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Is There Still Hope For Higher Oil Prices?

Is There Still Hope For Higher Oil Prices?

June 26, 2017 No Comments

Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry. WTI dipped below $44 […]

Expect $30 Oil -Bank Of America

Expect $30 Oil -Bank Of America

June 21, 2017 No Comments

Oil prices hit on Tuesday their lowest levels since mid-November last year, with WTI entering a bear market, and analysts now see the price of oil sliding further down to below US$40 and even into the US$30s, as rising output from Libya and Nigeria adds to the persistent concerns over global oversupply. As of 2:21pm […]

IGas Annual General Meeting Trading Update

IGas Annual General Meeting Trading Update

June 14, 2017 No Comments

IGas today provides the following statement in relation to trading for the period 1 January to 13 June 2017. This update is issued in advance of the Company’s Annual General Meeting (“AGM”) which is being held at 10.30am today. Highlights · Successful completion of balance sheet restructuring and fundraising in April 2017 o Experienced industry […]

Oil Prices Are Set To Rebound

Oil Prices Are Set To Rebound

June 14, 2017 No Comments

The latest selloff in oil prices have left speculators in a predicament: The fundamentals continue to look poor with unimpressive drawdowns in crude oil stocks, but there is a general consensus that the extension of the OPEC deal should push the market towards a rebalancing over the next few quarters. What that means for short-term […]

Global oil discoveries and new projects fell to historic lows in 2016

Global oil discoveries and new projects fell to historic lows in 2016

June 1, 2017 No Comments

Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency , which warned that both trends could continue this year. Oil discoveries declined to 2.4 billion barrels in […]

Oando PLC Q1 2017 Results

Oando PLC Q1 2017 Results

May 29, 2017 No Comments

Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, announced unaudited results for the three months period ended 31 March, 2017, with the following highlights: Financial Highlights: Turnover increased by 116%, N138.4 billion compared to N63.9 billion (Q1 2016) Gross Profit increased by 53%, 13.4 billion compared to […]

Sonangol cancels auction for eight oil blocks

Sonangol cancels auction for eight oil blocks

May 23, 2017 No Comments

Sonangol has reportedly cancelled an auction of oil exploration licences for eight blocks, blaming the drop in oil prices since the bidding opened. ‘The remarkable drop in the price of the oil barrel and the economic and financial situation of the country and the world, have negatively influenced the viability of the oil concessions,’ Sonangol […]

IMF Staff Completes 2017 Article IV Visit to Oman

IMF Staff Completes 2017 Article IV Visit to Oman

May 18, 2017 No Comments

An International Monetary Fund (IMF) team led by Allison Holland visited Muscat from May 3-16 to hold the 2017 Article IV consultation discussions with Oman. At the conclusion of the visit, Ms. Holland made the following statement: “We have had constructive discussions with the authorities over the past two weeks. The authorities recognize that the […]

U.S. Shale Is Immune To An Oil Price Crash In 2017

U.S. Shale Is Immune To An Oil Price Crash In 2017

May 17, 2017 No Comments

Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oil price gains from that agreement. Four months after the OPEC/NOPEC deal took effect, oil prices dropped to the levels preceding the agreement, amid […]

OPEC net oil export revenues

OPEC net oil export revenues

May 16, 2017 No Comments

For 2016, the U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues (unadjusted for inflation). This represents a 15% decline from the $509 billion earned in 2015, mainly as a result of the fall in average annual crude […]

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