Oil prices rise on threat to Nigeria's oil infrastructure

Oil prices rose on Thursday on a reported decline in US crude inventories, and as rebels in Nigeria threatened to attack the country’s petroleum infrastructure.
However, prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scaled back operations.
Brent crude futures were at $69.56 at 2.55am GMT, up 18c or 0.3% from their last close. On Monday, they hit their highest since December 2014 at $70.37 a barrel.

Bunker industry faces crunch point over IMO sulfur move

The global bunker industry looks set for a pivotal year in 2018 as buyers and sellers come under increasing pressure to decide how to respond to impending emissions limit cuts.
The International Maritime Organization is due to cut the global bunker fuel sulfur limit to 0.5% at the start of 2020 from 3.5%, forcing shipowners either to switch to using cleaner, more expensive fuels, install equipment to clean their emissions, or ignore the new rules and hope not to get caught.

OPEC faces pressure to develop long-term output plan

The battle between OPEC and shale oil producers can be characterized as a two-round fight. In the first round, shale producers gained market share and the price of crude crashed. In the second, OPEC curbed output as shale producers adapted to the lower prices. Now, get ready for round three, as OPEC and Russia try to plot a way out of their production cuts but likely get stymied by market twists and turns that upset their calculations.

OPEC to maintain output cuts amid rising crude oil prices

With oil inventories still bloated, OPEC ministers are signaling not to expect any changes to their production cut agreement when a monitoring committee meets Sunday, despite the recent run-up in prices that has given momentum to forecasts of a US shale resurgence.
The rapid rise to about $70/b -- 10% higher since OPEC's November 30 meeting -- "was not expected, quite frankly," Nigerian oil minister Emmanuel Kachikwu said Saturday at an Atlantic Council energy forum in Abu Dhabi, though he said it was "fantastic."

Chinese eye Nigeria’s modular refinery, infrastructure

Investors from China have indicated interest in building a multi-billion dollars modular refinery in Nigeria’s Niger Delta region.
The modular refinery initiative, which featured prominently in talks between the Federal Government and the oil-producing regions, was to discourage illegal refineries and oil pollution.
Mr Shaui Jiang, leader of the delegation, said the group is also investing in other areas of the Nigerian economy especially agriculture and infrastructure.

Lukoil renews interest in Nigeria, others in quest for reserves replacement

Russia's second-largest crude producer Lukoil is ready to expand its upstream portfolio with new or recently acquired assets both in Russia and abroad, including in Iraq, Iran, Mexico and West Africa, as it seeks to replace its reserves to maintain crude production levels, CEO Vagit Alekperov said Friday.

Crude oil rebalancing and global forecasts 2018

A new year has come with the crude oil market expectedly teetering along uncertainty and volatility. Many crystal gazers are starring into crystal balls for a pleasant prospect in 2018. Some believe that the fortune tellers’ globe may have been infiltrated and manipulated by two groups of petroleum marketeers. 

Natural Gas: A bridge to the future of energy

One thing the world has now in abundant supply is natural gas -- liquefied natural gas in particular. To increase demand, producers want to put the fuel into cars, trucks and ships that currently use gasoline, diesel or fuel oil, which are dirtier and cost more. If natural gas catches on, look for it first in fleets of small trucks, cars and buses from China to Italy, as well as in giant ocean-going vessels.

Nigerian waters remain high-risk, as piracy incidents dip to 22-year low- IMB

The combined efforts of international navies and anti-piracy strategies adopted by governments of coastal countries have begun to yeild positive results as maritime piracy and armed robbery against ships in 2017 dipped to their lowest annual number since 1995. 
However, it is disconcerting that While the number of attacks on vessels dropped significantly in 2017, the Gulf of Guinea and the waters around Nigeria remain a threat to seafarers.

Oil leaps to two year high, hits $67.87/barrel

Oil soared further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.
The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.


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