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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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  • EIA: OPEC Earns Lowest Oil Revenues in Over A Decade
    Posted by Zainab Calcuttawala on August 26, 2016 at 11:23 pm

    A new report by the U.S. Energy Information Administration estimates that members of the Organization of Petroleum Exporting Countries (OPEC) earned $404 billion in net oil export revenue in 2015 - the lowest levels since 2004. The figures, based on EIA estimates, show a 46 percent decline in revenues when compared to the same statistic from 2014, when the 12-member bloc earned $753 billion. OPEC’s revenues have fallen with the drop in global oil prices over the past two years. Since the first major drop in June 2014 - before which Brent […]

  • Berkshire Hathaway Ups Stake In Oil Refiner Phillips 66
    Posted by Zainab Calcuttawala on August 26, 2016 at 11:19 pm

    Berkshire Hathaway’s investment profile now includes 704,181 more shares of oil refiner Phillips 66 (PSX) common stock, according to a report by Nasdaq on Thursday. The shares were purchased at $77.45 a pop, with the total bill exceeding $54 million. PSX was trading at $78.48 as of 1:27 EST on Friday. With this most recent purchase, Warren Buffett’s holding company now owns over 15 percent or 79.5 million shares of Phillips 66, according to filings with the Securities and Exchange Commission on Wednesday. Berkshire first purchased a […]

  • Everything Points At Lower Oil Prices In The Next Weeks
    Posted by Martin Tillier on August 26, 2016 at 9:40 pm

    Back on August 12th, just two short weeks ago, I laid out my reason for being bullish on oil, namely that I expected some serious “book talking” from OPEC members in advance of their September meeting. That bullish stance paid off as WTI, assisted by some OPEC chatter, climbed around 15% in the following week to nudge $50 per barrel. Then, earlier this week, something happened that convinced me to not just take a profit on that position but also consider reversing to be short. Ironically what caused that reversal of sentiment was exactly […]

  • Oil Under Pressure As Saudi Arabia Downplays OPEC Deal
    Posted by Evan Kelly on August 26, 2016 at 6:23 pm

    We begin by taking a quick look at some of the critical figures and data in the energy markets this week, which show that oil prices have bounced up and dow as a result of continued OPEC output freeze rumors. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, August 26, 2016Oil prices faced some downward pressure at the end of this week as Saudi Arabia seemed to downplay the chances of an OPEC deal in Algeria (see below). But oil prices moved back up during […]