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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 […]

  • Ignoring Fundamentals: Speculation Has Been Driving Oil Prices
    Posted by Rakesh Upadhyay on August 26, 2016 at 11:18 pm

    2016 has been a roller coaster year for the oil traders. Markets had a near 100 percent rise from February lows, followed by a drop of more than 20 percent, which took the oil markets into a bear phase. However, the bear phase lasted only for a few days, as the markets again gained 20 percent. Though part of the price action is due to fundamentals, the rest can be attributed to speculation. The speculators in the oil markets feed on the rumors and fundamental news, and overshoot prices way above logical levels, trapping smaller investors. This […]

  • Has The Gulf Of Mexico Fallen Out Of Favor With The Oil Majors?
    Posted by Tsvetana Paraskova on August 26, 2016 at 11:02 pm

    A glitch interrupted the first-ever U.S. livestream of an oil lease sale on Wednesday, and although it didn’t affect the bidding, this epic fail provided just the right metaphor to describe the flop of the latest auction in the Gulf of Mexico, which saw a record low number of companies offering record-low money for leases in the western parts of the Gulf. Upon announcing in July the first-ever federal livestream of a lease sale, the U.S. Bureau of Ocean Energy Management (BOEM) had said that the 23.8-million-acre area offshore Texas was estimated […]

  • 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 […]