output reduction deal, Iraq’s Masum says

Businessam StaffMarch 26, 2018

Fuad Masum, Iraqi President said at a meeting Monday with OPEC Secretary-General Mohammad Barkindo that the country supports OPEC’s agreement to cut oil output. Masum, who met Barkindo in Baghdad, stressed the “need to support the deal to cut crude oil supply”, according to the state-run Iraqi Media Network website. Iraq, the second-largest producer in the […]

Trading giants lead way as China challenges global oil benchmark

Temitayo AyetotoMarch 26, 2018

Glencore Plc and Trafigura Group, two of the world’s biggest commodity giants are leading the way in China’s challenge of global oil benchmark; giving the country’s crude futures contract a go on its long-anticipated trading debut. The largest oil traders were among foreign participants as the yuan-denominated futures started on the Shanghai International Energy Exchange […]

Italy’s ENI starts oil production offshore Angola

Businessam StaffMarch 21, 2018

ENI, Italian energy major and Angolan state company Sonangol have started oil production from the Ochigufu project, in Block 15/06 of Angola’s deep offshore, ENI said. The field will add 25,000 barrels to the current production levels. According to ENI, the Ochigufu field is located in 1,300 meters below the surface in Angola’s deep offshore, approximately […]

Oil prices rise on declined U.S. drilling

Businessam StaffMarch 12, 2018

Oil prices were up slightly on Monday morning as the number of U.S. rigs drilling for more oil production declined. Crude Oil WTI Futures for April delivery were trading at $62.16 a barrel in Asia at 1:45 GMT, up 0.19%. Brent Oil Futures for May delivery, traded in London, were up 0.20% at $65.62 per barrel. […]

Shell’s gas production could be triple oil by 2050 – CEO

Businessam StaffMarch 8, 2018

Ben van Beurden, Shell’s chief executive

Royal Dutch Shell could boost its share of natural gas production to triple that of oil in order to meet self-imposed goals to halve carbon emissions by 2050, Ben van Beurden, chief executive, said on Wednesday, according to Reuters’ report. Speaking at the CERAWeek conference by IHS Markit in Houston, van Beurden outlined a series […]

Angola’s Isabel dos Santos denies allegations of graft at oil firm

Businessam StaffMarch 6, 2018

Isabel dos Santos, the former head of Angola’s state-owned Sonangol oil company, is denying her successor’s allegations that she engaged in questionable business dealings related to the firm. In a 13-page typed statement released late Sunday, Dos Santos – Africa’s richest woman, with a net worth that Forbes business magazine estimates at $2.6 billion – […]

Crude oil prices trim gains on IEA report

Businessam StaffMarch 5, 2018

Crude oil prices trimmed gains on Monday, following news of an increase in U.S. output although traders remained hopeful ahead of a meeting between OPEC leaders and U.S. shale producers later in the day. The U.S. West Texas Intermediate crude April contract was up 42 cents or about 0.69% at $61.66 a barrel by 14:20 […]