Crude oil prices trim gains on IEA report
Businessam Staff
March 5, 2018
Crude oil prices trimmed gains on Monday, following news of an increase in U.S. output although traders remained hopeful ahead of a meeting between OPEC leaders and U.S. shale producers later in the day. The U.S. West Texas Intermediate crude April contract was up 42 cents or about 0.69% at $61.66 a barrel by 14:20 […]
IEA sees U.S. oil output fulfilling most of world’s growing appetite for the next 5 years
Businessam StaffMarch 5, 2018
Oil demand will keep expanding over the next five years, and the United States will fulfill most of the world’s growing appetite, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output to reduce global oversupply materially improved the outlook for other […]
Angola offers former dos Santos’ diamond exploration licenses to investors
Businessam StaffMarch 2, 2018
Angola has offered investors diamond exploration licenses that previously belonged to Isabel dos Santos, daughter of the former president, according to a video clip of a closed-door meeting with mining companies seen by Reuters. During the meeting at a mining conference in Cape Town last month, president of state diamond company Endiama, José Manuel Ganga […]
Oil Prices flat in Asia Thursday early trade, capped by growing U.S. production
Businessam StaffMarch 1, 2018
Oil prices were mostly flat Thursday morning in Asia, rising and dipping only marginally amid larger-than-expected U.S. crude build-up. Crude Oil WTI Futures for April delivery were trading at $61.70 a barrel in Asia at 04:04 am GMT, up 0.10%. Brent crude futures for May delivery, traded in London, were down 0.05% at $64.70 per barrel. U.S. crude […]
Microsoft to buy solar power in Singapore in first renewable deal in Asia
Businessam StaffMarch 1, 2018
Microsoft Corp said on Thursday it will buy solar power from the Sunseap Group in Singapore, the technology company’s first renewable energy deal in Asia. Microsoft, according to report by Reuters, will purchase 100 percent of the electricity generated from Sunseap’s 60 megawatt-peak solar power project for 20 years for its Singapore data operations, the […]
Nigerian oil exports to hit 1.85m bpd in April – programmes
Businessam StaffMarch 1, 2018
Nigeria’s oil exports are expected to rise to 1.854 million barrels per day (bpd) in April, loading plans showed on Wednesday. The loadings, monitored by Reuters, compared with an initial plan of 1.694 million bpd in March, a slightly longer month, and would mark the higher bpd export total from Nigeria this year. The country will […]
Demand for British oil edges higher as output to set record of 1mbpd
Bukola OdufadeFebruary 27, 2018
There is clearly an increasing demand for British oil from the North Sea, as United Kingdom sets to become a net crude oil exporter for the first time in more than a decade, by increasing its output from 914,000 barrels per day in 2017 to one million barrels per day or more. This is exciting […]
Natural gas futures retreat from 2-week high
Businessam StaffFebruary 27, 2018
Natural gas futures edged lower on Tuesday, retreating from the prior session’s two-week high amid speculation the end of the winter heating season will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Front-month U.S. natural gas futures shed 1.5 cents, or around 0.6%, to $2.671 per million British thermal units (btu) by […]
Exxon shuts Papua New Guinea output to inspect quake damage
Businessam StaffFebruary 26, 2018
Exxon Mobil Corp. has shut production platforms and a processing plant in the highlands of natural gas exporter Papua New Guinea after an earthquake struck the Pacific nation. The U.S. oil giant closed the facilities to assess damage from a magnitude 7.5 earthquake early Monday morning, it said in a statement. Administrative buildings, living quarters […]
Saudis see oil output cuts easing next year as producers remain committed to re-balancing market
Businessam StaffFebruary 24, 2018
OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. With the market moving toward equilibrium and bloated inventories shrinking, the next step for global producers will be to phase out the reductions, Khalid […]