Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations
Libya and Nigeria hope to restart exports that could add substantially to the global glut Both the IEA and OPEC pushed out their forecasts for market balance this week as supply continues to prove resistant to the drop in crude oil prices. Even more crude oil could come back to the market from Libya and Nigeria in coming days, however,
Unplanned outages continue to shore up the market quicker than expected – OPEC The OPEC Monthly Oil Market Report released Monday shows the group expects oil markets to balance out in the second half of this year. Unplanned supply outages in Nigeria and Canada will help to tighten up markets more quickly, the group said. In its report, OPEC maintained
Oil outages take 3.6 MMBOPD off the market in May Unplanned global oil supply disruptions reached their highest monthly level since 2011 when the EIA began tracking to what extent oil outages were affecting output. From April to May, disruptions grew by 0.8 MMBOPD, averaging more than 3.6 MMBOPD, the agency reported. The majority of the increased outages in May
Niger Delta Avengers bomb Shell and Eni pipelines A militant group calling itself the Niger Delta Avengers continues to attack oil and gas infrastructure in Nigeria in a bid to undermine the current presidential administration. On Friday, the group bombed two pipelines, one owned by Royal Dutch Shell (ticker: RDSA) and the other owned by Eni (ticker: E), according to
Poorer OPEC nations reeling hardest from oil price slide OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 MMBOPD, OPEC’s poorer members have to simply grin and bear the consequences of low oil prices. Despite oil’s move in
Nigeria’s oil minister sees OPEC production freeze as likely, says Saudis are pushing for it A wider production freeze inside of OPEC could be close at hand, Nigerian Oil Minister Emmanuel Ibe Kachikwu said during an interview with CNBC. Earlier this month, four OPEC producers and Russia agreed to maintain production at January levels, welcome news in a global market
Stronger economic data helps lift oil prices Oil prices are on track for the first weekly gain in a month today with both WTI and Brent crude prices up on Friday. U.S. Department of Energy numbers this week showed another build in U.S. crude oil stocks, but gasoline demand rose, stoking some crude oil price gains. Data from the EIA
OPEC member Nigeria looking to fund power, transport and road infrastructure projects with cheap money Nigeria, an OPEC member and Africa’s largest economy, is looking to international institutions in order to fund its record-setting 2016 budget. With approximately 35% of GDP, 75% of government revenue and 90% of export earnings coming from oil, the continued low price of crude oil
The U.S. oil major has retained Scotiabank to help sell assets in Western Canada ConocoPhillips (ticker: COP) hired the Bank of Nova Scotia (Scotiabank) to advise on the sale of about 20% of its production in Western Canada outside of the oil sands, reports BNN. Details on the sale from Houston-based COP will be provided in the second quarter, according
Kase Lawal, Chairman and Chief Executive Officer of CAMAC Energy (ticker: CAK), first said 2015 will be the company’s most profitable year in history in its Q1’14 conference call. Since then, interest around the industry is building in anticipation of the completion of Oyo-7 and Oyo-8 – two “high impact” wells located offshore Nigeria in exploration blocks OML 120 and
Afren plc (ticker: AFR) is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange. Afren is currently producing from its assets offshore Nigeria and Côte d’Ivoire and holds further interests in the Kurdistan region of Iraq, Ghana, Nigeria, Côte d’Ivoire, Congo Brazzaville, the Joint Development Zone of Nigeria -São
