Crude oil | - Part 3

Oil Trade Gives Clearest Sign Yet Nigeria’s Forcados to Return

LAGOS (Capital Markets in Africa) – The oil market gave the clearest sign yet that Nigeria’s Forcados crude is about to flow again for the first time in eight months, after Royal Dutch Shell Plc was among companies said to have purchased the grade halted by militant attacks in February. Axion Energy Argentina SA, Pampa Energia SA, and Shell, operator of the Forcados export terminal, together bought about 1 million barrels of the grade for delivery to refineries…

Saudis Willing to Act on ‘Critical’ Oil Market, Algeria Says

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ALGEIRS, Capital Markets in Africa: Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week. Prices rebounded Monday after tumbling 3.7 percent on Friday as Saudi Arabia signaled that the Algiers meeting will be consultative and unlikely to reach a firm decision. While Noureddine Boutarfa’s comments don’t change that, they suggest OPEC’s leading member may still be willing…

OPEC Under Pressure to Act in Algiers as Surplus Triples

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LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Nigeria Says Oil Output at 1.75 Million Barrels a Day and Rising

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LAGOS, Capital Markets in Africa: Nigeria’s oil output has reached 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to be restarted. Mediation with “traditional chiefs and rulers from the region is having positive impact on production,” Minister of State for Petroleum Emmanuel Kachikwu said Monday at a government economic management team meeting with private investors in Abuja. Output should reach 1.8 million barrels a…

Oil Rebounds as Libyan Fighting Thwarts Resumption of Exports

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LAGOS, Capital Markets in Africa: Oil rebounded from the lowest close in more than a month after clashes halted what would have been the first crude shipment from Libya’s Ras Lanuf export terminal since 2014. Crude rose as much as 2.6 percent in New York. The tanker Seadelta suspended loading after fighting on Sunday between local Petroleum Facilities Guard units and forces loyal to eastern-based military commander Khalifa Haftar. OPEC may call an extraordinary meeting if ministers reach consensus at…

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

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LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Oil Holds Below $44 as Libya, Nigeria Seen Adding to Oversupply

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LAGOS, Capital Markets in Africa: Oil held below $44 a barrel amid speculation the global crude glut will expand as OPEC members Libya and Nigeria prepare to boost exports within weeks. Futures fell as much as 0.6 percent in New York after losing 5.9 percent the previous two sessions. Libya’s state oil company on Wednesday lifted curbs on sales from three ports, potentially unlocking 300,000 barrels a day. Exxon Mobil Corp. was said to be ready to resume…

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