Despite assurances that Nigeria is working to diversify its economy away from oil, the African OPEC member continues to depend heavily on oil exports, and consequently, on oil prices, for its international trade and export revenues, as the latest data from Nigeria’s National Bureau of Statistics showed on Tuesday.
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Crude oil prices remained steady today after the Energy Information Administration confirmed an API estimate of a crude oil inventory draw but a much smaller one than API’s 10.18 million barrels. The authority reported crude oil inventories in the United States had gone down by 1.2 million barrels in the week to December 7, the second weekly draw after a string of weekly increases, after a draw of 7.3 million barrels a week earlier.
Read More(Bloomberg) — Oil slipped to a one-week low amid signs that Iranian supply disruptions may not be as severe as expected.
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The recent turmoil in Libya’s Oil Crescent – a region which stretches along the coast from Sirte to Ras Lanuf, and which extends down to the Jufra district – has underscored the competition for the control of state revenues, as Field Marshal Khalifa Haftar’s Libya National Army (LNA) has intensified its attempts to seize key national institutions ahead of the December 2018 presidential elections.
Read MoreNigeria is sitting on between 20 and 34 million barrels of unsold crude, Nigerian media report, quoting a Platts survey of tenders for July loadings. This goes counter to upbeat forecasts about global demand that were in no small part responsible for the latest oil price rally.
Read MoreCrude oil prices sank after each round of tariffs, and while there are real concerns about the ripple effects on demand and global economic growth, it is unclear whether or not the oil and gas relationship will be directly targeted in a major way.
Read More(Reuters) – Average crude oil output for Ivory Coast in 2017 revised to 40,000 barrels a day, up from a previous estimate of 38,000 bpd, Energy and Petroleum Minister Thierry Tanoh said on Monday.
Read MoreSouth Sudan expects to drill 30 new wells this year and almost double the current oil output to 200,000 barrels a day, the petroleum minister said Monday, quoted by Reuters.
Read MoreOPEC appears to have persuaded investors that it’s making good on promised production cuts.
Read MoreAlgeria’s state energy producer Sonatrach Group plans to increase output of natural gas and crude oil by 20 percent in the next four years as new projects start up, Salah Mekmouche, the company’s vice president of exploration and production, said.
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