A series of measures introduced by Angola’s government in recent years has pushed production costs up as much as $500m annually and the country risks losing investment from foreign oil companies.
The Aje shallow-water field offshore Lagos might begin crude oil production before the year runs out following the commencement of drilling on the Aje-5 production well on the Oil Mining Licence 113.
Iraqi Kurds are independently selling oil produced in their region, bypassing the country’s state crude marketer for all exports so far this month, said Safeen Dizayee, a spokesman for the Kurdistan Regional Government.
United Arab Emirates (UAE) crude oil exports are expected to fall in the fourth quarter of 2015 as the Gulf OPEC member upgrades its Ruwais refinery and processes more oil to feed rising domestic demand
Saudi Arabia has cut the official selling price (OSP) for its benchmark Arab Light crude to Asia in August, as expected, while raising the price to European customers.