Latest news with #BonnyLight
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
OPEC+ Agrees to Increase Oil Production in July despite Causing Price Drop
Taarek Refaat OPEC+ agreed on Saturday to increase oil production in July by 411,000 barrels per day, the same level as in May and June, as the group of oil-producing countries continues to restore supplies at a faster pace than previously planned. US crude futures fell on Friday amid concerns that OPEC+ may increase its oil production for July by more than previously expected. Brent crude futures fell 0.34% to $63.93 a barrel. US West Texas Intermediate (WTI) crude was last down 0.34% at $60.73 a barrel, after earlier falling more than $1 a barrel. At these levels, the benchmark contracts for the previous month are on track for weekly losses of more than 1%. Latest Oil Prices: WTI Crude $60.79 -0.25% Brent Crude $62.78 -0.90% Murban Crude $62.11 -1.15% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.015 -0.022 Natural Gas $3.447 -2.13% Eight OPEC+ members have increased their production at a faster pace than planned since May, even though the oversupply has weighed on prices. Saudi Arabia and Russia, which lead the OPEC+ alliance, are seeking to punish their allies who are partially overproducing and regain market share. On Saturday, the eight countries agreed to the July increase in an online meeting. An OPEC+ delegate said they also discussed other options. On Friday, sources familiar with the OPEC+ talks said they may discuss a larger increase. In a statement issued after the meeting, OPEC+ cited "the stable global economic outlook and currently sound market fundamentals, as reflected in the decline in oil inventories" as the reason for the July increase. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia. While the eight countries are increasing their supply, some are being asked to ease those increases to compensate for the overproduction of recent months. The July increase from the G8 will bring the total increase for April, May, June, and July to 1.37 million barrels per day, representing a 62% reduction from the group's latest production cut of 2.2 million barrels per day, according to Reuters calculations. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Business Insider
19-05-2025
- Business
- Business Insider
Top 5 African countries that produced the most oil in April 2025
As per the recent monthly oil-report by the Organization of the Petroleum Exporting Countries (OPEC), in April, the OPEC Reference Basket (ORB) value fell by $5.02, or 6.8%, month on month, to average $68.98/barrel. The OPEC Reference Basket (ORB) value dropped by 6.8% in April, averaging $68.98 per barrel. Year-to-date, the ORB value is $74.82 per barrel, reflecting a 10.6% decrease from the previous year. Specific crude oil components saw varying degrees of price decline, influenced by market dynamics. All ORB component prices fell in accordance with their respective crude oil benchmarks. Lower official selling prices for most components in the three main marketplaces also contributed to the decrease. Year-to-date, the ORB value was $74.82/b, down $8.85 or 10.6% from the previous year. 'West and North African Basket components – Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro – fell by an average of $4.77, or 6.7%, m-o-m, to $66.85/b, and multiple-region destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – decreased on average by $5.11, or 6.8%, m-o-m, to settle at $69.89/b,' the report states. 'Murban crude fell by $4.90, or 6.7%, m-o-m, on average to settle at $67.73/b. The Merey component decreased by $4.38, or 7.2%, m-o-m, to settle at $56.72/b' it adds. The report also highlights that despite recent tariff developments, the global economy continues to grow steadily. The globe's economic growth prediction for 2025 has been lowered down to 2.9%, while the growth forecast for 2026 stays at 3.1%. Additionally, the world's oil demand in 2025 is projected to climb by 1.3 mb/d, year on year, unchanged from last month's projection. Despite recent tariff-related changes, the global economy is on track for growth, and as for Africa's largest oil-producer: Nigeria, this trend is prevalent. The Nigerian economy is not expected to be seriously affected by recent US tariffs due to exemptions for oil and gas exports and little commerce with the US. 'The April 2025 Stanbic IBTC Bank Nigeria PMI eased slightly to 54.2 from a one-year high of 54.3 in March, but still marked the fifth consecutive month of expansion in the private sector. Output growth accelerated to its fastest pace since January 2024, while employment rose for the fifth straight month to an eight-month high, as firms responded to stronger demand,' the OPEC report states. 'However, rising raw material costs and currency depreciation pushed input prices higher, leading to a further uptick in output charges. Despite these inflationary pressures, businesses remained optimistic about the year-ahead outlook, although confidence softened for the third consecutive month, it adds. With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC's report. Save Congo which plateaued at 0, mucj like last month when it stood as the only country on the list to record an increase, everyother country on the list produced less oil. Top 5 African countries with the highest oil-production in April 2025 Rank Country DoC crude oil production based on secondary sources, tb/d Change between April and March 1. Nigeria 1,471 -28 2. Libya 1,263 -14 3. Algeria 912 -1 4. Congo 260 0 5. Gabon 222 -1
Hindustan Times
15-05-2025
- Business
- Hindustan Times
Nigeria's Trans Niger oil pipeline bursts, spills crude, rights group says
YENAGOA, Nigeria, - Nigeria's Trans Niger Pipeline, a major oil artery transporting crude from onshore oilfields to the Bonny export terminal, burst and spilled oil into the local B-Dere community in Ogoniland, an environmental rights group said on Thursday. This is the second incident affecting the Trans Niger Pipeline in two months. In March, the pipeline was shut after a blast that caused a fire. Nnimmo Bassey, executive director of Health of Mother Earth Foundation, said the spill, which occurred on May 6, was yet to be stopped, adding that the slow response showed a lack of care for the people and was "unconscionable." "We are in a disaster zone and further disasters can erupt from even an accidental spark of fire," he said. "The fact that this spill that happened a week ago is yet to be stopped sends a very strong point to why the government should focus on cleaning up Ogoniland and not seek to open new oil wells. The old wells should be shut down, and decommissioned." Ogoniland, one of Africa's earliest crude oil producing areas, has been dealing with oil pollution for decades, but its profits have often flowed to the big oil companies and to Nigerian state coffers. Local residents have long complained of toxic waste and little compensation. Nigerian oil consortium Renaissance Group, which now owns Shell's former onshore subsidiary that operates the pipeline, confirmed the explosion and said a team of investigators has been dispatched to determine the cause of the spill. The Trans Niger Pipeline , with a capacity of around 450,000 barrels per day, is one of two conduits that export Bonny Light crude from Nigeria, Africa's biggest oil producer. It was not immediately clear whether the TNP was shut. TNP did not immediately provide a statement when asked for comment. A prolonged outage could, however, force its operators to declare force majeure on Bonny Light exports. Pipeline sabotage and crude theft are some of the major reasons that forced oil majors like Shell, Exxon Mobil, Total and Eni to sell their onshore and shallow-water fields in Nigeria to concentrate on deep-water operations. Renaissance Group, which includes Nigerian exploration and production companies Aradel Energy, First E & P, Waltersmith, and ND Western, along with the international energy group Petroline, completed the acquisition of Shell's former onshore assets in March.
See - Sada Elbalad
11-04-2025
- Business
- See - Sada Elbalad
Oil Heads for Second Weekly Loss amid Recession Fears
Taarek Refaat Oil is heading for a second weekly loss amid escalating turmoil in global markets due to US President Donald Trump's escalating trade policy, which has raised fears of a global recession and a mass flight from risky assets. Brent crude fell below $63 a barrel, a 4% decline this week, after hitting a four-year low. West Texas Intermediate (WTI) crude traded near $59. Latest Oil Prices: WTI Crude $59.80 -0.45% Brent Crude $63.10 -0.36% Murban Crude $64.45 -0.74% Louisiana Light $65.08 +4.40% Bonny Light $78.62 -2.84% Opec Basket $63.40 -4.72% Mars US $72.90 -1.51% Gasoline $1.951 -0.51% Natural Gas $3.521 -1.01% This decline came amid heavy selling across US stocks, bonds, and the dollar amid growing concerns about the impact of US tariffs, particularly those imposed on China, the world's largest importer of crude oil. Key indicators in the oil market are showing clear signs of weakness, with the decline accelerating this month. Among these indicators is the return of a contango structure to parts of the futures curve, a negative pricing pattern that signals expectations of future price declines. Oil has lost around 16% since the beginning of April, amid a massive sell-off that has affected most commodities. The US tariffs include punitive duties of 145% on imports from China, which has responded with counter-tariffs, further escalating tensions between the world's two largest economies. The OPEC+ alliance's decision to ease production restrictions has also contributed to increased pressure on crude prices. Sharu Chanana, chief investment strategist at Saxo Markets, said: "We are clearly heading towards a zero-sum trade war, and the resulting blow to global growth is starting to impact both sentiment and physical demand in the oil market. While the sell-off in the dollar and Treasuries has yet to fully spill over into oil assets, investors should closely monitor this." Earlier this week, the US lowered its forecast for global oil demand growth amid growing concerns about consumption and a deteriorating economic outlook. The Energy Information Administration now projects global consumption to rise by only about 900,000 barrels per day in 2025, about 400,000 barrels less than last month's estimate. The decline in oil prices has also led to a decline in oil-related products, with US gasoline futures falling about 5% this week. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
Reuters
25-03-2025
- Business
- Reuters
Nigeria's Trans Niger oil pipeline restored after blast, Renaissance says
ABUJA, March 25 (Reuters) - Nigeria's Trans Niger oil pipeline has been fully restored and is working normally, after it was ruptured by a blast last week, Renaissance spokesperson Tony Okonedo said on Tuesday. The Trans Niger Pipeline (TNP), with a capacity of around 450,000 barrels per day, is one of two conduits that export Bonny Light crude from Nigeria, Africa's biggest oil producer. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Oil output through the TNP was rerouted to an alternative line after blasts ruptured the main link on March 19, according to Nigerian oil consortium Renaissance Group, which now owns Shell's former onshore subsidiary that operates the pipeline.
