US Shale Eases Into Detente with OPEC as Supply Cut Extended
U.S. producers applauded Thursday's decision by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers led by Russia to extend output cuts until the end of 2018. Texas and North Dakota - the two largest U.S.
Nigerian Lawmakers Probe Corruption Allegations
Nigerian lawmakers have set up a committee to investigate allegations of corruption at the state oil company contained in a letter from the minister of state for petroleum. In the letter from Emmanuel Ibe Kachikwu to President Muhammadu Buhari, dated Aug.
Oando in talks with Eni on Port Harcourt Refinery Fix
Nigerian oil firm Oando said on Monday it was in talks to work with Italian energy company Eni to rehabilitate one of the West African nation's four refineries. Nigeria, an OPEC oil producer with refining capacity on paper of 445…
Eni to Build Crude Oil Refinery in Nigeria
Italian oil company Eni plans to build a crude refinery in Nigeria through its Agip subsidiary, the country's oil minister said on Tuesday. Agreement has been reached and a memorandum of understanding is being prepared, Emmanuel…
W. Africa Crude-Asian Tenders, Pending Export Plans Slow Trade
Physical trading in West Africa was muted as the market awaited tender results and the April-loading Angolan crude oil export plan. * The benchmark oil prices on which West Africa crude oil trades retraced some of Monday's losses as confidence in OPEC's cut plan rose.
OPEC, U.S. Begin "cat and mouse" Oil Game
As far as one of the world's biggest commodities traders, Glencore's chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year.
Shell: Nigerian Escravos Flow Shut by Protesters
Royal Dutch Shell has shut down an Escravos crude oil flow station in Nigeria's Niger Delta after villagers demanding aid staged a protest, the firm and residents said on Wednesday. The oil major said the flow station on…
Oil Down Again on Surprise U.S. Stock Build
U.S. crude oil stocks rise 9.3 million barrels. Nigeria and Libya also boosting output. Crude oil prices fell for a fourth day on Wednesday as jittery investors awaited official U.S. stockpile figures later in the day after…
Nigeria Says Security First Goal in Oil Roadmap
Ending the insurgency in Nigeria's Delta region that has hobbled oil production is the first goal of a seven-point plan for the petroleum industry, the country's oil minister said on Thursday. The government is launching…
Oil Prices Slide, OPEC Action Expectation Limits Losses
Oil prices fell on Monday, weighed by oversupply concerns, while expectations of an OPEC intervention next month to curb production limited losses. International benchmark Brent crude oil futures fell 57 cents to $51.38 per barrel at 1348 GMT…
Nigeria's Oil Bill on Hold Due to Delta Unrest
A long-awaited bill reforming Nigeria's petroleum industry is effectively on hold until tensions ease in the restive Niger Delta region, the country's oil hub, an influential senator said on Tuesday. The delay is the latest setback caused by militants in the Delta region…
Anger in the Delta Keeps Nigerian Crude Offline
Splinter militant groups a hurdle to ceasefire talks. Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production…
Anger in the Delta Keeps Oil Majors Quiet
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter.
Brent Softens, but Third Week of Gains Likely
Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week.
Nigeria Oil Minister says OPEC Cuts Unlikely
Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said…
Oil Trades at Fresh August Highs
Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market. Oil production losses in Nigeria, where more than 700,000 barrels…
Forcados Crude Exports Halted for Another Month
Nigeria's Forcados crude oil exports are expected to remain halted for at least another month as pipeline repairs continue following a militant attack in February, an industry source familiar with the matter said. SPDC, a local affiliate of Shell…
Militants Blow Up Oil Pipelines in Nigeria's Southern Niger Delta
Militants launched a fresh round of attacks on oil pipelines in Nigeria's southern Niger Delta energy hub belonging to Italy's Eni and Aiteo, Nigerian security forces, Eni and a militant group said. The attacks are the latest…
Oil Slides on Mounting U.S. Stockpiles, Strong Dollar
OPEC, Russia output freeze may be 'meaningless' - IEA. Oil fell below $40 a barrel on Thursday, heading for the biggest weekly slide in two months, dented by record-high stockpiles in the United States and a stronger dollar. The U.S.
Nigeria Now Producing 1.4 million bpd of Oil
Nigeria's oil production has fallen due to militant attacks on pipelines and other oil facilities to 1.4 million barrels a day, its oil minister said on Monday. "We were at 2.2 million bpd but we have lost 800,000 barrels," Emmanuel Ibe Kachikwu told parliament.
