Despite oil prices being high since 2021, most major African oil producers are not experiencing the trappings of an oil boom, Zainab Usman, a senior fellow and director of the Africa programme at the Carnegie Endowment for International Peace has said.
Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall.
Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.
Despite concerns about a potential market oversupply, OPEC+ is set to increase production due to a combination of foreign investor interests from without and the need for unity within, according to S&P Global Commodity Insights.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Iraq’s Oil Ministry has signed initial deals for 13 oil and gas exploration blocks and fields, which could increase the country’s output by 750 kb/d of crude oil and 850 mcf/d (8.8 bcm/year) of natural gas. The agreements were signed with the winning companies within Iraq’s fifth and sixth supplementary licensing rounds. These deals represent the follow-up of the bidding round held in May 2024, in which Chinese companies dominated.
Oil prices rose sharply after the American Petroleum Institute reported a significant drop in US oil inventories.
Lower-than-expected producer price inflation boosted hopes for a Federal Reserve rate cut.
Oil prices had been under pressure before the API report, with the IEA and OPEC warning of slowing demand next year.
Nigeria’s crude oil production in the month of July rose to 1.307 million barrels of crude oil daily according to the monthly oil market report of the Organisation of Petroleum Exporting Countries (OPEC).
The Organisation of Petroleum Exporting Countries (OPEC), has said supplies from Nigeria-based world’s largest single-train Dangote Refinery and Petrochemicals will put pressure on the performance of Europe’s oil industry, especially the Northwest Europe (NWE) Gasoil.
The news agency Reuters has seen something the rest of us haven’t: Internal Mexican government estimates of that country’s future oil production which paint a gloomy picture of rapid decline after 2030. Is this admission just the tip of the iceberg?