Category: Oil & Gas
Sanctions on Iran may send oil prices above $90 soon
By Tsvetana Paraskova According to Bank of America Merrill Lynch, oil prices will hit $90 a barrel by the second quarter of 2019, as Iranian oil barrels are removed from the market and other supply disruption risks threaten the tightening oil market. The United States signaled this week that it would look to take as…
NNPC denies oil discovery in Bida Basin
By Energy Worth The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the speculations that oil has been found in commercial quantity in the Bida Basin should be discountenanced, stressing that the search for oil in the basin is still ongoing. Dr. Baru made this submission while…
Crescent Petroleum boss, Majid Jafar decries lack of investment by the oil industry
Crescent Petroleum’s chief executive, Majid Jafar, in an interview with CNBC on Thursday at the just-concluded 7th OPEC summit in Vienna, Austria, that Global demand for oil is so high at present that the world needs to find another Iraq or North Sea to make up the shortfall. The Chief Executive Officer of the United Arab Emirates-based…
Why FG rejects boost in crude oil supply —Kachikwu
Energy Worth with Agency Report Minister of state for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, said Nigeria would advise against additional oil supply to the global market by OPEC and non-OPEC members. Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and…
New OPEC deal: Paper barrels won’t work
By Cyril Widdershoven After a hectic week of unofficial meetings between OPEC members in Vienna, largely in and around the Hofburg, the former residency of the Austrian Emperor Franz Jozef and his wife Sisi, an official production increase agreement has finally been reached. In the official OPEC communique, the oil cartel stated that overall production…
Why OPEC won’t flood Oil market
By Nick Cunningham The latest from Vienna is that Russia and Saudi Arabia are leaning towards the aggressive end of the suite of options under consideration, but as always, the negotiations remain fluid. Reuters said that Saudi Arabia and Russia could push a 1.5-million-barrel-per-day increase as a negotiating tactic in order to get the rest…
Russia set to boost oil production July
By Tsvetana Paraskova Although OPEC and its Russia-led non-OPEC allies have not yet decided if and how much oil they will restore to the market, Russia’s plans for exports and refinery runs in the coming months point to Moscow preparing to increase its oil production, as early as in July. Russia’s July-September crude oil exports…
Is Fed driving down oil prices?
By Nick Cunningham The U.S. dollar has jumped to its strongest level in nearly a year, raising questions about how a strong greenback could act as a drag on debt and oil demand in much of the world. The U.S. Federal Reserve announced another rate hike a few days ago, which helped edge up the…
Three likely prospects from OPEC meeting
By Nick Cunningham The OPEC meeting is a week away and based on the signals from the group’s top producers, the market is assuming that the group will increase oil production. However, the exact amount is still unknown, and the fallout from the lack of consensus could play out in several ways. It has been…
Can Saudi Arabia avoid the next oil shock?
By Cyril Widdershoven The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the fact that, due to international pressure (such as Trump’s Twitter diplomacy, perceived Russian willingness to open up the taps and pressure from…