Oil | - Part 10

OPEC May Hold Formal Meeting in Algiers as Oil Glut Persists

ALGIERS, Capital Markets in Africa: OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of Sept. 28, Bouterfa said on public radio….

Oil Climbs as OPEC May Hold Formal Meeting Next Week in Algiers

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ALGIERS, Capital Markets in Africa: Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session. The 14-member group may hold a formal meeting as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. “The comments that OPEC may hold an extraordinary meeting next week give the…

Libya Crude Output Rises as Oil Fields Restart, Ports Reopen

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TRIPOLI, Capital Markets in Africa: Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The North African nation’s crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Armed conflicts…

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…

OPEC May Hold Formal Oil Talks If Members Agree in Algiers

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ALGIERS, Capital Markets in Africa: OPEC may convene an extraordinary meeting if the group’s ministers reach a consensus on oil markets at an informal gathering next week in Algiers, Secretary General Mohammed Barkindo said, according to Algeria’s official news agency. Barkindo said he is “optimistic” about the informal session in Algiers to be held Sept. 27 on the sidelines of a conference of the International Energy Forum, Algeria Press Service reported. He made his comments in Algiers after meeting…

Angolan parliament approves smaller 2016 budget due to low oil price

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LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

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