12% drop in oil pipeline vandalism increases Nigeria’s earnings
Kelvin EgerueJune 20, 2017
Baring major downward swing in the price of crude oil at the international commodities market or shift in OPEC’s support for a sustained increase in Nigeria’s contribution to global crude oil basin, the country will be way into achieving its earnings projections from oil. Nigeria recently resumed crude oil export from Focados export terminal after […]
Oil price hedging loses steam as low prices lure airlines, shippers
Businessam StaffJune 20, 2017
The past month’s plunge in oil prices has turned the market for hedging upside down. Oil producers have scaled back locking in future prices “considerably” since February, because of a shift in options pricing driven by consumer companies like shippers and airlines Bloomberg reports citing a report by Societe Generale. “This is a significant shift […]
Oil’s gloomy summer triggers hedge fund doubts on gasoline amid high demand of product
Businessam StaffJune 19, 2017
Hedge-fund pessimism about crude prices is spilling into gasoline markets, even at the time of year when demand is highest. With the U.S. awash in gasoline, money managers for the first time on record were bearish on the fuel in the month of June, when the driving season is heading for its peak. At the […]
Global fund managers hold back investment in exploration as U.S. shale oil flood market
Kelvin EgerueJune 16, 2017
Concerned by an imminent crash in oil price following uncontrolled pumping of crude into an already saturated global market, investors in oil industry are now holding back investible funds in search of alternative ventures. Eight prominent hedge funds have reduced the size of their positions in ten of the top shale firms by over $400 […]
Libya’s oil field reopens after strike
Businessam StaffJune 9, 2017
Libya’s biggest oil field, Sharara closed down on Wednesday due to workers’ protest has been reopened and expected to resume normal production within three days, the National Oil Corporation said in a statement early on Friday. Sharara had been producing nearly 270,000 barrels per day (bpd) before employees went on strike over a lack of medical treatment for a […]
U.S. oil exports double forcing a new disruptive era in global markets
Businessam StaffJune 7, 2017
The pace of the United States’ oil exports hitting an average of one million barrels a day this year is seen to be contributing to the downward pressure on crude prices, despite OPEC production caps. American oil exports are gradually emerging as a disruptive new force in global markets as new data indicate that it […]
Protesting workers shut down Libya’s biggest oil field
Businessam StaffJune 7, 2017
Libya’s biggest oil field is reportedly shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Sharara closed on Wednesday, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. The field […]
Seplat bullish on recovery, growth as Forcados resumes operations
Olusegun AbisoyeJune 7, 2017
Seplat Petroleum Development Company Plc, Nigeria’s leading independent indigenous Nigerian upstream oil and gas exploration company, has expressed optimism that as the Trans Forcados Pipeline resumes full operations after its shutdown by militant activities in the nation’s Niger Delta regions, it would move quickly into the stability and growth phases of its recovery plans. The […]
Equatorial Guinea calls on African nations to join OPEC
Businessam StaffJune 7, 2017
OPEC’s newest member, Equatorial Guinea called on fellow African producers to band together in protecting the value of their oil resources and join the group, Bloomberg reports. As more discoveries are made across the continent, cooperation among producers is key, the nation’s Minister of Mines, Industry and Energy Gabriel Obiang told a conference in Cape Town. “Have […]
Port bans choke Qatar’s commodity trade as gas supply worries grow
Businessam StaffJune 6, 2017
A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links […]