Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

OPEC daily basket price $43.31

oil-price-upThe price of OPEC basket of thirteen crudes stood at $43.31 a barrel on Thursday, compared with $41.40 the previous day, according to OPEC Secretariat calculations.


The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Meanwhile, Reuters reports that Oil prices ended a three-day bull run on Friday, falling as a strong dollar made it more expensive to hold oil positions though losses were cushioned by Nigerian outages that have slashed output to the lowest in 22 years.

The dollar .DXY hit a two-week high against a basket of currencies on Friday, lifted by expectations the U.S. Federal Reserve will raise rates again before any other major central bank.

The strong U.S. currency weighed on greenback-denominated commodities such as oil futures, making fuel imports more expensive for countries using other currencies and potentially hitting demand.

Global benchmark Brent crude futures LCOc1 were down 32 cents at $47.76 a barrel at 0833 GMT.

U.S. West Texas Intermediate crude futures CLc1 traded at $46.20 a barrel, down 50 cents day on day.

Brent futures briefly turned positive in early European trading after traders said Exxon Mobil (XOM.N) had declared force majeure on Nigerian Qua Iboe crude exports following mechanical problems with a pipeline.

The production glitch came after a number of other outages that have reduced Nigeria’s crude output to a 22-year low.

Nigeria’s finance minister told NTA television the country’s oil production had dropped to 1.65 million barrels per day (bpd) from 2.2 million bpd seen before the outages.

“We expected more supply disruptions out of Nigeria this week but the pace of new supply problems from that country beats our expectations,” Petromatrix oil analyst Olivier Jakob said.

He said Nigerian production was unlikely to be much above 1 million bpd, excluding condensates.

Production losses in Nigeria added to ongoing outages in Canada where wildfires forced the closure of oil sands facilities and declarations of force majeure from at least four major oil firms.

“Wildfires may have temporarily shut in as much as 1.4 million bpd of production, but there appears to be no facility damage. Operations are beginning to restart, but we believe (assuming no pipeline damages) it will take weeks to ramp production,” U.S. investment bank Jefferies said.

Source: http://classfmonline.com/1.9128600

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Latest posts by Editor (see all)

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar