Chinese firm wins contract to drill offshore block in Nigeria
Businessam Staff
December 21, 2017
An offshore engineering unit of oil major Sinopec Group has won a two-year contract to drill an offshore block in Nigeria, the state firm said on Thursday. Shengli Petroleum Engineering will deploy its ‘Shengli-4’ rig to drill the block, located in shallow water off Nigeria’s Rivers State. The block has a designed daily output of […]
Oil trades below $65 bpd after volatile week caused by North Sea pipeline woes
Businessam StaffDecember 15, 2017
Oil steadied below $65 a barrel in London after a volatile week in which the market was shaken by the shutdown of a North Sea pipeline that underpins the Brent benchmark. According to Bloomberg report, futures rose 0.2 percent, leaving prices in London little changed in the week. They jumped above $65 for the first […]
Oil prices rise on lower U.S crude stocks, growing output caps gains
Businessam StaffDecember 14, 2017
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week. U.S. West Texas Intermediate (WTI) crude futures were at $56.77 a barrel at 00344 GMT, up 17 cents, or 0.3 percent, from their last settlement. […]
Saudi Arabia to raise gas prices by 80% in January
Businessam StaffDecember 12, 2017
Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. According to Bloomberg, gasoline prices are set to increase by about 80 […]
U.K. gas surges to highest since 2014 as snow takes over London
Businessam StaffDecember 11, 2017
A weekend of snowfall has brought an early Christmas for U.K. natural gas bulls. Same-day prices surged to their highest level in almost four years as demand jumped with a plunge in temperatures after snow covered much of the country over the weekend. The contract soared as much as 13 percent, the most since June, […]
Oil slides toward $57 on signs U.S. gasoline stockpiles expanded
Businessam StaffDecember 6, 2017
Oil dips toward $57 per barrel after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. Futures dropped 0.6 percent in New York after rising 0.3 percent on Tuesday. Motor-fuel inventories climbed by 9.2 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since January […]
OPEC, non-OPEC influence on glut, price now visible to the world– Barkindo
Businessam StaffDecember 4, 2017
Secretary-General of Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has declared that the World has now recognised that without the group’s efforts, the glut in the market would have persisted, leading to continuous fall in prices. Speaking at the 3rd OPEC and non-OPEC Ministerial meeting in Vienna, Austria, said there is oil prices […]
Oil falls before OPEC’s output-cut extension meeting This Week
BloombergNovember 28, 2017
Brent crude slipped to near $63.50 a barrel before OPEC and its allies meet this week to discuss prolonging their output cuts beyond March. Futures dropped as much as 1.2 percent in London, extending Monday’s slight decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have […]
Barclays sees extension of OPEC-led deal at November 30 meeting
Businessam StaffNovember 27, 2017
Barclays on Monday said that while it expects a six- or nine-month extension of an OPEC-led deal to curb oil output during a meeting on Nov. 30, the level of production cuts would be more significant than the duration. The bank forecast Brent to remain above $60 per barrel in the fourth quarter of 2017, […]
Israel, Egypt in talks over gas exports
Businessam StaffNovember 26, 2017
Government ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to Bloomberg report. Tarek El-Molla, Egyptian Oil Minister and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation […]