Oil | - Part 9

Algeria to Ramp Up Gas Output While Putting Shale on Backburner

ALGIERS, Capital Markets in Africa: Algeria plans to raise natural-gas production almost 30 percent by the end of the decade though won’t tap its vast shale reserves for now. The North African country aims to pump 122 billion cubic meters of gas by 2020, up from 96 billion cubic meters currently, Energy Minister Noureddine Boutarfa said in an interview in Algiers. Conventional production, rather than shale, is the “immediate priority,” he said. Africa’s largest gas producer has…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

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LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

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…

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…

Former OPEC President Optimistic There Will Be Deal in Algiers

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ALGIERS, Capital Markets in Africa: Chakib Khelil, the former Algerian energy minister who steered OPEC the last time it decided to cut supply, said he’s confident the group will reach an accord next week as low oil prices force members to act. With most of the Organization of Petroleum Exporting Countries now producing near full capacity, it should be straightforward to promise no further increases, said Khelil, who was the group’s president in 2008 when it agreed…

Saudis Said to Meet With Iran for Oil Talks Before Algiers

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ALGIERS, Capital Markets in Africa: OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria. The two oil producers, along with fellow OPEC member Qatar, met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, according to three people familiar with the matter. They were making preparations for informal discussions between energy ministers from OPEC and…

U.A.E. Warns OPEC Against Any Hasty Decision on Oil in Algiers

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ALGIERS, Capital Markets in Africa: OPEC must find a “sustainable” way to stabilize oil markets in any agreement its members may reach when they meet next week in Algeria, the United Arab Emirates’ energy minister said. The group’s 14 members may discuss proposals to limit production in an attempt to shore up crude prices at talks planned on Sept. 28. Oil-producing countries previously considered freezing output to counter a global supply glut that cut prices…

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