Nigeria President Umaru Yar’Adua has announced dismissal of top managers across the board of the state Nigerian National Petroleum Company. For full story, clcik here
Continue reading "Nigeria announced replacement of executives at state oil firm"
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"
Friday, April 3, 2009
Rising by nearly three dollars, the price for oil produced by the Organisation of the Petroleum Exporting Countries ended the day at $50 a barrel. For full story, click here
Continue reading "OPEC oil price surged to $50 a barrel"
Thursday, April 2, 2009
TransAtlantic Petroleum Corp. announced the year End 2008 Results and reported that the company has incurred a consolidated net loss for 2008 was $8.6 million or $0.13 loss per share. For full story, click here
Continue reading "TransAtlantic Petroleum year end 2008 financial results"
Monday, March 30, 2009
Pyramid Petroleum Inc. today annouced that it is offering a covertible debenture with an interest rate starting at 12% convertible at $0.85 per share. Research Capital Corp. has been named the lead agent and will be targeting to raise between $15 and $20 million.
Continue reading "Pyramid Tops Up with Convertable Debenture"
Friday, February 20, 2009
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Continue reading "Demand Set To Recover Soon?"
Monday, February 9, 2009
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
Continue reading "Oil Price Drops on Job Losses"
Thursday, November 20, 2008
Organization officers gathered this week to officially celebrate the planned construction of its new headquarters at NE 4 and Lincoln Boulevard. For full story, click here
Continue reading "Oklahoma Independent Petroleum Association plans new home"
Tuesday, November 11, 2008
It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Continue reading "Benchmark:South of US$60"
Monday, October 6, 2008
Clearly Monday was not particularly good news for oil companies. With futures settling below $90 per barrel, ($87.81 when Benchmark went to proofing) the industry is seeing the lowest prices since February.
Continue reading "Benchmark: How low can it go?"
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Thursday, April 9, 2009