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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 Prices Edge Lower On Firm Dollar
    Posted by Matt Smith on August 29, 2016 at 3:43 pm

    Oil prices are retracing to start the week, as producer rhetoric rumbles on, and the U.S. dollar strengthens. Hark, here are five things to consider in oil markets today. 1) I was out on CNBC's Squawk Box this morning, talking about a whole host of things, including OPEC exports from Saudi Arabia, Iraq, and Iran. Somewhat at odds with their rhetoric about entertaining a production freeze, their efforts are focused on ramping up exports (although Iranian production, ergo exports, appear to be stalling). The below chart is an oldie but a good […]

  • Oil Floods The Streets Of Iraqi Town After ISIS Opens Tap
    Posted by Irina Slav on August 29, 2016 at 2:48 pm

    Iraqi media are reporting that ISIS militants have opened the taps of an oil pipeline in the town of Qayyarah, in northern Iraq. Crude is flowing in the streets, as images from Qayyarah show, and people are worried about what will happen if someone decides to set the crude on fire. Iraqi News notes that this is not the first time that the ISIS militants have resorted to this response: before Qayyarah was liberated by the Iraqi army and the U.S.-led coalition forces, the terrorist group spilled crude from the local pipeline into the Tigris River, […]

  • Oman Sees Oil Exports Increase in H1 2016
    Posted by Irina Slav on August 29, 2016 at 2:13 pm

    Oman reported crude oil exports of 190.71 million barrels for the period from January to July, which represented a 6.2-percent annual increase. The increase came on the back of a rise in production of 3.2 percent, to 213.4 million barrels of crude and condensate. This compares to 206.71 million barrels in the first seven months of 2015. Average daily output in the period to end-July stood at 1.002 million barrels. Despite positive developments on the production front, price movements were bad news. A barrel of Omani Crude sold for an average of […]

  • 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 […]