Can oil prices hit $60 in 2018?
Businessam Staff
September 21, 2017
By Nick Cunningham With Brent oil prices hovering right around $55 per barrel—the highest level in months—the oil market has picked up momentum. There are plenty of pitfalls ahead, but the underlying fundamentals offer some reasons to be slightly bullish on crude. As the IEA mentioned last week, global oil supply fell in August […]
OPEC allies seen acting more responsibly on production cuts
Businessam StaffSeptember 20, 2017
Since the beginning of the year, members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies have been working to get rid of an oil supply glut that has seen prices collapse on the international oil market. But expectations that member countries would fare better in the race to meet the production cuts […]
Saudis may raise domestic gasoline by 80% to equal international prices
Businessam StaffSeptember 18, 2017
Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices, according to Bloomberg report. The government would boost gasoline to parity with varying international prices under the […]
Oil prices up $56 on rising refinery demand, falling U.S. rig count
Businessam StaffSeptember 18, 2017
Oil markets were firm Monday and remained near multi-month highs reached late last week as the number of U.S. rigs drilling for new production fell and refineries continued to start up after getting knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at 50.0 dollars per barrel at 0547 GMT, and […]
Shell set to exit Iraqi oil field after unfavourable changes to fiscal terms
Businessam StaffSeptember 13, 2017
Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state’s flagship fields to focus on more profitable gas development. Shell’s retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world’s […]
Nigeria state oil firm moves to revamp refineries, inaugurates 8 committees ahead 2019 target
Businessam StaffSeptember 13, 2017
In line with the Presidential mandate of rehabilitating the nation’s three refineries, the Nigerian National Petroleum Corporation (NNPC) has inaugurated eight committees charged with returning the refineries to their nameplate capacities by the year 2019. The committees inaugurated are: Rehabilitation; Stakeholder Management; Financing; Legal; Procurement; Pipeline and Crude Oil Supply, and Security, as well as […]
Surging gasoline prices lift U.S. producer inflation in August
Businessam StaffSeptember 13, 2017
U.S. producer prices rebounded in August, driven by a surge in the cost of gasoline, and there were also signs of a pickup in underlying producer inflation. The Labor Department said its producer price index for final demand increased 0.2 percent last month after slipping 0.1 percent in July. In the 12 months through August, […]
Oil rises as IEA sees fastest demand growth in two years
Businessam StaffSeptember 13, 2017
Oil rose as the International Energy Agency forecast the strongest demand growth in two years, while OPEC was said to discuss prolonging output cuts further into 2018. Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe and the U.S. […]
ExxonMobil slashes LNG price to India in bad omen for producers
Businessam StaffSeptember 11, 2017
India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp in a rare contract renegotiation, a bad sign for producers in a heavily oversupplied global market. In a trade-off for ExxonMobil, India’s Petronet LNG will increase its volumes from the Gorgon LNG project in Australia by […]
Global oil inventories still too high, Venezuela oil minister says
Businessam StaffSeptember 8, 2017
Eulogio Del Pino, Venezuelan oil minister said Friday that global oil inventories remain too high and called on OPEC and other producers to review their global output reduction pact in order to support the sector. Speaking at an energy conference in Kazakhstan, according to Reuters’ report, Del Pino said OECD oil inventories, standing at about 3 […]