Libya oil output at 4-year high loosens OPEC grip on supply

Businessam StaffJuly 3, 2017

Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years, further complicating OPEC’s struggle to regain control of the oil market. The North African country is pumping 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not […]

UN discovers untapped 93,950MW energy sources in Nigeria

Businessam StaffJuly 1, 2017

The United Nation Economic Commission for Africa (ECA) on Friday urged Nigeria Federal Government to explore renewable energy by utilising the country’s untapped energy sources, estimated at 93,950MW, according to NAN. Bakary Dosso, the ECA Chief Sub-Regional officer, Data Centre, made the appeal at the launch of the ECA Country Profile 2016 Report for Nigeria […]

US oil-rig count falls for the first time in 5 months

Businessam StaffJune 30, 2017

The count of working oil rigs in the US fell this week for the first time in 24, breaking the record streak of increases. The oil-rig count according to Business Insider, fell by two to 756, oilfields-services giant Baker Hughes said in its weekly report on Friday. The gas-rig count rose by one to 184. […]

Oil set for longest winning streak in two months on U.S. output

Businessam StaffJune 29, 2017

Oil headed for its longest winning streak in two months after declines in U.S. crude production and gasoline inventories allayed some concerns that world markets remain oversupplied. Futures rose as much as 1.1 percent in New York to the highest in two weeks after advancing 5.2 percent in the previous five sessions. U.S. production tumbled […]

Egypt hikes fuel prices, second time since currency float

Businessam StaffJune 29, 2017

Egypt’s government on Thursday increased gasoline and diesel prices in the second fuel hike since a currency floatation and the latest cut in state subsidies to ease the budget deficit. Fuel price increases had been widely expected as part of Egypt’s $12 billion International Monetary Fund loan agreement, but the hikes were bigger than anticipated […]

Gabon set to reduce oil reliance as IMF approves $642 million loan

Businessam StaffJune 28, 2017

Gabon, OPEC’s smallest member by production, will try to reduce its reliance on oil by increasing investments in agriculture and mining as part of pledges made to win a $642 million International Monetary Fund facility, Economy Minister Regis Immongault said. Oil’s proportion of state revenue will decline to about 25 percent by mid-2020, from 30 […]

Qatar’s emir meets Exxon Mobil Corp CEO over energy supply talks

Businessam StaffJune 25, 2017

The emir of Qatar met with Exxon Mobil Corp chairman and CEO Darren Woods in Doha on Saturday for talks on “cooperation,” state news agency QNA reported, following a rift between four Gulf states and Qatar that has raised worries about energy supplies. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut […]

OPEC has few escape routes from another bear market in oil

Businessam StaffJune 22, 2017

Saudi Arabia

Oil’s back in a bear market and investors remain unmoved by last month’s agreement to prolong supply cuts, leaving OPEC and its allies with few remaining tools to boost prices. As Saudi Arabia, Russia and their allies reduce output, supply that’s beyond their control keeps rising. Libya and Nigeria — members exempt from the curbs […]

NNPC records N5.3bn trade deficit on environmental challenges

Obodo EjiroJune 21, 2017

The Nigerian National Petroleum Corporation (NNPC) has reported a trade deficit of  N5.27 billion as at April, 2017, which it attributed to environmental challenges. The deficit, which was revealed in NNPC’s  report for the month of April, is an improvement on what was reported in March where the corporation reported a N5.62billion deficit. NNPC’s group operating […]