Brent oil eases but remains in sight of 2015 highs

27 September 2017, London — Brent oil eased on Wednesday following a report of a possible increase in Nigerian exports, but an unexpected drop in U.S. crude inventories helped keep the price within sight of this week’s 26-month highs. Turkey’s repeated threat to cut oil exports from the Kurdistan region in northern Iraq pushed the […] More »

Siemens predicts a bright future for Ugandan oil & gas sector

27 September 2017, Sweetcrude, Kampala, Uganda — Oil and gas projects are increasingly complex and the need for an integrated solution is important. Uganda has the opportunity to kickstart pipeline project with leading digitalization technology and solutions that will have long-term cost and efficiency benefits. The International Monetary Fund recently stated that the oil reserves […] More »

OPEC daily basket price stood at $56.43/b

27 September 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $56.43 a barrel on Tuesday, compared with $55.62 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial […] More »

Strong growth in fuel demand accelerates oil market rebalancing

27 September 2017, Singapore — Strong oil demand growth in emerging economies led by China and India, but also from Europe, is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday. A surge in demand for diesel and fuel stock draws after […] More »

Revenue from solid minerals sector below 20%, says RMAFC

27 September 2017, Sweetcrude, Abuja – The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, says revenue from the solid minerals sector was still below 20 percent and that this was due to the activities of illegal miners who constitute more than 70 percent of mining activities and do not pay tax. Acting chairman of the […] More »

Petrobras in $6.22b debt mess, creditors agree to swap

OpeOluwani Akintayo 27 September 2017, Sweetcrude, Lagos — Brazil’s national oil company, Petrobras is currently in a $6.22 debt mess, SweetcrudeReports has learnt. According to information at our disposal, the company currently is unable to pay back the loan due to low oil prices, prompting its creditors to agree on crude swap to reduce the […] More »

Chevron’s 2018 investment in Shale oil to gulp $4b

OpeOluwani Akintayo with Agency report 26 September 2017, Sweetcrude, Lagos — Chevron will invest $4 billion in shale oil in 2018, Ryan Krogmeier, Chevron’s vice president of crude supply and trading has said. In a statement on Monday, Krogmeier said the company will “be investing roughly $4 billion, next year, of capital in the Permian […] More »