Africa Oil & Gas: Nigeria Continues To Depend Heavily On Oil Export Revenue

Africa Oil & Gas: Nigeria Continues To Depend Heavily On Oil Export Revenue

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. Advertisements

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Global Markets: Oil Prices Steady After EIA Confirms Much Smaller Draw

Global Markets: Oil Prices Steady After EIA Confirms Much Smaller Draw

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.

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Africa Oil & Gas: “The never-ending battle for Libya’s Oil Crescent” – GRI reports

Africa Oil & Gas: “The never-ending battle for Libya’s Oil Crescent” – GRI reports

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.

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Africa Oil & Gas: Nigeria Struggles To Sell Its Crude

Nigeria 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.

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Global Markets: Will energy industry become ensnared in trade war? 

Crude 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.

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Africa Oil & Gas: Sonatrach to Boost Output 20% With New Projects in Algeria

Algeria’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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