Exxon shuts Papua New Guinea output to inspect quake damage
Businessam Staff
February 26, 2018
Exxon Mobil Corp. has shut production platforms and a processing plant in the highlands of natural gas exporter Papua New Guinea after an earthquake struck the Pacific nation. The U.S. oil giant closed the facilities to assess damage from a magnitude 7.5 earthquake early Monday morning, it said in a statement. Administrative buildings, living quarters […]
Saudis see oil output cuts easing next year as producers remain committed to re-balancing market
Businessam StaffFebruary 24, 2018
OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. With the market moving toward equilibrium and bloated inventories shrinking, the next step for global producers will be to phase out the reductions, Khalid […]
OPEC reports achieve highest oil cut conformity level of 133% in January
Businessam StaffFebruary 23, 2018
The Organization of the Petroleum Exporting Countries (OPEC), and participating non-OPEC countries achieved the highest level of 133 percent in January, the organisation announced on Thursday. The Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) declared that member and participating countries started 2018 with an outstanding conformity level with their voluntary adjustments in production, according […]
Oil demand ‘fairly strong’ for 2018- Vitol
Businessam StaffFebruary 22, 2018
Vitol, world’s biggest independent oil trader, sees “fairly strong” demand for crude this year, leading to a further drawdown in global stockpiles later in 2018. Chris Bake, speaking at the International Petroleum Week conference in London on Thursday, according to Financial Times, said robust consumption and production cuts led by OPEC countries had led to […]
Venezuela’s oil-backed cryptocurrency raised $735m in one day, president claims
Businessam StaffFebruary 21, 2018
President Nicolas Maduro of Venezuela has claimed that the country’s oil-backed “petro” cryptocurrency raised $735 million in the first day of its pre-sale Wednesday. The president said on Twitter that the petro token raised more than 4.777 billion Chinese yuan, or $735 million and the state-backed virtual currency “reaffirms our economic sovereignty.” A grandes problemas, […]
UAE desires ‘forever’ OPEC alliance with Russia to avoid future oil gluts, shortages
Goddey OdinFebruary 20, 2018
United Arab Emirates Energy, OPEC’s fourth-largest oil producer, is leading an effort to prolong cooperation with Russia and other allies far beyond the expiry of their joint supply cuts this year. Suhail Al Mazrouei, UAE’s energy minister in an interview with Bloomberg television said: “My hope is for it to last forever.” By working together they […]
Unutilised power levels rise, reaching 17,184.29MWs, but DisCos reject blame
Bukola OdufadeFebruary 19, 2018
Nigeria’s Generating Companies (GenCos) continue to generate more electricity than Transmission Company of Nigeria (TCN) and the distribution companies (DisCos) can handle. According to data released by the country’s Transmission Company of Nigeria (TCN), the total megawatts consumed in the first two weeks of February 2018 was 34,490.32 megawatts while actual generation by the GenCos for […]
OPEC, allies’ oil cut deal may hurt Russian economy, says Bank of Russia
Goddey OdinFebruary 19, 2018
Bank of Russia has said the Russian economy in 2018 may feel a negative impact of the global deal on oil production output cuts between OPEC and non-OPEC allies to shore up oil prices. In a statement Friday, the bank said the curbs were likely to have a negative impact on the overall Russian economy, […]
Firm demand seen offsetting stronger dollar impact on oil prices
Bukola OdufadeFebruary 19, 2018
OPEC has said expectations of firm demand based on stronger economic growth forecasts may sustain higher oil prices in 2018 despite the firming of the U.S dollar, which always have inversely correlation to prices. In its February monthly oil report, the cartel said the International Monetary Fund (IMF) raising its 2018 forecast for global GDP […]
Crude oil prices rise on renewed optimism
Businessam StaffFebruary 16, 2018
Prices of crude oil rose Friday, an effect of a weak U.S. dollar and by hopes for further efforts to limit global oil output. The U.S. West Texas Intermediate crude March contract was up 43 cents or about 0.72% at $61.52 a barrel by 11:50 a.m., the highest since February 8. Elsewhere, Brent oil for April […]