Libya oil output at 4-year high loosens OPEC grip on supply
Businessam Staff
July 3, 2017
Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years, further complicating OPEC’s struggle to regain control of the oil market. The North African country is pumping 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not […]
US oil-rig count falls for the first time in 5 months
Businessam StaffJune 30, 2017
The count of working oil rigs in the US fell this week for the first time in 24, breaking the record streak of increases. The oil-rig count according to Business Insider, fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. […]
Oil set for longest winning streak in two months on U.S. output
Businessam StaffJune 29, 2017
Oil headed for its longest winning streak in two months after declines in U.S. crude production and gasoline inventories allayed some concerns that world markets remain oversupplied. Futures rose as much as 1.1 percent in New York to the highest in two weeks after advancing 5.2 percent in the previous five sessions. U.S. production tumbled […]
Egypt hikes fuel prices, second time since currency float
Businessam StaffJune 29, 2017
Egypt’s government on Thursday increased gasoline and diesel prices in the second fuel hike since a currency floatation and the latest cut in state subsidies to ease the budget deficit. Fuel price increases had been widely expected as part of Egypt’s $12 billion International Monetary Fund loan agreement, but the hikes were bigger than anticipated […]
Gabon set to reduce oil reliance as IMF approves $642 million loan
Businessam StaffJune 28, 2017
Gabon, OPEC’s smallest member by production, will try to reduce its reliance on oil by increasing investments in agriculture and mining as part of pledges made to win a $642 million International Monetary Fund facility, Economy Minister Regis Immongault said. Oil’s proportion of state revenue will decline to about 25 percent by mid-2020, from 30 […]
Qatar’s emir meets Exxon Mobil Corp CEO over energy supply talks
Businessam StaffJune 25, 2017
The emir of Qatar met with Exxon Mobil Corp chairman and CEO Darren Woods in Doha on Saturday for talks on “cooperation,” state news agency QNA reported, following a rift between four Gulf states and Qatar that has raised worries about energy supplies. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut […]
OPEC has few escape routes from another bear market in oil
Businessam StaffJune 22, 2017
Oil’s back in a bear market and investors remain unmoved by last month’s agreement to prolong supply cuts, leaving OPEC and its allies with few remaining tools to boost prices. As Saudi Arabia, Russia and their allies reduce output, supply that’s beyond their control keeps rising. Libya and Nigeria — members exempt from the curbs […]
NNPC records N5.3bn trade deficit on environmental challenges
Obodo EjiroJune 21, 2017
The Nigerian National Petroleum Corporation (NNPC) has reported a trade deficit of N5.27 billion as at April, 2017, which it attributed to environmental challenges. The deficit, which was revealed in NNPC’s report for the month of April, is an improvement on what was reported in March where the corporation reported a N5.62billion deficit. NNPC’s group operating […]
Indonesian firm to build refinery in Nigeria
Businessam StaffJune 21, 2017
The Federal Government’s plan to attract investment in modular refineries as part of efforts to boost local refining capacity has started gaining momentum with an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, Indonesia, indicating interest to build a refinery in Nigeria. Adi Hartadi, the Head of Investor Relations of […]
Oil price slumps to seven-month low as Saudi king unveils successor
Kelvin EgerueJune 21, 2017
A renewed slump in oil prices to seven-month lows dragged down world stocks and long-term bond yields on Wednesday, as bets that global inflation and interest rates will stay lower for even longer began to build again. Signs of a growing glut of supply sent Brent crude futures skidding back to $45.50 a barrel before […]