OPEC

Nigeria’s Senate Passes Long-awaited Oil Governance Bill To Improve Transparency and Stimulate Growth

Posted on by The Editorial Team
Nigeria’s Senate Passes Long-awaited Oil Governance Bill To Improve Transparency and Stimulate Growth

ABUJA (Capital Markets in Africa) – As Nigeria’s Oil Minister  Emmanuel Ibe Kachikwu spoke to journalists at the meeting of the Organisation of Oil Petroleum Exporting Countries OPEC in Vienna Thursday, Nigeria’s Senate passed a long-awaited oil governance bill which the president of parliament’s upper chamber said would improve transparency in the OPEC member’s energy industry and stimulate growth in the sector. The Petroleum Industry Governance Bill is one part of proposed reforms that make up the sprawling…

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OPEC, non-OPEC Extend Cuts in Oil Output by Nine Months to battle Global Oil glut

Posted on by The Editorial Team
OPEC, non-OPEC Extend Cuts in Oil Output by Nine Months to battle Global Oil glut

LAGOS (Capital Markets in Africa) – OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. Oil prices dropped more than 4 percent <LCOc1> as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend…

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IEA says record OPEC cut compliance helps oil market rebalance

Posted on by The Editorial Team
IEA says record OPEC cut compliance helps oil market rebalance

LAGOS (Capital Markets in Africa) – Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December…

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West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

Posted on by The Editorial Team
West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

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OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

Posted on by The Editorial Team
OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

LAGOS (Capital Markets in Africa) – OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The…

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Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

Posted on by The Editorial Team
Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

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OPEC Oil Output Slides in December Amid Nigeria Disruptions

Posted on by The Editorial Team
OPEC Oil Output Slides in December Amid Nigeria Disruptions

LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

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