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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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  • 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 […]

  • As Oil Crisis Bites, Brazilian States Mull New E&P Taxes
    Posted by Irina Slav on August 30, 2016 at 2:08 pm

    Brazil’s oil-producing states are considering the implementation of new taxes for exploration and production companies operating on their territory in a bid to prop up their ailing finances, struck hard by the continuing oil price depression. The idea is not new: last year Rio de Janeiro imposed a tariff of 2.71 reals (US$0.84) for environmental surveillance on every barrel of crude oil and oil equivalent, along with an 18-percent VAT rate on locally extracted oil. Naturally, the tariff and the tax did not sit well with the local operators--including […]

  • Shell: Oil Markets To Balance In Late 2017
    Posted by Erwin Cifuentes on August 29, 2016 at 10:05 pm

    The Chief Energy Adviser at Shell, Wim Thomas, on Monday claimed that the glut in oil supplies that have forced down prices for more than two years will not likely clear until the latter half of 2017. In remarks made to the Reuters news agency, Thomas observed that several factors would push a rebalancing of the oil market later than forecasted by most commodity analysts, including the possibility of uncertainty related to oil output in Iraq and Iran. The Iraqi government and foreign oil investors earlier this month vowed to restart suspended investment […]

  • Statoil Cuts Sverdrup Oil Field Development Costs By $2.9B
    Posted by Tsvetana Paraskova on August 29, 2016 at 9:39 pm

    Norway’s Statoil (NYSE:STO) said on Monday that it had reduced its estimated development costs of the first phase of its giant Johan Sverdrup oil field in the North Sea by US$2.89 billion (24 billion Norwegian kroner) since the authorities approved its plan for development and operation (PDO) in August last year. Statoil, which is operator of the Johan Sverdrup with a 40-percent interest, has also reduced the break-even to below US$25 per barrel for phase 1. Johan Sverdrup will be developed in several stages and the estimate for the full-field […]

  • The Magic Number For Oil Bulls Remains In Sight
    Posted by Rakesh Upadhyay on August 29, 2016 at 7:58 pm

    Zev Spiro, chief market technician of Orips Research is forecasting oil to reach above $70 a barrel in the near future, as oil’s weekly charts show a bullish “inverse head and shoulders” pattern. "This large complex bottoming pattern could trigger a confirmed move above the horizontal neckline in the $50-$51 area," he said Thursday on CNBC's Futures Now. "[This] would signal a primary uptrend with a minimum expected price objective in the $73 to $76 area." In order for any research to be useful, it should be studied in all tim […]