South Sudan’s Ministry of Petroleum invites companies to bid on a public tender to perform the audit and produce a 2017 audit report on the industry. Continue reading
Oil prices are factored into the economic growth of most nations because it is used as a basic energy source in the production of a majority of goods and services. The international price of oil and the global oil market are both complicated. Based source FXDailyReport.com The oil price is dependent on a multitude of factors and some of them that affect international oil prices are detailed briefly in the paragraphs below. Continue reading
In the latest sign that OPEC is becoming increasingly nervous about the absent success of its oil production cut deal, Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu warned the U.S. and other non-OPEC producers that “OPEC cannot continue indefinitely to just take the tank, take the blames and take the issues and yield the market space and also create the cuts that are essential to stabilise.” Continue reading
The recent OPEC agreement to extend production cuts for a further nine months has had a mixed response from industry commentators. For some, it’s an example of OPEC’s new steadfastness and unity of purpose, whereas for others it’s a deal likely to have little impact on bloated oil inventories and the current oil price. For such critics, other, more influential factors are in play undermining OPEC’s influence – American shale production, for example. Continue reading
Earlier this week, Saudi Arabia, the UAE, Bahrain and Egypt cut diplomatic and economic ties with Qatar, accusing Qatar of supporting extremism. The measures are of unprecedented severity in modern GCC diplomacy with adverse consequences for Qatar, not least for its reputation as a business and international and regional transit hub and as host for international events, including the 2022 World Cup.
The World Bank said May 31 it will provide a $29mn loan to Senegal to strengthen the country’s institutional capacity to negotiate oil and gas deals. It said this would lay the foundations for the gas sector’s economic contribution through enhanced regulatory frameworks and capacity building. Continue reading
OPEC extended oil production cuts for nine more months after last year’s landmark agreement failed to eliminate the global oversupply or achieve a sustained price recovery.
Extending the deal will bring price stability, Nigerian Oil Minister Emmanuel Kachikwu said in a Bloomberg Television interview before Thursday’s meeting in Vienna, suggesting a “$50 floor” for oil if producers stick to their cuts, or even a “crawl back to $60” a barrel.
Contrary to some conventional wisdom, it’s not necessarily overzealous shale players in North America throwing off the supply and demand balance that’s rocked crude oil prices during the last two years. Continue reading
“It’s a matter of turning that resource into the market and converting that resource to reserves,” PTT CEO Tevin Vongvanich said, adding that he expected Thailand to be ‘the anchor market’ for development of the resources in Mozambique.