Tag Archive

Nigeria’s Oil Industry Faces An Existential Risk

Nigeria’s Oil Industry Faces An Existential Risk

October 21, 2019 No Comments

Nigeria risks disruption in oil and gas supplies and power generation, due to declining exploration activity and depleting oil reserves, the Nigerian Association of Petroleum Explorationists (NAPE) has warned. Inefficient contract and procurement awarding process, oil theft, and illegal refining are the key obstacles to Nigeria’s oil and gas industry, Ajibola Oyebamiji, president of NAPE, said […]

Complete History Of Oil Markets

Complete History Of Oil Markets

October 15, 2019 No Comments

Like most other commodities in the markets, crude oil prices have routinely experienced wild price swings alternating between times of great shortages, high demand and high prices and periods of oversupply, low demand and depressed prices. These so-called crude oil “Price Cycles” tend to last several years, depending on variables such as oil demand, volume […]

Why Oil Prices Didn’t Go Much Higher This Week

Why Oil Prices Didn’t Go Much Higher This Week

September 23, 2019 No Comments

“The global economy has become increasingly fragile and uncertain, with growth slowing and downside risks continuing to mount.” That warning came from the OECD on Thursday, which said that the economic outlook for both industrialized nations and emerging markets were “weakening.” Unless governments took action, “growth could get stuck at persistently low levels.” One of […]

Oil Flash crashes After Trump Fires Security Advisor Bolton

Oil Flash crashes After Trump Fires Security Advisor Bolton

September 10, 2019 No Comments

A new deal between the United States and Iran may be on the horizon as US President Donald Trump just fired US National Security Advisor John Bolton—and oil prices are expected to take a turn for the worse. “I informed John Bolton last night that his services are no longer needed at the White House. […]

Oil Prices Today

Oil Prices Today

September 6, 2019 No Comments

The price of OPEC basket of fourteen crudes stood at $60.58 a barrel on Thursday, 5 September 2019 compared with $58.97 the previous day, according to OPEC Secretariat calculations. WTI Crude was US$56.43/barrel and Brent Crude US$60.97/barrel Vitol, the world’s biggest independent oil trader, expects oil prices to weaken in the fourth quarter this year, […]

OPEC Turns Bearish On Oil

OPEC Turns Bearish On Oil

August 21, 2019 No Comments

OPEC sees a “somewhat bearish” outlook for the rest of 2019, even as supplies remain tight in the short run. In its latest report, OPEC only slightly downgraded its forecast for global oil demand, lowering it to 1.10 million barrels per day (mb/d) for 2019, down only a minor 0.04 mb/d from a month earlier. […]

U.S. Is Now Largest Oil and Gas Producer In The World

U.S. Is Now Largest Oil and Gas Producer In The World

August 21, 2019 No Comments

Petroleum and natural gas production in the United States jumped by 16 percent and 12 percent, respectively, in 2018, setting new production records and placing the United States as the world’s single largest producer of oil and natural gas, the Energy Information Administration (EIA) said on Tuesday. The U.S. had already surpassed Russia as the world’s biggest […]

Oil Prices Steady As EIA Reports Small Crude Draw

Oil Prices Steady As EIA Reports Small Crude Draw

August 21, 2019 No Comments

Oil prices held steady on Wednesday morning after the Energy Information Administration today reported a draw of 2.7 million barrels in crude oil inventories. Analysts had expected a draw, after yesterday the API also reported lower inventories and much lower than forecast, at that. The Institute’s estimate was for a 3.45-million-barrel decline versus expectations for a draw of 1.889 […]

Occidental Announces 2nd Quarter 2019 Results

Occidental Announces 2nd Quarter 2019 Results

August 1, 2019 No Comments

Occidental Petroleum Corporation (NYSE:OXY) today announced net and core income for the second quarter of 2019 of $635 million, or $0.84 per diluted share, and $729 million, or $0.97 per diluted share, respectively. Net and core income for the first quarter of 2019 were $631 million, or $0.84 per diluted share. Second quarter pre-tax non-core […]

Smart Money Is Piling Into Oil

Smart Money Is Piling Into Oil

April 10, 2019 No Comments

Oil prices jumped to five-month highs this week, pushed higher by a bullish cocktail of supply outages, geopolitical unrest and a sputtering shale sector. The most recent factor is the sudden eruption of the long simmering feud in Libya between rival factions. The attack on Tripoli by the Libyan National Army (LNA), a militia led […]

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