Royal Dutch Shell on Thursday reported a 42 percent rise in first-quarter profit, its highest in over three years, boosted by higher oil prices and production. Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both fronts in 2017 thanks […]
Business
West Africa Crude-Deals surface, spot market sluggish
Tender purchases took several West African oil cargoes, and some Angolan oil traded via spot, but the market was subdued overall. * Angola’s CLOV was expected to sail to Taiwan following its latest tender to buy oil, traders said. * Total had also sold spot cargoes of Pazflor and Dalia to other eastern buyers, traders […]
Oil, gas to rise by 20 percent this year- World Bank
Prices for energy commodities like oil, natural gas and coal are expected to jump by a whopping 20 percent this year, the World Bank has said in a report. The increase in energy prices is expected to have adverse impact on India, given that the country is heavily dependent on import of major energy commodities. […]
Eni executive involved in corruption probes takes leave of absence
Eni executive Roberto Casula has taken a leave of absence from the Italian oil major, a company spokesman said on Wednesday without giving any reason for the decision. “As covered by general contractual terms, Mr Casula has asked the company for a period of temporary leave of absence,” the spokesman said in emailed comments. Casula, […]
Market to absorb higher oil prices, says Saudi Arabia
The global market has the capacity to absorb higher oil prices, Minister of Energy, Industry and Mineral Resources Khaled Al-Faleh has said. Faleh’s statement at a meeting of oil producers in Jeddah on Friday came as crude hit the highest level in more than three years. The statement drew a swift reaction from US President […]
CBN boosts Retail SMIS with $396.18 Million
In its relentless move to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18million. According to figures obtained from the CBN on Friday, April 20, 2018, the released sum is meant to […]
MTN appoints Chapel Hill Denham for Nigerian unit’s IPO
South African telecoms firm MTN has appointed Nigerian investment firm Chapel Hill Denham as lead issuing house for the initial public offering of its Nigerian business in Lagos later this year, two sources told Reuters on Friday. South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were picked as joint issuers. The telecoms firm […]
Oil falls after Trump criticizes OPEC for artificially high prices
Oil prices fell on Friday after U.S. President Donald Trump criticized OPEC and said oil prices were artificially high, but they were still set for a weekly gain. Brent crude oil futures LCOc1 were at $73.01 per barrel at 1357 GMT, down 77 cents from their last close. U.S. West Texas Intermediate crude futures CLc1 […]
Oil boom for Nigeria as prices hit $73.79 a barrel
An improvement in Nigeria’s oil earnings is on course as prices held firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts, as well as strong demand, gradually draw down excess supplies. Brent crude oil futures were up at 73.79 dollars per barrel at 0440 GMT. U.S. West Texas Intermediate (WTI) […]
West Africa Crude-More Nigerian programmes emerge, Vitol wins IOC tender
Spot trading activity was subdued while the market awaited more loading programmes and digested offers from Sonangol’s June export plan. ANGOLA * BP purchased a June-loading cargo of Saturno from Sonangol, traders said. * Sonangol was also offering three Dalia cargoes at dated Brent minus $1.50 per barrel, one cargo of Olombendo at dated Brent […]