OPEC president Angola declared that the group’s goal was still to achieve $75 a barrel by the end of the year, echoing earlier comment by leading exporter Saudi Arabia that the level was achievable without damaging a fragile world economy. For full story, click here
Continue reading "OPEC President said goal is still for $75 oil"
Wednesday, June 17, 2009
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
Continue reading "Nigeria’s Crude Oil Output has set status dipped again for Angola"
Monday, April 6, 2009
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Continue reading "Oil Price Peaks And Slides"
Monday, March 23, 2009
The market in Toronto jumped significantly, in part due to the merger announcement between Suncorp (TSE:SU) and Petro-Canada (TSE:PCA). Petro-Canada was up 20 per cent at the end of the day and many of the other Canadian oil patch companies rose along with it. EnCana (TSE:ECA), Canadian Natural Resources (TSE:CNQ) and Talisman Energy (TSE:TLM) all closed up significantly.
Continue reading "Canadian Merger as Crude breaches $51 per barrel"
Monday, March 16, 2009
Following a dip in crude oil prices, Angola is likely to cut project costs by renegotiating with contractors, so that the producers may be able to mitigate the impact of lower crude prices. Jose Botelho de Vasconcelos, president of the Organization of Petroleum Exporting Countries, said: At any moment, if there is an economic risk [...]
Continue reading "Angola oil mining renegotiating to lower oil project costs"
Sunday, September 14, 2008
India based Indian Oil Corp (IOC) has bought around 2 million barrels of West African crude via its second tender for November, including its first cargo of Angolan Hungo crude. Traders said: It bought a 950,000-barrel cargo of light sweet Nigerian Qua Iboe crude, together with a cargo of medium sweet Hungo, which has a [...]
Continue reading "Indian Oil Corporation buys 1st Angola Hungo by tender"
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Monday, June 22, 2009