Angola needs crude prices rebound to $60, says oil minister

Businessam StaffAugust 31, 2017

Jose Maria Botelho de Vasconcelos, Angola’s Petroleum Minister said it is essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said in an interview in the country’s capital Luanda, according to Bloomberg’s report, saying that “we’ve been getting signs […]

Nigeria LNG road delivery scheme to provide cheaper fuel

Businessam StaffAugust 30, 2017

Nigeria launched a scheme on Tuesday to transport liquefied natural gas (LNG) to regions not linked by pipeline, supplying power plants and industry with cheaper, cleaner fuel, officials said. Nigeria, a major oil producer, lacks refining capacity, so most crude is exported and the West African nation imports gasoline and other refined products. A creaking […]

Libya’s oil disruptions widen as two more fields halt output

Businessam StaffAugust 28, 2017

Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. El Feel, or Elephant, stopped production, Wessam Al-Messmari, an office manager for the Petroleum Facilities Guard that is protecting the field, said Sunday by phone. State-run […]

Oil trims weekly drop as storm heads for Texas, gasoline surges

Businessam StaffAugust 25, 2017

Oil trimmed a fourth weekly decline as traders braced for the impact of Hurricane Harvey on a U.S. refining hub in the Gulf of Mexico. Gasoline futures surged to the highest in four months. Front-month crude futures rose 0.7 percent in New York, paring Thursday’s 2 percent decline. Gasoline gained as much as 4.6 percent. While […]

Oil prices climb as traders eye another U.S. crude drawdown

Businessam StaffAugust 22, 2017

Oil inched up Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya’s largest oil field. U.S. crude inventories were expected to have fallen for an eighth straight week and dropped 3.4 million barrels last week, a Reuters poll showed, ahead of […]

Gambia says oil blocks claimed by African Petroleum open for bids

Businessam StaffAugust 22, 2017

African Petroleum’s rights to explore in two offshore Gambian oil blocks have expired and are currently “open for licensing”, Presidential Spokeswoman, Amie Bojang, told the Media. The comments came after a statement from the Oslo-listed firm earlier in the day. The firm said that it was prepared to launch legal proceedings to defend its rights […]

Nigeria’s oil exports to slip in October, programmes show

Businessam StaffAugust 19, 2017

Nigeria’s crude oil exports are expected to slip to 1.72 million barrels per day (bpd) in October, loading programmes showed Friday. While some cargoes would likely be added, the current plan stands at a five-month low and was expected to remain slightly While some cargoes would likely be added, the current plan stands at a […]

Libya gets better at keeping oil flowing as industry stabilises

Businessam StaffAugust 17, 2017

Mustafa Sanalla, Libyan national oil company chief

Libya’s getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again. That’s because of the duration of the incidents. While in prior years protests could shutter fields for months and years, now the stoppages are being resolved within days and […]

Record US shale output keeps OPEC under pressure

Businessam StaffAugust 15, 2017

Oil output from major U.S. shale plays is poised to reach a fresh record next month, further complicating OPEC’s efforts to support prices, according to a Bloomberg report monitored by Businessamlive. According to the report, the gain is being led by the oil-rich Permian basin of Texas and New Mexico, where production has risen steadily […]