OPEC’s long-sought success spoiled by 2018 oil supply worry

Businessam StaffAugust 15, 2017

Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by the Organization of Petroleum Exporting Countries and its allies will be returned to the market in 2018 is clouding the […]

Biggest U.S. fuel pipeline fills up as east coast tanks drain

Businessam StaffAugust 9, 2017

Colonial Pipeline is back to business as usual — with more demand to move fuels to the East Coast from Houston than it has space for. After running below capacity about 45 days starting in July, the largest gasoline pipeline in the U.S. has restarted its practice of rationing space. The company froze shippers’ ability […]

Saudi Arabia cuts September oil sales to prized Asia market

Businessam StaffAugust 8, 2017

Saudi Arabia is said to have cut crude sales for next month to some buyers in the world’s biggest oil market, limiting sales to prized buyers as part of its pledge to curb exports and shrink a global glut. According to Bloomberg report, state-run Saudi Arabian Oil Co. will supply lower volumes of crude than […]

Libya’s largest oil field halts output after workers’ protest

Businessam StaffAugust 7, 2017

Libya’s biggest oil field stopped pumping after a workers’ protest, according to a person familiar with the situation, a sign of the challenges vexing the politically fragmented nation as it seeks to restore production, Bloomberg reports. Management is negotiating with protesters at the Sharara field in western Libya, and production may resume as early as Monday, […]

Forte Oil in talks on refinery deal to boost capacity

Businessam StaffAugust 4, 2017

Akin Akinfemiwa, Chief Executive of Nigeria's Forte Oil

Akin Akinfemiwa, Chief Executive of Nigeria’s Forte Oil, Friday, said the company is in talks with a major refinery to form a strategic partnership for local refining of petroleum products in the country, Reuters reports. Africa’s top oil exporter has been pushing to refurbish its decrepit refineries, as the country still mainly depend on exporting crude oil […]

Oil could see downward correction in next quarter, Barclays says

Businessam StaffAugust 4, 2017

Oil market is expected to see a downward correction this quarter but Brent prices will move higher in the final quarter of this year, according to a research note from Barclays. “Prices have moved higher, due to a perfect combination of a favorable macro environment, a seasonal uptick in consumption, continued inventory drawdowns, and geopolitical […]

U.S. sanctions may not stop Russian gas pipelines to Europe

Businessam StaffAugust 3, 2017

A man is seen at work at Zagorsk Pipe Plant (ZTZ), which launched the production of large-diameter pipes for Russian gas giant Gazprom, outside Moscow, Russia May 29, 2017.

New U.S. sanctions will make it harder for Russia to build two gas export pipelines to Europe but the projects are unlikely to be stopped, Reuters reports. Donald Trump, U.S. President has reluctantly signed into law further sanctions on Russia but some of the measures are discretionary and most White House watchers believe he will […]

Kosmos, BP partner in ECOWAS, plans September London listing

Businessam StaffAugust 2, 2017

Kosmos Energy, the West African partner of an international oil major, British Petroleum (BP), has concluded plans to list on the London Stock Exchange by the end of September, it has emerged. Along with BP, it is exploring for gas offshore Senegal and Mauritania, and the listing is aimed at attracting more European investors, the […]