Saudi Arabia will work with OPEC and non-OPEC members to help stabilize oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and
Here is How the Looming fall in Oil Demand Could Trigger Another Market Slump
By Gaurav Sharma… Towards the middle of the current trading year, a glut ridden oil market had started showing some signs of rebalancing. Decline in US oil production was being reflected in the data, much to the delight of the Organization of Petroleum Exporting Countries (OPEC). So when the oil producers’ collective met at its
Price Slump opening way for Private Equity firms to Enter Oil industry—Ernst and Young Report
A recent report by Business Consultants Ernst and Young indicate that Private equity (PE) firms are preparing to invest in global oil and gas sector despite the recent slump in prices. The firm through a survey on about 100 PE firms observed that about 25 per cent of the PE firms are planning acquisitions before the
Global Oil Industry Analysts Goldman Sachs say Disruptions Like Nigeria Pipeline attacks Will resurrect Prices
Oil prices have been kept at low levels largely due to the glut in global supply. While low prices have been bad news for the industry and the oil-driven economies, producers have been reluctant to cut back for fear of losing market share. In the absence of voluntary production cuts, Goldman Sachs analysts say unplanned
Nigeria Militant Group Bombing Oil Pipelines Says it won’t Stop Until Companies Exit Oil-rich Delta Region
Nigeria’s armed group which has claimed responsibility of bombing oil pipelines in the Niger Delta told the nation’s authorities it may turn violent if companies continue to operate in the region. Niger Delta Avengers (NDA) in a statement published on its website said that the oil companies must not carry out any repair works on
Positive Impact of Nigeria Oil War? Cut in Production has resurrected Oil Market Prices
Brent crude oil prices rose on Monday, lifted by a plunge in the dollar that could spur demand just as attacks on Nigerian oil infrastructure tighten supplies, but signs of recovering U.S. output capped gains. Brent crude futures LCOc1 rose as high as $50.10 but retreated to be up 38 cents or 0.7 percent at
South Sudan and Khartoum to revise Crude Oil transit charges on prevailing prices—Official
South Sudan has revised Oil transit charges with its neighbor Sudan on the basis of prevailing crude oil prices, Officials have said. In August 2013 South Sudan agreed to pay to Khartoum $9.10 for the oil produced in Upper Nile state and $11 for that of Unity state which produces some 20% of South Sudan’s
Expert; How East Africa is paving way in the spotlight and changing Africa’s Oil map
By Thangapandian Srinivasalu Africa produced 8.2m b/d of crude last year – 76% came from Nigeria, Algeria, Egypt and Angola, according to PricewaterhouseCoopers’ (PWC) 2015 Africa Oil & Gas Review. But East Africa is elbowing its way under the spotlight and changing Africa’s energy map – a move easily justified by its wealth of oil
Iran Determined to raise Oil output as Sanctions are lifted
From Agencies… Iran is determined to raise its oil output as planned as soon as sanctions on its oil industry are lifted, Mehdi Asali, its representative to the OPEC producers’ group, said on Saturday. The international sanctions were scrapped as part of a landmark deal between major powers and Iran to curb Tehran’s nuclear program.
Analysis: Will Kenya be a Rule-Maker or rule-taker in the ‘uncertain’ Crude oil Business?
By Hez Gikang’a The big economic and financial news of 2016 is the complete rout of crude oil benchmark prices after prices hit an all-time decade low of US$30 per barrel Tuesday January 12th; markedly different circumstances and a far cry from the exuberance exuded by the Kenyan government, markets, pundits & oil companies in