Energy Trading & Markets

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 …

Nigeria to track crude oil production, sales to prevent theft

January 13, 2017 | Energy Trading & Markets, Nigeria

Abuja , Nigeria | — Nigeria will from this year begin to track the volume of its crude oil production from fields of production and loading bays, to sales destinations in a renewed effort to cut down on prevalent oil theft and loss of revenue, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Speaking in a podcast in Abuja on the 2017 outlook for Nigeria’s petroleum sector, where he made projections of his work this year, Kachikwu also said he would …

Angola overtakes Nigeria as Africa’s largest crude oil producer

December 30, 2016 | Angola, Energy Trading & Markets, Nigeria, OPEC

Luanda, Angola | –  Angola overtook Nigeria to become Africa’s biggest crude oil producer in 2016, with an average output of 1.775 million barrels per day (bpd), while Nigeria’s production fell to 1.468 million bpd. Angola’s oil output accounts for 90 per cent of the nation’s exports, 50 per cent of its gross domestic product (GDP), and 80 per cent of its tax revenues. The 1.775 million bpd represents an increase in production of 8,800 bpd compared with the level in June. In November, Angola …

Algeria’s Sonatrach boosts gas production, sales to Italy

December 01, 2016 | Algeria, Energy Trading & Markets

Algiers, Algeria | –  Sonatrach boosted natural gas sales to Italy by 140 percent in the first 10 months of the year as Algeria looks to bolster energy exports after years of stagnation, two senior officials from the state company said. More effective exploitation of existing fields and expanded pipeline capacity is helping boost sales, Sonatrach Deputy General Manager for Marketing Omar Maaliou and Vice-president for Exploration and Production Salah Mekmouche told Reuters. Algeria’s gas exports between January and October rose 25 percent from a …