Nigeria’s oil exports to slip in October, programmes show

Businessam StaffAugust 19, 2017

Nigeria’s crude oil exports are expected to slip to 1.72 million barrels per day (bpd) in October, loading programmes showed Friday. While some cargoes would likely be added, the current plan stands at a five-month low and was expected to remain slightly While some cargoes would likely be added, the current plan stands at a […]

Off-grid solar energy seen transforming businesses in Nigeria

Businessam StaffAugust 18, 2017

Off-grid solar energy investments have been identified as panacea to the constraints in accessing power by Nigeria’s small and medium enterprises. Yuri Tsitrinbaum, Lumos Nigeria CEO, believes the availability of solar solutions will play an essential role in efforts to bridge the nation’s electricity supply gap. He says that businesses without access to the grid […]

Libya gets better at keeping oil flowing as industry stabilises

Businessam StaffAugust 17, 2017

Mustafa Sanalla, Libyan national oil company chief

Libya’s getting better at resolving stoppages in its oil industry, underpinning a growing perception that the OPEC member is closer to becoming a stable producer again. That’s because of the duration of the incidents. While in prior years protests could shutter fields for months and years, now the stoppages are being resolved within days and […]

Record US shale output keeps OPEC under pressure

Businessam StaffAugust 15, 2017

Oil output from major U.S. shale plays is poised to reach a fresh record next month, further complicating OPEC’s efforts to support prices, according to a Bloomberg report monitored by Businessamlive. According to the report, the gain is being led by the oil-rich Permian basin of Texas and New Mexico, where production has risen steadily […]

OPEC’s long-sought success spoiled by 2018 oil supply worry

Businessam StaffAugust 15, 2017

Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by the Organization of Petroleum Exporting Countries and its allies will be returned to the market in 2018 is clouding the […]

Biggest U.S. fuel pipeline fills up as east coast tanks drain

Businessam StaffAugust 9, 2017

Colonial Pipeline is back to business as usual — with more demand to move fuels to the East Coast from Houston than it has space for. After running below capacity about 45 days starting in July, the largest gasoline pipeline in the U.S. has restarted its practice of rationing space. The company froze shippers’ ability […]

Saudi Arabia cuts September oil sales to prized Asia market

Businessam StaffAugust 8, 2017

Saudi Arabia is said to have cut crude sales for next month to some buyers in the world’s biggest oil market, limiting sales to prized buyers as part of its pledge to curb exports and shrink a global glut. According to Bloomberg report, state-run Saudi Arabian Oil Co. will supply lower volumes of crude than […]