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Oil Uncertainty To Persist – Goldman Sachs And Morgan Lay Statistics

Oil Uncertainty To Persist – Goldman Sachs And Morgan Lay Statistics

Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley.  While producers including Saudi Arabia and Russia defied market expectations as well as U.S. President Donald Trump late last week to pledge 1.2 million barrels a day of curbs, the lack […]

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar To Leave OPEC As Politics Rupture Cartel

Qatar said it will leave OPEC next month, a rare example of the toxic politics of the Middle East rupturing a group that had held together for decades through war and sanctions.  Qatar, a member since 1961, is leaving to focus on its liquefied natural gas production, Energy Minister Saad Sherida Al-Kaabi told a news […]

Oil Skids To Worst Loss In 10 Years As Market Waits On OPEC+ Cut

Oil Skids To Worst Loss In 10 Years As Market Waits On OPEC+ Cut

Oil closed out its worst month since the global financial crisis a decade ago, as all eyes turned to this weekend’s G-20 summit for signs that Saudi Arabia and Russia can head off a worldwide supply glut.  Crude futures made up some ground Friday after an OPEC advisory committee recommended a 1.3 million cut to the cartel’s […]

Shell Donates Relief Materials To Flood Victims In NigerDelta

Shell Donates Relief Materials To Flood Victims In NigerDelta

The management and staff of Shell Petroleum Development Company of Nigeria Limited (SPDC) have distributed relief materials worth over N300 million to communities affected by devastating floods in Rivers, Bayelsa, and Delta states. The donations, which include food, non food items, medical supplies and financial contributions from staff, reached over 4,000 displaced families in some […]

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

Mozambique’s $49 Billion Gas Plan Stokes Anxiety in North

A giant refrigerator will replace the village Jonas Alide Saide has called home for 70 years and he’s not happy about it. As Mozambique’s plans to export natural gas gather pace, Saide’s northeastern settlement of Quitupo will make way for a plant planned by companies including Anadarko Petroleum Corp. Located on a site larger than […]

Nigeria’s Oil Producers Are Itching to Pump More

Nigeria’s Oil Producers Are Itching to Pump More

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan […]

South Africa Eyes BRICS Partners To Build New $10 Billion Refinery

South Africa Eyes BRICS Partners To Build New $10 Billion Refinery

South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said on Tuesday.   The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost […]

Kachikwu Writes Presidency, Accuses NNPC Boss of Insubordination

Kachikwu Writes Presidency, Accuses NNPC Boss of Insubordination

Kachikwu, has accused Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru, of insubordination, and called for the cancellation of the recent appointments in the NNPC. In a letter written by Kachikwu to President Muhammadu Buhari, the Minister of State said for over one year, he had tolerated the disrespectful and humiliating […]

African Petroleum To Take Gambian Dispute To Court

African Petroleum To Take Gambian Dispute To Court

African Petroleum Corp plans to go to court to resolve its dispute with Gambia, the Norwegian-listed company said on Monday, after the government stripped it of its rights to explore for oil in two offshore areas. “It is a matter of regret that it has come to this; however, we are confident in our legal […]

An OPEC Country Breaks Ranks and Increases Oil Output

An OPEC Country Breaks Ranks and Increases Oil Output

Ecuador has dealt a blow to OPEC unity by announcing it will start raising oil production this month, arguing it needs the money. OPEC has for years cheated on its own agreements, particularly when oil prices fail to recover after an output cut. But Ecuador has taken the rare step of saying publicly it will increase […]

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