Output was recently 1.278 million barrels a day and can be increased by “hundreds of thousands” of barrels a day with improved security, Mustafa Sanalla said in response to questions. Still, continued instability in the country with Africa’s largest oil reserves means the NOC may
The upcoming Train 7, which he described as a jumbo project, is a two-train project combined as one, already has in place existing sales purchase agreements (SPAs) in place. He said that there is more clarity on the funding strategy to be deployed for the
International oil companies, Shell and Eni, are carefully monitoring a first ruling this week by a Milan judge in one of the energy industry’s biggest corruption scandals for clues to what might be around the corner for them. The two firms are embroiled in a
A wide range of products are exported from African economies The African continent is endowed with plenty of natural resources that help boost the economic growth of member states. The natural resources in Africa range all the way from gold and diamonds to agricultural products
The oil market is “tightening up,” but the Trump administration could still spoil oil prices if its aggressive trade war against China drags down economic growth. The U.S. stepped up the trade conflict with China on Monday when the Trump administration announced $200 billion in tariffs on
NAIROBI (Reuters) – Kenyan President Uhuru Kenyatta on Friday said a new and unpopular tax on petroleum products was necessary, but that he wanted to cut it to 8 percent from 16 percent. The government had faced a fuel dealers’ strike, anger among commuters and
What moves oil prices? Every year we have a new story about where the oil market is heading, how the global economy is impacting prices and just how much black gold we actually have left. So what really moves oil prices? Just like anything else,
Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes. In separate statements just hours apart on Monday, the world’s largest crude producers said publicly for
The rand responded positively to data showing the rise of South Africa’s manufacturing output. JOHANNESBURG (Reuters) – South Africa’s industrial output expanded in July as food and motor vehicle output rose, easing pressure on an economy that recently slipped into recession and is struggling for
The Central Bank of Nigeria (CBN) maintains that the evolution of the foreign exchange market in the country is being influenced by a number of factors including the changing pattern of international trade, institutional changes in the economy and structural shifts in production. Since it