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Repsol Presents 2018 results

Repsol Presents 2018 results

February 28, 2019 No Comments

Repsol posted net income of 2.341 billion euros in 2018, a 10% increase from the 2.121 billion earned in 2017 and the highest in eight years. This was achieved with average Brent oil prices at 71 dollars per barrel last year, compared with more than 111 dollars in 2011. Adjusted net income, which specifically measures […]

Oil Demand Growth To Hit Zero Within A Decade Says Bank Of America

Oil Demand Growth To Hit Zero Within A Decade Says Bank Of America

February 6, 2019 No Comments

By 2030, oil demand could hit a peak and then enter decline, according to a new report. For the next decade or so, oil demand should continue to grow, although at a slower and slower rate. According to Bank of America Merrill Lynch, the annual increase in global oil consumption slows dramatically in the years […]

IMF Executive Board Concludes 2018 Article IV Consultation with the United Arab Emirates

IMF Executive Board Concludes 2018 Article IV Consultation with the United Arab Emirates

February 1, 2019 No Comments

On November 26, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with the United Arab Emirates. The economy is starting to recover from the 2015–16 slowdown caused by a decline in oil prices. Growth momentum is expected to strengthen in the next few years with increased investment and […]

Oil Majors Near Inflection Point As Spending Rises

Oil Majors Near Inflection Point As Spending Rises

January 29, 2019 No Comments

Oil prices are still down sharply from the highs of October 2018, but the industry may still increase spending this year. The cost of developing new projects might rise along with higher spending levels. A survey of top industry executives by DNV GL suggests that capital spending on oil and gas could rise in 2019. […]

Nigeria’s hidden opportunities

Nigeria’s hidden opportunities

January 28, 2019 No Comments

Aliko Dangote, Africa’s richest man, has plans to change that, spending an estimated $12bn building a refinery in Lagos that could process 650,000 barrels of oil a day. If the cement-to-sugar magnate succeeds it will be the biggest of its kind in the world. It could, if the petrol he produces is sold without government […]

Oil Is At The Mercy Of Financial Markets

Oil Is At The Mercy Of Financial Markets

January 4, 2019 No Comments

Oil prices regained more ground on Wednesday, pushed higher after equity markets rebounded from an initial selloff at the start of 2019 trading. The price gains are not entirely convincing. WTI and Brent posted strong gains, each up more than 3 percent by midday in New York, but come largely after U.S. equity markets shook […]

Oil Begins New Year With A Loss

Oil Begins New Year With A Loss

January 3, 2019 No Comments

Crude oil trading in the new year began with a slide, with Brent crude trading at US$53.12 a barrel at the time of writing, down 1.26 percent, and West Texas Intermediate at US$44.92 a barrel, down 1.08 percent. Benchmarks remained pressured by rising U.S. production, which, according to the EIA averaged 11. 7 million barrels […]

Support OPEC efforts to Restore Stability to the Oil Markets with Continued Production Cuts

Support OPEC efforts to Restore Stability to the Oil Markets with Continued Production Cuts

November 30, 2018 No Comments

The African Energy Chamber urges the Organization of the Petroleum Exporting Countries and other key global oil producers, including Russia, to continue with the historic production cuts at the December 6, 2018 OPEC meeting to stabilize the oil price. Oil prices have dropped by about 20 percent in November, and the month is likely to […]

Can We Expect A Major Rebound In Oil Prices?

Can We Expect A Major Rebound In Oil Prices?

November 20, 2018 No Comments

After declining by more than 20 percent from the October peak, oil prices are showing some signs that they have now bottomed out. WTI hit a low point at $56 per barrel on Wednesday and Brent hit a low just below $65 per barrel. Both crude benchmarks regained some ground at the end of the […]

Macron Agrees With Trump To Bring Down Oil Prices

Macron Agrees With Trump To Bring Down Oil Prices

November 16, 2018 No Comments

French President Emmanuel Macron said Nov. 14 that he and U.S. President Donald Trump agreed to put pressure on oil producers to bring down prices. Oil prices have risen 45% since Macron took office in mid-2017 and his government is facing pressure on high prices from a grassroots movement protesting recent petrol tax hikes. “When […]

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