Vitol signs first deal with Algeria to refine oil abroad

Businessam StaffJanuary 17, 2018

Algeria’s state-run energy producer Sonatrach signed an agreement with oil-trading Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Sonatrach selected Vitol, the world’s largest independent oil trader, from among […]

Oil militants threaten to attack Nigeria’s oil sector within days

Businessam StaffJanuary 17, 2018

Nigerian militant group Niger Delta Avengers said on Wednesday it will launch attacks on the country’s oil sector in the next few days. The group said in a statement on its website that “this round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals.” On November […]

Saudi Arabia plans up to $7bn of renewable energy projects this year

Businessam StaffJanuary 16, 2018

Saudi Arabia expects to start up to $7 billion of renewable energy projects this year, with solar plants leading the way. Tenders will be issued this year for eight projects totaling 4.125 gigawatts of capacity, Turki Mohammed Al Shehri, head of the kingdom’s Renewable Energy Project Development Office, said Tuesday in an interview in Abu […]

Brent crude at $70 as OPEC members reassure on cuts

Businessam StaffJanuary 15, 2018

Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers that the OPEC-led output cuts should continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in […]

Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts

Businessam StaffJanuary 15, 2018

Jabar al-Luaibi, Iraqi's oil minister

Jabar al-Luaibi, Iraqi’s oil minister said Saturday that oil output capacity in the OPEC member country is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. According to a report by Reuters, Luaibi said the supply cut agreement between OPEC […]

Demand for remote renewable energy systems propels power storage market in Sub Saharan Africa, Frost & Sullivan

Businessam StaffJanuary 12, 2018

The drive to integrate renewable energy into the grid whilst at the same time supply constant, reliable power for industry activities is one of the key factors driving the power storage market in Sub-Saharan Africa. Similarly, more residential consumers and rural communities are relying on RE technologies to meet their daily power requirements. While demand […]

OPEC will try to talk prices down if oil tops $70, Goldman says

Businessam StaffJanuary 10, 2018

OPEC would try to talk down an oil rally above $70 a barrel to cushion the impact on the global economy and rival supplies, according to Goldman Sachs Group Inc. Oil has climbed to a three-year high above $69 in London amid OPEC production cuts, growing demand and political risks to supply. If prices keep […]

OPEC’s cheer over 2018 oil rally tinged by shale worries

Businessam StaffJanuary 9, 2018

Oil’s price rally this year to its highest since May 2015 may seem a source of glee for OPEC, but some in the producer group fear the gains could prompt shale companies to crank open their spigots and flood the market, according to report by Reuters. Benchmark Brent crude rose further above $68 a barrel […]

Oil prices near $62 as U.S. crude stockpiles seen declining

Businessam StaffJanuary 9, 2018

Oil steadied near $62 a barrel on estimates that U.S. crude stockpiles declined for an eighth week as the rebalancing of global markets continues. Futures added as much as 1.3 percent in New York to the highest intraday level in almost three years. U.S. inventories probably fell by 3.75 million barrels last week, according to […]