Energy Trading & Markets

Russia concerns keeps market guessing ahead of OPEC meeting

November 28, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

  OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels a day off the market, but what’s not clear is for how long OPEC ministers head to Vienna on Thursday to decide whether to extend output cuts beyond March next year. The prospect, however, of an alliance breakdown between the world’s two largest oil producers threatens to scupper the cartel’s plans. OPEC is expected to extend its deal with Russia and other oil producers to keep 1.8 million barrels …

Africa unites to garner investment at Africa Oil Week in Cape Town

November 02, 2017 | Africa, Energy Trading & Markets, South Africa, Upstream

Cape Town, South Africa | – The African oil industry met this week to discuss the potential, but also the challenges, that the industry faces as the continent moves towards the commercialization of its huge gas and oil reserves. Six of Africa’s oil ministers from Cote d’Ivoire, Namibia, Nigeria, Ghana, Mali, South Africa attended, including US Secretary for Energy Rick Perry. The event drew speakers from the highest echelons of government, operators, service providers, legal, advisory and research firms. The key themes discussed were the …

Saudi Arabia says oil deal with Russia helping market, demand healthy

October 05, 2017 | Commodities & Oilprice, Eastern Europe & Russia, Energy Trading & Markets

Moscow, Russia | – World energy markets can handle supplies of U.S. shale oil next year as demand is rising and deals between Russia and Saudi Arabia have helped stabilize crude prices, Saudi Arabia said on Thursday, suggesting confidence about the outlook. Saudi Arabia and Russia, the world’s biggest producers of crude, helped secure a deal between OPEC and 10 rival suppliers to cut output until the end of March 2018 in an effort to reduce a price-sapping glut. Saudi Energy Minister Khalid al-Falih, whose …

Oil heads for third weekly loss as U.S., Nigeria prolong glut

June 12, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

New York, US | – Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York Friday, returning to the sub-$50 levels traded when OPEC first agreed to output curbs in November. U.S data released Wednesday showed total crude and product stockpiles rose by the most since 2008 last week, surprising a market that had been expecting further declines. American output is also …

OPEC crude production rises led by countries exempt from cuts

June 02, 2017 | Energy Trading & Markets, OPEC

Libya, Nigeria saw combined gain of 310,000 barrels a day Results come after OPEC, non-OPEC extend deal to curb output London, UK | – OPEC crude production rose in May led by gains from Libya and Nigeria, countries that are exempt from the deal to cut output in a bid to revive oil prices. The Organization of Petroleum Exporting Countries’ output in May jumped 315,000 barrels a day from a month earlier to 32.21 million, according to a Bloomberg News survey of analysts, oil companies …

Crude price falls as rising Libyan, US output undermines OPEC-led cuts

June 02, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK | Oil prices fell Wednesday as rising output from Libya added to concerns about increasing US production that is undermining OPEC-led production cuts aimed at tightening the market. Brent crude futures, the international benchmark for oil prices, were trading at $48.84 per barrel at 6 pm Beijing time, down $0.82 from their last close. US West Texas Intermediate crude futures were at $49.34 per barrel, down 0.6 percent from their last settlement. Traders said the price declines were a result of higher output in …

Nigeria’s NNPC ‘finalising $6 billion in oil swaps’

May 19, 2017 | Downstream, Energy Trading & Markets, Nigeria

Abuja, Nigeria | – Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria’s increased reliance on NNPC for fuel imports. A lack of local refining capacity means Nigeria is reliant on imported gasoline, …

China binging on African oil like never before after OPEC cuts

April 07, 2017 | Africa, Energy Trading & Markets, OPEC

London, UK | – China is set to import record amounts of crude oil from West Africa this month as OPEC’s supply cuts pave the way for other nations to gain a greater foothold in the fast-growing Asian market. West African producers led by Angola and Nigeria are poised to send crude to China at the rate of 1.48 MMbpd in April, the most since Bloomberg began compiling the data in August 2011, according to loading programs and traders. Overall Asian imports of West African …