Full tanks and tankers: a stubborn oil glut despite OPEC cuts
Businessam Staff
May 19, 2017
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut – raising hopes for steadily rising per-barrel prices. It hasn’t […]
NNPC finalising $6 bln worth of oil-for-product swaps
Businessam StaffMay 18, 2017
Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs […]
Igho Sanomi signs joint venture deal to build biofuel refinery in the US with African feedstock
Businessam StaffMay 17, 2017
Nigerian oil billionaire and non-executive chairman/founder of Taleveras, Igho Sanomi has signed a joint venture deal to build a biofuel refinery in the United States of America (USA) with African feedstock. Igho Sanomi, was featured in the last edition of Ventures Africa’s rich list as one of the continent’s youngest billionaires. The Proposed Integrated Biofuel […]
Oil rises on expectations of extended supply curbs
Businessam StaffMay 16, 2017
Oil prices were little changed on Tuesday as the market awaited direction from weekly U.S. inventory data and as Kuwait joined top producers Saudi Arabia and Russia in support of prolonging supply cuts through March 2018 to reduce a global crude glut. “We expect a rangebound trade today with prices largely confining to yesterday’s parameters […]
Oil rises after Saudis, Russia agree supply cut to be extended
Businessam StaffMay 15, 2017
Oil prices jumped 1.5 percent on Monday after the energy ministers of the world’s two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018. Brent crude was at $51.58 per barrel at 0621 GMT, up 74 cents, or 1.46 […]