Nigerian Gasoline Shortages Persist
Nigeria's state oil firm said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. "The corporation's intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult," the Nigerian National Petroleum Corporation (NNPC) said in a statement. The price of gasoline is a highly charged subject in Nigeria, Africa's largest oil exporter.
AerCap CEO Expects Some Airlines to be Stretched by Oil at $80
The head of the world's largest independent aircraft leasing company, AerCap, said the business models of some airlines would be stretched if the oil price rises to $80 per barrel, nudging fleet planners towards newer planes. The global Brent benchmark briefly climbed above $70 per barrel earlier this month for the first time in three years. Rises in oil price tend to increase the attractiveness of new, more fuel-efficient aircraft. "No one is rushing to change their fleet strategy on the basis of it just getting towards the $70 mark…
Oil Price Jump Soothes Cyber Nerves
Oil jumps on Saudi-Russia comment on output; worries over cyber attack relegated to background. Oil's strongest run of gains since December cushioned the hit to stock markets on Monday from a successful missile test by North Korea and a cyber attack that locked 200,000 computers in more than 150 countries. Asian shares hit a two-year high overnight and Wall Street was set to open higher, while Europe's major markets were mixed after hitting long-term highs in early trade. In Europe, another victory for Angela Merkel's conservatives in a regional election in Germany pushed Frankfurt's DAX to a record high in early trade.
All Drill, No Frack: US Shale Leaves Thousands of Wells Unfinished
U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC's most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world's top oil exporters to cut supply, drain record-high inventories and lift prices.
Russian private oil companies swing behind output cuts
Russia's private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income. Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008, with some non-OPEC producers, including Russia, joining the move. A decision on whether Russia backs an extension will ultimately be taken in the Kremlin, and the private oil companies have limited say.
Maersk Reaches Key North Sea Tax Deal with Denmark
Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months, makes it viable to redevelop the Tyra field through which 90 percent of Denmark's gas production is processed, and it is seen as crucial for the Danish company that is seeking to spin off its energy assets via a listing or merger. Maersk and its partners in the Danish Underground Consortium (DUC) -- Shell…
Maersk, Denmark Close In On North Sea Oil Deal
Oil and shipping conglomerate A.P Moller-Maersk could land a deal with the Danish government on oil and gas operations in the North Sea within days, political sources with knowledge of the negotiations told Reuters on Tuesday. The deal will secure continued production in the Danish part of the North Sea and is seen as crucial for Maersk as it seeks to focus its operations on the North Sea and spin off its energy assets via a listing or merger. The Danish state has agreed to improved fiscal terms, the sources said.
Statoil CEO: Oil Price Will Rise Over Time
The price of crude oil is likely to rise over time despite the recent fall to levels last seen in 2004, Statoil Chief Executive Eldar Saetre told Reuters on Thursday. "It's difficult to predict how the price will develop in the short term. There will probably be volatility and big swings. We firmly believe prices will rise because there is little new production capacity entering the market," he said. "I also believe that the longer it takes before the oil price rises, the more powerful that increase will become." Reporting by Henrik Stolen
Total's New CEO a Good Fit
Pouyanne took over as Total CEO a year ago. Total's boss is known as a fixer; a straight-talking cost cutter who has emerged as the right person to steer the French oil and gas company through one of the industry's worst downturns in decades. The 52-year-old Patrick Pouyanne could not be more different from his predecessor, the flamboyant Christophe de Margerie, who died last October in a plane crash outside Moscow. While de Margerie excelled at making big deals in upstream exploration when money flowed during the oil price boom between 2011 and 2014…
Brent Oil Price Rises Towards $114
The price of Brent crude oil rose towards $114 a barrel on Wednesday as Sunni militants pushed forward in northern Iraq, striking the country's biggest refinery and stoking worries about oil exports as some firms pulled foreign oil workers out of the country. Further increasing tensions, Iranian President Hassan Rouhani said his country would not hesitate to defend Shi'ite holy sites in Iraq. Brent rose 20 cents to $113.65 a barrel by 1241 GMT. U.S. crude gained 34 cents to $106.70 a barrel after a draw in domestic stocks.
