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African Petrochemicals is Africa’s leading bi-monthly trade magazine featuring all the latest petrochemical industry news, special reports, technological advances etc.

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  • Oil Plunges After API Reports Significant Distillates, Crude Build
    Posted by Zainab Calcuttawala on August 30, 2016 at 10:29 pm

    This week’s report from the American Petroleum Institute (API) estimates a 942,000 barrel build in U.S. crude supplies, in line with expectations. S&P Global Platts polled analysts, leading to the prediction that crude supplies would rise by 600,000 barrels for the week ending August 26th. The API predicted a 1.6-million barrel draw in domestic natural gas supplies. Distillates rose by three million barrels, according to API figures, despite forecasts saying supplies would remain unchanged. Oil prices fell for a second straight day on […]

  • The Petroleum Facilities Guard Shuts Two Oilfields in Libya
    Posted by Tsvetana Paraskova on August 30, 2016 at 10:14 pm

    The Petroleum Facilities Guard (PFG) has closed two oilfields in southern Libya, citing payment delays by the government, a brigade commander told Reuters on Tuesday. The PFG has stopped pumping crude oil from the Gulf and Alwafa oilfields because the government has delayed paying the sums necessary to maintain security operations, Commander Mohammad Ahmad Alkhbasha said. Libya’s state-run National Oil Corporation has not confirmed the closures. The Al Wafa field normally pumps some 30,000 barrels per day of light oil condensate and produces […]

  • Oil Price Spike Inevitable As New Discoveries Hit Seventy-Year Low
    Posted by Nick Cunningham on August 30, 2016 at 8:28 pm

    The oil industry only discovered about 2.7 billion barrels of new supply in 2015, a tiny fraction of the annual average for the past fifty years. The dismal result was one of the worst performances from the oil industry in decades. 2016 could be even worse. The 2015 figure is about one tenth of the annual average dating all the way back to 1960, according to Wood Mackenzie. Shockingly, 2015 saw the least amount of oil discovered in a calendar year since 1947. But with the massive spending cuts extending into 2016, this year the industry is on track […]

  • Iraq To Support Oil Output Freeze At Algiers OPEC Meeting
    Posted by Charles Kennedy on August 30, 2016 at 8:13 pm

    Iraqi Prime Minister Haider al-Abadi announced on Tuesday that the country would support a freeze in oil production during the next meeting of the Organization of Petroleum Exporting Countries (OPEC) in September. “We are with freezing production at the OPEC meeting," he told reporters at a news conference in Baghdad. The 12 OPEC members will meet informally in Algiers at the sidelines of the International Energy Forum (IEF). The meeting will be newly minted Oil Minister Jabar Ali al-Luaibi’s first IEF event representing Iraq. Iraq […]

  • Iraq Blacklists Three Oil Tankers For Shipping Kurdish Crude
    Posted by Zainab Calcuttawala on August 30, 2016 at 7:51 pm

    Three tankers that shipped crude from Kurdistan have been blacklisted by the Iraqi State Organization for the Marketing of Oil (SOMO) in a move designed to increase pressure on the Kurdistan Regional Government (KRG), Reuters reports. The KRG has been exporting approximately 500,000 barrels of oil through Turkey since mid-2015, after it accused the Iraqi government of failing to live up to the terms of a previous revenue-sharing deal. Baghdad said the KRG had not been exporting enough crude to earn the revenues outlined in the deal. Three ships […]

  • A Return to $40 Oil? Rally Runs Out of Steam
    Posted by Evan Kelly on August 30, 2016 at 7:18 pm

    When taking a quick look at some of the critical figures and data in the energy markets this week, we see that the U.S. oil rig count remains unchanged, while oil prices are falling as a result of a stronger U.S. dollar. (Click to enlarge)Chart of the Week (Click to enlarge)• OPEC members earned $404 billion in oil export revenues last year, a decline by roughly half from the $753 billion they earned in 2014, according to the EIA. • The 2015 total was the worst performance since 2004. The EIA says that OPEC members earned about $606 per […]

  • Over 11% Of Gulf Of Mexico Daily Oil Output Shut-In As Storm Looms
    Posted by Tsvetana Paraskova on August 30, 2016 at 5:45 pm

    Offshore oil and gas operators in the Gulf of Mexico have shut in 168,334 barrels of oil per day (bopd), equal to 11.48 percent of the current daily production in the Gulf, as they are evacuating platforms in the path of a tropical depression, the U.S. Bureau of Safety and Environmental Enforcement said Monday. Based on reports from four companies as of 11:30 a.m. CDT on Monday, operators have also shut in 190 million cubic feet per day of natural gas, or 5.51 percent of the natural gas production in the Gulf of Mexico, the bureau noted. At 10:00 […]

  • Oil Prices Edge Lower As Gulf Of Mexico Storm Fears Abate
    Posted by Matt Smith on August 30, 2016 at 5:14 pm

    As the dollar rallies again, as Gulf of Mexico storm fears dissipate, and as a build is expected from tomorrow's EIA report, crude is heading lower once more. Hark, here are five things to consider in oil markets today: 1) Strong Northwest European gasoline imports into the U.S. East Coast in Q2 helped PADD1 gasoline inventories rise to their highest level since at least 1990 (when records began), and to a 20 percent surplus to last year's level. June imports from the region were a key contributor to the growing gasoline glut, up 73 kbd versus […]

  • Yemeni Rebels Claim Unconfirmed Second Strike On Saudi Aramco Oil Facilities
    Posted by Irina Slav on August 30, 2016 at 2:20 pm

    Yemeni Houthi armed forces today purportedly struck facilities of Saudi oil giant Aramco in the southwestern part of Saudi Arabia as well as the airport of Abha in the kingdom, Iranian Fars News reports. The attacks—the second such reported incident in a week--according to Iranian media reports citing Yemeni sources, came in retaliation for Saudi air strikes targeting civilians in Yemen. The attack that prompted the retaliatory move took place on Friday, when Saudi fighters, according to Iranian media, targeted residential areas in the district […]