International Oil and Gas News
Coronavirus Covid-19: Oil prices fall after US bans travel from Europe
energypost -0
Oil prices have edged down after President Donald Trump bans passenger travel from Europe to US due to coronavirus (Covid-19).
The 30-day travel ban follows a declaration by the World Health Organization (WHO) that the coronavirus outbreak can be ‘characterised’ as a pandemic.
The restriction, which does not include Britain, is...
Occidental Petroleum plans to cut capital spending after oil futures
plummeted below some of its hedging levels and threatened its dividend,
according to people familiar with the matter. The company’s shares
tumbled by a record.
The Houston-based explorer is reacting to crude’s plunge of more than
30% on Monday to protect the payout, which...
International Oil and Gas News
Nigeria risks recession as Saudi Arabia begins global oil fight
energypost -
Saudi Arabia plans to unilaterally increase oil output next month, a
move that could further reduce prices, reliable sources told Bloomberg.
Such a move could make matters worse for oil-dependent countries like
Nigeria.
PREMIUM TIMES reported how the price of crude reduced Friday after oil producers failed to agree on oil cuts at an...
International Oil and Gas News
Oil tests recovery from historic crash following global price war
energypost -
Oil clawed back some of its biggest drop in a generation as investors
grappled with the most volatile market on record in the midst of
simultaneous supply and demand shocks.
Futures rose about 4% in early Asian trading on Tuesday after
collapsing by a quarter on Monday -- the biggest price drop since the...
- The Trump administration suspended a planned sale of 12 MMbbl of
oil from the nation’s emergency reserves after world crude prices
plunged the most since 1991.
“Given current oil markets, this is not the optimal time for the
sale,” Jess Szymanski, a spokeswoman for the Energy Department, said in a
statement on Tuesday.
Dangote Industries Limited on Sunday promised that its ongoing subsea
gas pipeline project would on completion, cut the amount of flared gas
in the country considerably while delivering gas supply in enormous
quantities to enhance industrial operations.
A key component of the company’s capital-intensive fertiliser,
petrochemical and refinery projects, the 1,100 kilometre pipeline is...
There are strong indications that financial troubles await Nigeria as
crude oil price fell to $46.31 per barrel, $11 below the 2020 oil
benchmark which is $57 per barrel.
More so, Nigeria’s ambitious N10.6trillion budget for 2020 May also
suffer another setback as many Nigeria’s cargoes remained unsold due to
shortfall in demand and...
The resuscitation of Nigeria’s under-performing refineries is a Key Performance Indicator for the current administration of the Nigerian National Petroleum Corporation (NNPC).
Mele Kyari, the Group Managing Director, upon assumption of office
promised to fix the four refineries before the end of May 2023 and
transform Nigeria into a net exporter...
Members of the
Organisation of the Petroleum Exporting Countries (OPEC) have put a deal
to other countries to further cut oil production throughout 2020.
However, Russia has not agreed, and oil prices continue to plummet,
losing more than 4% on Friday.
According to figures from Reuters,
at 11:24 UTC Brent crude prices had fallen...
Major stakeholders in the international shipping community have said
they are confident of the measures and satisfied with the effectiveness
of Nigeria’s efforts to contain piracy and armed robbery on the
country’s maritime environment.
They also expressed confidence in the abilities of the
Director-General of the Nigerian Maritime Administration and Safety
Agency (NIMASA),...
Latest article
Nigeria joins oil war, makes brutal price cuts
…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners
Nigeria opened a new front...
Oil slips as OPEC-Texas agreement looks less likely
Oil dropped toward the lowest level since 2003 as prospects for a
deal between OPEC and Texas to limit production appeared to...
Oxy nears truce with Icahn, adding new directors to its board
Activist investor Carl Icahn is nearing a truce with Occidental
Petroleum Corp. that will see three new directors appointed to the oil...