Oil jumps as Qatar ditched, London attacks hurt sterling

Oil jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar on Monday while sterling slipped after the weekend attacks in London that killed at least seven people and wounded 48, just days before Britain’s general national election, Reuters reports. The coordinated move by the Middle Eastern countries, accusing the […]

Nigerian excess crude under pressure on Forcados exports return

Nigerian crude differentials were under pressure on Thursday at the close of trade in London from the prospect of more plentiful supplies due to the return of Forcados exports. An estimated 15 June-loading cargoes are reported to be available, in addition to more July-loading barrel. The country’s Qua Iboe blend was last heard to be […]

Reps to consider host communities’ interest in PIB

The House of Representatives says it would pass a more holistic Petroleum Industry Bill (PIB) that will encompass interests of host communities and fiscal regulation of the oil industry, reports News Agency of Nigeria (NAN). Victor Nwokolo (Delta-PDP), Chairman of the House Committee, Petroleum Upstream, stated this on Thursday, while speaking to journalists at the […]

French union says deal reached to end petrol shortage

France’s CGT trade union said a strike by transporters of hazardous materials that has caused fuel shortages could be wound down by the weekend after talks on Wednesday with the transport ministry. The hardline CGT called the strike, which triggered panic-buying at petrol stations across the country, demanding wage increases and better working conditions for […]

W. African oil to China slides to 9-month low in June, India offsets

China’s West African crude oil loadings are on track to slide to a nine-month low in June as buying in the key outlet wanes after months of voracious importing, a Reuters survey of shipping fixtures and oil traders showed on Thursday. According to Reuters report, loadings are expected to fall to just over 1 million barrels per day (bpd) in […]

World Bank to provide Senegal $29 million to bolster oil sector

The World Bank will provide $29 million to help Senegal as it negotiates oil and gas contracts with producers, it said on Wednesday. Oil firms including BP and Total are developing previously untapped oil and gas fields off Senegal’s Atlantic coast that could bring billions of dollars of profits to the impoverished country in the […]

Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal

Nigeria’s Senate voted on Tuesday to halt a concession agreement with the local unit of Italian oil firm Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency, Reuters reports. Eni was in talks to work with Nigerian energy company Oando on the deal, part of an effort to lift refining […]

Oil fell on oversupply worries despite OPEC deal

Oil prices fell on Tuesday on concerns that output cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. According to Bloomberg, Benchmark Brent crude LCOc1 dropped $1.10 a barrel, or more than 2 percent, to a low of $51.19 before […]

OPEC ponders how to co-exist with U.S. shale oil

OPEC Businessamlive

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil […]