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Kuwait Says OPEC May Decide on Extending Cuts in March 2018

LAGOS (Capital Markets in Africa) – OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a…

Trouble Brews for OPEC as Expensive Deep-Sea Oil Turns Cheap

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LAGOS (Capital Markets in Africa) – Reports of deep-sea drilling’s demise in a world of sub-$100oil may have been greatly exaggerated, much to OPEC’s dismay. Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and prioritize drilling in core wells, according to Wood Mackenzie Ltd. That means oil at $50 a barrel could sustain some of these projects by next year, down from an average break-even price of about $62 in…

Nigeria’s government revenues fall in February due to lower oil prices

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ABUJA (Capital Markets in Africa) – Nigeria’s distributable government revenues fell to 429.127 billion naira in February from 465.19 billion naira in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. Average oil prices fell to $44.74 from $49.57 per barrel in…

Oil dips as OPEC joins Russia in upping output ahead of production cut

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LAGOS (Capital Markets in Africa) – Oil prices eased on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.75 per barrel at 0807 GMT, down 19 cents, or 0.3 percent, from Monday’s close. U.S. West Texas…

How much will OPEC’s decision to cut 1.2 million b/d bolster oil price?

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – In what has been described as a ‘historic decision,’ OPEC member nations have agreed to cut production by 1.2 million barrels per day (b/d) for six months, beginning 1 January 2017. The group has stated that to rebalance the oil market, cuts are necessary not only from OPEC, but also from other key producers. OPEC stated that these non-OPEC producers can achieve at least 600,000 b/d in additional production cuts, with…

East Africa Oil Pipelines Boon to Private Funders, AfDB Says

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NAIROBI, Capital Markets in Africa: Oil pipelines planned in Kenya and Uganda to ferry crude from fields to port present opportunities for private financiers keen to gain a foothold in East Africa’s energy industry, the African Development Bank says. “Nobody has ever, ever lost money financing pipelines,” Gabriel Negatu, the Abidjan-based lender’s regional director for East Africa, said in an interview in Kenya’s capital, Nairobi, on Sept. 23. If there is oil flowing, “it’s generally viable,” he said. East…

Citi Sees Oil Bears ‘Gone Wild’ at $40 as Outages to Persist

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LAGOS, Nigeria, Capital Markets in Africa: While oil bears go “wild” at crude’s retreat to $40 a barrel, there’s some comfort on the way for the bulls, according to Citigroup Inc. As prices plunge and are pulled below support levels amid concerns over swelling global stockpiles, some supply disruptions including those in Nigeria are set to persist and crude at $40 a barrel may spur demand, according to a report from the bank dated Aug. 2. Crude has declined since…

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