Category: Oil & Gas

By Nick Cunningham  Canadian oil producers are once again suffering from a steep discount for their oil, causing the largest spread between Canadian oil and WTI in years. Western Canada Select (WCS) recently fell below $40 per barrel, dropping to as low as $38 per barrel on Tuesday. That put it roughly $31 per barrel…

By Energy Worth The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has challenged the Nigeria LNG Limited to expand its Liquefied Natural Gas production capacity to 40 million tonnes per annum over the next 30 years. He said this would enable the country to secure a significant share in the global LNG market,…

By Tsvetana Paraskova  Over the past year, the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance as Nicolas Maduro continues to tighten his grip over the collapsing Venezuelan state. Yet, despite expectations that the U.S. would slap direct sanctions on Venezuela’s oil industry, Washington appears reluctant to go any further. The…

By Nick Cunningham The first round of U.S. sanctions on Iran just took effect, a slew of measures targeting Iran’s currency and its financial sector. The U.S. sanctioned the trading of bank notes issued by the Iranian government, the trade of gold and precious metals, any transactions involving the Iranian rial, Iran’s sovereign debt and…

By Tsvetana Paraskova Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China…

The Management of the Nigerian National Petroleum Corporation (NNPC) has distanced the national oil company and its Group Managing Director, Dr. Maikanti Baru from the ongoing political tango in the National Assembly and the trending reports in some section of the media insinuating that the Corporation’s helmsman had doled out funds to effect the impeachment…

By Tsvetana Paraskova While most of the sanction-bypassing oil trade with North Korea is thought to be originating from China, oil sales from Russia to Kim Jong-un’s regime may be much larger than official figures suggest, as shell companies have been set up for illicit oil flows to Pyongyang, The Asan Institute for Policy Studies…

By Energy Worth The Group Executive Director, Dangote Industries Limited, Devakumar Edwin, has said the oil refinery being built by the company will provide a ready market for the nation’s crude oil. Edwin was quoted in a statement as saying that the construction of the 650,000 barrels per day refinery would help Nigeria save over…