Iran’s Oil Exports Hike to 3mb/d

• Wednesday, 8th March 2017
• by Editorial Team

Iran’s crude oil exports hit a record 3mb/d in the Iranian month of Esfand (late February to late March), Reuters informed. Iranian Oil Minister, Bijan Namdar Zanganeh, credited Iran’s nuclear agreement wi...

IEA Predicts Slump on Oil Supply by 2020

• Wednesday, 8th March 2017
• by Editorial Team

Oil supply growth will slow after 2020, with a drop in spare production capacity expected, unless new projects are approved soon, My SSnews informed, citing the International Energy Agency (IEA) latest report. IEA’s m...

Iraq, Angola to Extend OPEC Production Cuts

• Tuesday, 7th March 2017
• by Sarah Samir

Iraq and Angola are willing to extend the production cuts of the Organization of the Petroleum Exporting Countries (OPEC) during the second half of 2017 as the global rally in prices shows signs of stalling, reported ...

Nigerian Vitol Sells 4m Oil Barrel, Supply Glut Eases

• Monday, 6th March 2017
• by

Vitol Group BV is offering to sell Nigerian crude oil from a storage terminal in South Africa in what may be a signal that the global supply glut is beginning to ease, Bloomberg reported. According to Oil Price, Vitol...

OPEC Lost $1t to Slump in Prices

• Sunday, 5th March 2017
• by Editorial Team

The Organization of Petroleum Exporting Countries’ (OPEC) Secretary-General, Mohammed Barkindo, disclosed that OPEC lost $1t to dwindling oil prices, Daily Trust informed. On a visit to Nigeria, Barkindo explained the...

Angola Reaches Highest Oil Revenue in 16 Months

• Thursday, 2nd March 2017
• by

Angola reported $950m in crude oil export revenues for January, the highest in 16 months, data from the country’s Finance Ministry showed. The country exported some 52.25m barrels last month, which is around 3.3mb/d m...

Nigerian Oil Minister: OPEC Must Lower Production Costs

• Thursday, 2nd March 2017
• by

Nigerian Minister of Oil, Emmanuel Ibe Kachikwu said that Members of the Organization of the Petroleum Exporting Countries (OPEC)  must lower production costs to compete better with shale producers, Reuters reported. ...

Saudi Arabia Aims Barrel Price to Hit $60

• Tuesday, 28th February 2017
• by Editorial Team

Saudi Arabia wants crude oil prices to rise to around $60 a barrel in 2017, five sources from OPEC countries and the oil industry said, according to Reuters. This is the level the OPEC heavyweight and its Gulf allies ...

OPEC: Egypt May Join OPEC’s Oil Output Cap Agreement

• Tuesday, 21st February 2017
• by Dr. Mahinaz El-Baz

The Organization of Petroleum Exporting Countries’ (OPEC) General Secretary, Mohamed Barkindo, said at a press conference that Egypt may join OPEC’s oil production cap agreement, TASS informed. Barkindo noted th...

Riyadh Loses Oil Production Leadership to Moscow

• Monday, 20th February 2017
• by Editorial Team

Russia overtook Saudi Arabia as the world’s largest crude producer in December 2016, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades,...