Category: Oil & Gas
OPEC oil production increases as Saudi Arabia pumps more
Crude oil production from the Organisation of Petroleum Exporting Countries (OPEC) increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew by 230,000 barrels a day in July to 10.65 million barrels per day. This is just shy…
Is supply crunch in oil markets inevitable?
By Nick Cunningham The oil industry is more profitable than at any time in years, yet the industry could fail to supply enough oil to meet global demand in just a few years’ time. A series of second quarter earnings reports over the past two weeks has revealed surging profits across the oil industry, with…
Shell to conclude plans on Bonga oilfield 2019
By Energy Worth The decision to go ahead or withhold action the development of Nigeria’s Bonga Southwest offshore oilfield by Royal Dutch Shell and its partners has been put off till 2019, a senior company official said. It is not clear if the delay is connected to the political trend in the country. The project…
Niger Delta: IOC applauds FG, NNPC on improved security …As Baru assures of conducive business environment
By Energy Worth The Federal Government and the management of the Nigerian National Petroleum Corporation (NNPC) have been commended for the improved security situation in the Niger Delta which has rubbed off positively on the operations of international oil companies. This commendation was given by the Chief Operating Officer, Upstream, Eni, Mr. Antonio Vella, when…
India cuts June oil purchases from Iran on US sanctions
By Tsvetana Paraskova As United States sanctions on Iran are about to kick in later this year, Indian oil refiners reduced their orders for Iranian crude oil in June by 12 percent compared to May, India’s Oil Minister Dharmendra Pradhan said in Parliament on Monday. Some big Indian refiners worry that their access to the…
Why the experts disagree on oil prices
By Nick Cunningham Oil price projections are infamously all over the map, but the current chasm between various pricing forecasts is striking, offering wildly different views. On the low end we have Citibank, which recently stated that Brent oil prices could fall to as low as $45 per barrel within the next year. Citi’s Ed…
Shell in talks to sell $2bn Nigeria oil assets
Energy Worth with Agency Report Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan. The Anglo-Dutch oil major is discussing selling oil mining licenses 11 and 17 to…
Port Harcourt, Kaduna refineries are not working —NNPC
By Energy Worth The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt have been dormant. According to the NNPC, while the two refineries cannot refine any crude oil, the one in Warri is performing better, as its…
Is the oil world in panic mode?
By Dan Dicker Oil markets have shown tremendous weakness in recent days, losing nearly seven dollars before rallying back a bit on Thursday. What’s causing it? Market analysts have been struggling to find a single reason for it, preferring to cite a cocktail of negative news and rumor to explain the downdraft. There have been…
Oil prices at risk of economic meltdown
By Nick Cunningham Oil prices have retreated as disrupted supply from Libya has started to come back online, threatening the recent gains in oil prices. But a bigger threat to crude over the second half of 2018 and into 2019 is a slowdown in the global economy. The International Monetary Fund warned in its latest…