UAE desires ‘forever’ OPEC alliance with Russia to avoid future oil gluts, shortages
Goddey Odin
February 20, 2018
United Arab Emirates Energy, OPEC’s fourth-largest oil producer, is leading an effort to prolong cooperation with Russia and other allies far beyond the expiry of their joint supply cuts this year. Suhail Al Mazrouei, UAE’s energy minister in an interview with Bloomberg television said: “My hope is for it to last forever.” By working together they […]
OPEC, allies’ oil cut deal may hurt Russian economy, says Bank of Russia
Goddey OdinFebruary 19, 2018
Bank of Russia has said the Russian economy in 2018 may feel a negative impact of the global deal on oil production output cuts between OPEC and non-OPEC allies to shore up oil prices. In a statement Friday, the bank said the curbs were likely to have a negative impact on the overall Russian economy, […]
Firm demand seen offsetting stronger dollar impact on oil prices
Bukola OdufadeFebruary 19, 2018
OPEC has said expectations of firm demand based on stronger economic growth forecasts may sustain higher oil prices in 2018 despite the firming of the U.S dollar, which always have inversely correlation to prices. In its February monthly oil report, the cartel said the International Monetary Fund (IMF) raising its 2018 forecast for global GDP […]
Crude oil prices rise on renewed optimism
Businessam StaffFebruary 16, 2018
Prices of crude oil rose Friday, an effect of a weak U.S. dollar and by hopes for further efforts to limit global oil output. The U.S. West Texas Intermediate crude March contract was up 43 cents or about 0.72% at $61.52 a barrel by 11:50 a.m., the highest since February 8. Elsewhere, Brent oil for April […]
100% implementation of local content law could temporarily slow crude oil production
Bukola OdufadeFebruary 14, 2018
Simbi Wabote, executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB) has said that a 100 percent implementation of the Nigerian Oil and Gas Industry Content Development Act (NOGICD), could slow crude oil production momentarily due to the limitation in capacity and technology. Wabote disclosed this at the public hearing organized by the […]
Iraq needs $4bn for new downstream oil investments, as OPEC supply cut deal to wait until December
Goddey OdinFebruary 13, 2018
Jabar al-Luaibi, Iraqi oil minister said on Tuesday that the country needs $4 billion for new investments in its downstream oil industry, outlining plans to expand its refining capacity over the next several years. Speaking at a conference on the reconstruction of the war-torn country, according to Reuters, he also said Iraq planned to boost […]
OPEC member Angola looks beyond oil, diversifies into gold to expand economy
Businessam StaffFebruary 7, 2018
Africa’s second-biggest oil exporter, Angola, is set to expand its commodity mix into gold, Diamantino Azevedo, the country’s oil and mineral resources minister told Reuters on Tuesday. The minister who does not expect OPEC to impose deeper cuts to its member states this year, said Angola hopes to start producing small quantities of the precious metal next […]
Europe to shun Russian oil as boost of Chinese flows hits quality
Businessam StaffFebruary 5, 2018
European refiners are threatening to cut Russian oil purchases due to worsening quality after Moscow has re-routed large volumes of crude to China as part of its fight with OPEC and the United States for market share in fast-growing Asian markets. According to Reuters’ report, the quality of Russia’s flagship Urals oil grade has deteriorated […]
Nigeria’s Kaduna refinery shut temporarily, state oil company says
Businessam StaffFebruary 2, 2018
Nigeria’s Kaduna oil refinery has temporarily shut down because of a lack of crude, the Nigerian National Petroleum Corporation (NNPC) said on Thursday. According to Reuters, an NNPC spokesman told Reuters that the state oil firm is now making arrangements to supply crude so production can resume. Though no further detail on the issue. Kaduna, […]
Erin Energy discovers hydrocarbons in Nigeria’s Oyo-NW well
Businessam StaffFebruary 1, 2018
Erin Energy Corporation on Wednesday announced that it has completed the drilling of the Nigeria’s Oyo-NW well, and based on the preliminary evaluation, discovered hydrocarbons in the Miocene Formation. The well is located approximately 9.5 kilometers northwest of the Oyo Central field on the Company’s offshore Nigeria block 120, according to the company’s statement on the […]