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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 Wars: Can Russia Hold Off Middle Eastern Oil In Eastern Europe
    Posted by OilPrice.com on August 31, 2016 at 7:49 pm

    Russia still has supremacy over Central and Eastern Europe, especially over its crude oil market. However, Middle-East countries like Saudi Arabia, Iraq and Iran, have recently entered this traditional Russian trade because every oil producing country is searching for new markets and bigger market share regardless of the price. Last year, oil from the Saudi Kingdom arrived in Poland for the first time, and in August this year Iranian crude came back to the Polish market after being absent for a couple of years. Hungary, the second biggest export […]

  • Proving Them Wrong: How The U.S. Oil And Gas Industry Survived
    Posted by Stuart Burns on August 31, 2016 at 5:43 pm

    The Saudis counted them out. So did the Russians, even many domestic analysts said North American shale and tight oil and gas production would decline in the face of low prices and that investment would dry up and output would fall. Well, guess what? They have all been proven wrong. Sure, rig counts have dropped and there have been painful layoffs of workers, but the industry is surviving and against all the “experts” advice, production of natural gas from the Marcellus and Utica shales of the U.S. Northeast is averaging 22.63 billion […]

  • What Iraqi’s Support For An OPEC Freeze Means For Oil
    Posted by Charles Kennedy on August 31, 2016 at 4:52 pm

    Iraq surprised the oil market this week by insisting that it would support an output freeze at the upcoming OPEC meeting in Algeria. The comments upend expectations about the outcome of the meeting, raising the chances of an historic deal. “We support freezing oil production by OPEC due to the sharp decline of oil prices,” Iraq’s Prime Minister Haider al-Abadi said at a news conference on August 30. Previous comments from top Iraqi officials suggested that Iraq, OPEC’s second largest oil producer, would not support any agreement […]

  • Petrobras Gets $11 Billion In Freed-Up Cash From Statoil
    Posted by Irina Slav on August 31, 2016 at 4:46 pm

    Brazil’s embattled state oil giant Petrobras will get access to some US$11 billion in cash following the sale of exploration and production rights to the Carcara field to Norway’s Statoil. While the direct gain will be just US$2.5 billion, Petrobras will be relieved of its obligations to invest US$7.9-8.6 billion in the development of the field. Petrobras’ chief executive Pedro Parente told media yesterday that the total investments needed to turn Carcara from a prospect into a producing field reach US$12-13 billion, of whic […]

  • Oil Prices In Freefall As Fundamentals Worsen
    Posted by Matt Smith on August 31, 2016 at 4:04 pm

    Crude prices are softening for a third consecutive day thus far, as a decent ADP employment report out in the U.S. has boosted expectations from Friday's official employment report, as well as for an interest rate hike. The dollar is looking higher again, while oil market digest the build to crude stocks from the weekly EIA report. Hark, here are five things to consider in oil markets today: 1) Surging product exports from China are pressuring refining margins lower across Asia, as refiners from India to South Korea and Singapore roll up their […]

  • Oil Slammed After EIA Reports Significant Crude Build
    Posted by Irina Slav on August 31, 2016 at 3:11 pm

    Crude oil inventories in the U.S. rose by 2.3 million barrels to 525.9 million barrels last week, remaining at historically high levels for this time of year, the Energy Information Administration reported. The figure exceeded the 942,000-barrel build reported by the American Petroleum Institute yesterday, which rattled markets yet again. Refineries last week processed an average of 16.6 million barrels daily, down by 64,000 barrels on the week. Gasoline production averaged 10 million barrels, basically flat on the week. The stockpiles of the most […]

  • Iran’s New Oil Contracts Are Nearly Upon Us
    Posted by Dave Forest on August 31, 2016 at 2:46 pm

    I returned from an unexpectedly-extended trip in the Zambian Copperbelt to find that one of the year’s most-anticipated oil and gas happenings is nearly upon us. That’s the award of new petroleum projects in Iran, with the government saying yesterday that it is nearly ready to start handing out licenses under a brand new fiscal structure for the country. Local news sources quoted Ali Kardor, managing director of state-owned National Iranian Oil Co., as saying that Iran’s new contracts are now ready to go, with Kardor adding that […]

  • Scottish Oil Experts Scold Shell for Platform Abandonment Plans
    Posted by Irina Slav on August 31, 2016 at 2:41 pm

    Two renowned oil industry experts from Scotland have vigorously criticized Shell’s plans to leave major parts of four platforms in the Brent field standing when it decommissions the aged field that gave the name to the most widely used international price benchmark. Professors Alex Russell and Peter Strachan, respectively chairman of the Scottish Oil Association and researcher at the Robert Gordon University, noted in a paper that the concrete structures will take hundreds of years to disintegrate and represent a potential hazard that loca […]

  • 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 […]