Category archives for: Oil & Gas

Oil Prices Head Lower Despite Small Crude Draw

January 23, 2020//-Crude oil prices were stubbornly down following the Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17.

Goldman: China Coronavirus Could Push Oil Down By $3

January 22, 2020//-The outbreak of a coronavirus in China that is now an international threat could cut oil demand by 260,000 bpd, which would translate into a price drop of almost $3 per barrel, Goldman Sachs has said.

EIA Sees Lower Brent Prices On Fading Geopolitical Risk

January 21, 2020//-Barring a major lengthy supply disruption, Brent Crude prices will average US$62 a barrel in May, lower than the current price, as the geopolitical risk premium gradually decreases in the first half of 2020, the Energy Information Administration (EIA) said on Tuesday.   

Kenya Cuts Oil Export Target to 400,000 Barrels Per Year

January 18, 2020//-Kenya has cut its crude oil export projections to 400,000 barrels per year between 2021 and 2023 in what signals a depressing assessment of in the international market.

Angola’s Dos Santos Moots Presidency Run Despite Charges

January 17, 2020//-Africa’s richest woman and Angola’s ex-first daughter Isabel dos Santos expressed interest on Thursday in running for the presidency despite an asset freeze and accusations of diverting more than a billion dollars of state money.

Tullow Oil Sees $1.5 Billion Write-Off As It Cuts Oil Price Outlook

January 16, 2020//-Tullow Oil expects to book US$1.5 billion write-offs for 2019, due to slashing its oil price assumption by US$10 a barrel and to reducing reserves expectations for African assets, the London-listed company said on Wednesday, after more than a month of production and exploration setbacks that ousted its chief executive in December.

Massive Oil Product Build Sends Prices Lower

January 16, 2020//-A day after the API’s crude oil inventory report pressured prices, the EIA relieved some of the pressure by reporting an inventory draw of 2.5 million barrels for the week to January 10.

Equatorial Guinea Discusses Energy Cooperation with Ethiopia

Malabo, Equatorial Guinea, January 15, 2020/ — The Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang Lima, held a meeting with his Ethiopian counterpart Samuel URKATO, Minister of Petroleum.

World’s Most Expensive Oil Nears $100 Per Barrel

January 14, 2020//-Strong demand for heavy-sweet crude grades amid the new shipping fuel regulations has resulted in a recent spot tender in which a crude from Australia sold for close to US$100 a barrel, making it what traders said was probably the most expensive crude in the world.

China’s Oil Demand Growth Could Halve This Year

January 13, 2020//-This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008, according to forecasts of China’s biggest oil firm, state-controlled China National Petroleum Corporation (CNPC).  

Photo Gallery

Log in | Designed by Village Pixels