Ecuador’s state oil company, Petroecuador, announced that oil export revenues of $246 million in March, a 57% surge from the $157 million registered in the previous month. For full story, click here
Nigeria’s crude oil exports faced a fresh threat yesterday as a fire incident on the Shell-operated Bomu manifold has jeopardised the supply of over 170,000 barrels per day of crude oil to the Bonny Oil Terminal. For full story, click here
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Vietnam reported to have shipped 2.79 million tons of crude oil in the first two months this year, a year-on-year rise of 22.6 percent. For full story, click here
Mexican crude oil output and exports fell in February from the previous month as state oil monopoly Pemex worked to stem declining output at its aging Cantarell field. For full story, click here
Russian pipeline monopoly Transneft will increase second-quarter deliveries of crude oil from the ports of Novorossiisk, Yuzhny and Primorsk. For full story, click here
South Korea’s oil product exports dipped last month, down more than two thirds from a record high in July last year, hit by weak demand and low crude oil prices. For full story, click here
The Philippines has made the first oil exports from its new Galoc field, originally aimed for use by domestic refineries, to take advantage of better prices of sour crude in regional markets. For full story, click here
Kuwait restarted oil exports on Sunday after a halt caused by storm which also affected Iran. For more information, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
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