Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

Oil Output Cuts `Only Viable Option’ for Market, OPEC Head Says

LAGOS (Capital Markets in Africa) – The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.    The Organization of Petroleum Exporting Countries should decide at its meeting later this month whether or not to extend the cuts, United Arab Emirates Energy Minister Suhail Al Mazrouei said in a speech at a conference in Abu Dhabi. Neighbouring Oman backs prolonging the output limits beyond March and sees…

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Egypt Qalaa’s $3.7 Billion Oil Refinery to Start Up in September

Egypt Qalaa’s $3.7 Billion Oil Refinery to Start Up in September

CAIRO (Capital Markets in Africa) – Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo…

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Commodity prices likely to rise further in 2018: World Bank

Commodity prices likely to rise further in 2018: World Bank

LAGOS (Capital Markets in Africa) – Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said on Thursday. Prices for energy commodities – which include oil, natural gas, and coal — are forecast…

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Africa’s oil & gas industry needs to ‘learn to leapfrog’ and harness innovation and technology

Africa’s oil & gas industry needs to ‘learn to leapfrog’ and harness innovation and technology

JOHANNESBURG (Capital Markets in Africa) – The oil & gas industry in Africa continues to face market challenges arising from the low oil price, competition for revenue growth and local talent together with new expectations from investors and regulators. “Africa’s oil & gas industry is experiencing significant change and upheaval. There are fundamental shifts in companies’ strategies, business models and ways of working,” says Chris Bredenhann, PwC Africa Oil & Gas Advisory Leader. The sustained…

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OPEC Oil Output Climbed in September as Libya, Nigeria Recover

OPEC Oil Output Climbed in September as Libya, Nigeria Recover

LAGOS (Capital Markets in Africa) – OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production in Libya, which along with Nigeria is exempt from output cuts, rebounded 30,000 barrels a…

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Libya Oil Output Set to Recover Following Sharara Brief Halt

Libya Oil Output Set to Recover Following Sharara Brief Halt

TRIPOLI (Capital Markets in Africa) – Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts Tuesday, National Oil Corp. Chairman Mustafa Sanalla said Monday in a televised interview on Libya TV. The field produced about 234,000 barrels a day before guards…

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Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

ALGIERS (Capital Markets in Africa) – Algeria will focus on boosting natural gas production as the Organization of Petroleum Exporting Countries seeks to trim oil supplies to counter a global glut, according to the chief executive officer of the nation’s state-owned energy company Sonatrach Group. “As we are restricted by the OPEC quotas, our strategy today is to increase our gas production capacity,” CEO Abdelmoumen Ould Kaddour told reporters Tuesday visiting the Medgaz pipeline in Beni Saf…

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