Nigeria declared to have again in the month of May lost the number one African oil producer status in the ranking of the Organisation of Petroleum Exporting Countries to Angola as its production level dipped to an estimated 1.740 million barrels per day. For full story, click here
West African crude oil differentials eased a little on Thursday, under pressure from an ample supply of Nigerian cargoes still available for July and as demand eased both east and west. For full story, click here
Aminex is now in its third decade as an oil exploration vehicle but finally there are signs that the long-promised uplift in its production profile may be about to happen. For full story, click here
India’s leading state-owned refiner Indian Oil Corp. has purchased 6 million barrels of West African crude via tenders for June and July loading. For full story, click here
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
India’s leading state run refiner, Indian Oil Corp, bought four million barrels of West African crude oil via its third tender for June loading sweet crude. For full story, click here
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