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 […]

Oil traders punish OPEC for promising too much

As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 […]

Nigeria LNG launches three-cargo sell tender – sources

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said, Reuters reports.  Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said.

OPEC disappointment hits oil, stocks; sterling down on UK vote jitters

Oil prices weakened on Friday, prompting a move away from riskier assets and depressing Asian stocks, after an OPEC agreement to extend cuts in crude production for a further nine months disappointed investors who had bet on bigger output cuts. In the currency market, sterling GBP=D3 fell 0.5 percent to $1.288, its biggest one-day slide […]

OPEC considering whether to cap Nigerian oil output – delegates

Ibe Kachikwu, Nigeria's Minister of State for Petroleum Resources, (right) and Mohammad Barkindo, OPEC Secretary-General

OPEC is debating on Thursday whether to include Nigeria in its pact to restrict oil production, two OPEC delegates said. Nigeria and Libya, both suffering from unrest, were excluded from production caps agreed by OPEC and non-OPEC producers in December last year and effective from January until June 2017. Saudi Energy Minister Khalid al-Falih said […]

All eyes on Vienna as oil drops; growth hits pound

Oil retreated from a five-week high as investor attention turned from the U.S. Federal Reserve’s somewhat dovish message to the gathering of major crude producers in Vienna. The pound fell after disappointing output data. West Texas oil swung between gains and losses before sliding as Saudi Arabia signaled Thursday’s meeting won’t produce a deeper cut than […]