U.S., China talk North Korea after Putin pushes back on oil sanctions

Businessam StaffSeptember 6, 2017

U.S. President Donald Trump and Chinese President Xi Jinping spoke again about how to resolve the North Korean crisis as the U.S. seeks support for more stringent UN sanctions at a Security Council meeting next week, according to Bloomberg’s report. Trump told reporters Wednesday after the conversation that “we will not be putting up with […]

Oil trades near 3-week high as refineries restart after Hurricane Harvey

Businessam StaffSeptember 6, 2017

Oil traded near a three-week high as key refineries and pipelines restarted from shutdowns forced by Hurricane Harvey, reviving crude demand in the heart of the U.S. energy sector, according to Bloomberg. Futures were little changed in New York after closing 2.9 percent higher Tuesday. While U.S. Gulf Coast refiners are working to restore operations to […]

Angola needs crude prices rebound to $60, says oil minister

Businessam StaffAugust 31, 2017

Jose Maria Botelho de Vasconcelos, Angola’s Petroleum Minister said it is essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said in an interview in the country’s capital Luanda, according to Bloomberg’s report, saying that “we’ve been getting signs […]

Nigeria LNG road delivery scheme to provide cheaper fuel

Businessam StaffAugust 30, 2017

Nigeria launched a scheme on Tuesday to transport liquefied natural gas (LNG) to regions not linked by pipeline, supplying power plants and industry with cheaper, cleaner fuel, officials said. Nigeria, a major oil producer, lacks refining capacity, so most crude is exported and the West African nation imports gasoline and other refined products. A creaking […]

TCN wheeled out 72,261.7 mw of electricity in four weeks – official

Businessam StaffAugust 29, 2017

The Transmission Company of Nigeria (TCN) Tuesday said it wheeled out 72,261.7 megawatts of electricity in the first four weeks of August. The daily statistics of TCN operations from Nigerian Electricity System Operator (SO), a section of the TCN, indicated that 34,853.3 megawatts were generated between August 1 and Aug 12. This was against the […]

Libya’s oil disruptions widen as two more fields halt output

Businessam StaffAugust 28, 2017

Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production. El Feel, or Elephant, stopped production, Wessam Al-Messmari, an office manager for the Petroleum Facilities Guard that is protecting the field, said Sunday by phone. State-run […]

China’s solar appetite eats into India’s clean energy effort

Businessam StaffAugust 25, 2017

Indian solar projects banking on a continuous supply of ever-cheaper panels are now under threat as China’s appetite props up prices. The global spot market price for solar panels in the second quarter fell at the slowest pace since the three months ended in December 2015, according to data compiled by PVinsights. While the decline […]

Oil trims weekly drop as storm heads for Texas, gasoline surges

Businessam StaffAugust 25, 2017

Oil trimmed a fourth weekly decline as traders braced for the impact of Hurricane Harvey on a U.S. refining hub in the Gulf of Mexico. Gasoline futures surged to the highest in four months. Front-month crude futures rose 0.7 percent in New York, paring Thursday’s 2 percent decline. Gasoline gained as much as 4.6 percent. While […]

Oil prices climb as traders eye another U.S. crude drawdown

Businessam StaffAugust 22, 2017

Oil inched up Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya’s largest oil field. U.S. crude inventories were expected to have fallen for an eighth straight week and dropped 3.4 million barrels last week, a Reuters poll showed, ahead of […]