Oil rises for a fourth day, buoyed by OPEC supply plans
Oil rose for a fourth session in a row on Monday buoyed by the prospect that top exporter Saudi Arabia will push OPEC and may be Russia to cut supply towards the end of this year.
Paucity of funds pushes refineries’ maintenance to 2020
State-owned refineries are to be revived in 2020 after financing talks dragged on.
‘Oil could hit $100/barrel if supply crunch worsens’
An average price of $80 a barrel for this quarter is “realistic,” with spikes to $90 or even $100 possible if further disruptions worsen a supply crunch amid rising consumption, Citi’s Global Head of Commodities Research, Ed Morse, said Tuesday. Benchmark Brent crude topped $85 early last month on concern United States sanctions on Iran…
OPEC output peaked in October
The Organisation of Petroleum Exporting Countries (OPEC) got record output last month, a Reuters survey found, as higher supplies led by the United Arab Emirates and Libya offset a cut in Iranian shipments due to United States sanctions. The 15-member cartel pumped 33.31 million barrels daily in the month under review, up by 390,000 barrels…
New shipping regulation may push fuel cost to $70b yearly
Concerns are rife that the new shipping policy of the International Maritime Organisation (IMO) will spike the cost of fuelling ships to about $70 billion yearly.
African oil ministers, OPEC, others, to headline NIPS 2019
As a demonstration to the pledges made at the maiden edition of the Nigeria International Petroleum Summit (NIPS) held earlier in the year in Abuja, over 20 African oil ministers and various heads of delegation including members of the Organisation of Petroleum Exporting Countries...
NNPC, others yet to remit $22.06b, N481.75b
The Nigerian National Petroleum Corporation (NNPC), its subsidiary, Nigerian Petroleum Development Company (NPDC), and companies in the oil and gas sector are yet to remit $22.06 billion...
‘30% of ship owners won’t comply with 2020 sulphur cap’
There indications that there will be a significant level of non-compliance with the 2020 sulphur cap by ship owners, especially in the early implementation years.
OPEC raises forecast based on US oil production
The OPEC oil cartel raised its global production forecast Sunday based on higher-than-predicted US output in a report outlining a long-term rise in net demand, particularly in developing countries.
Oil demand to hit 100 mbpd sooner than projected, says Barkindo
The Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, predicts that world oil consumption will reach 100 million barrels per day (bpd) later this year, hitting that level much sooner than previously forecast. Barkindo said this while addressing an energy conference in South Africa’s Cape Town, saying a stable environment is needed to encourage…
Crude oil sells at $78.24 as output peaks
• China guarantees $2.8b for NNPC’s pipeline project Members of the Organisation of Petroleum Exporting Countries (OPEC) last month produced 32.74 million barrels of crude oil per day, as price rose sharply to $78.24. Considering the looming impact of the trade war between the United States and other major economies, including Iran, China and the…