Why the Brent Price Plunge hasn’t Attracted Asian Buyers Asia continues to prefer buying cheaper Russian oil and hasn’t turned to Brent-linked cargoes from the Atlantic Basin despite the recent 10% slump in Brent oil prices, which has narrowed Brent’s premium over Middle Eastern benchmarks to the lowest in over two years, traders told Reuters….
South Africa to wrap up current hikes with last 25 Bps on March 30 South Africa’s Reserve Bank will raise interest rates for the last time in this cycle by 25 basis points on March 30, in anticipation of slower inflation and a weak economy due to power disruptions, a recent Reuters poll found. A…
Huayou Starts Trial Production at Zimbabwe Lithium Mine Chinese battery minerals producer Zhejiang Huayou Cobalt (603799.SS) said on Wednesday it had started trial production of lithium concentrates at its Arcadia mine in Zimbabwe. Huayou, one of the biggest cobalt producers in the world, acquired Arcadia from Australia-listed Prospect Resources (PSC.AX) and its Zimbabwean partners in…
Texas Adds HSBC to Blacklist of Banks Boycotting Oil and Gas Texas has added HSBC to its list of companies that boycott the oil and gas industry, which could ban Texas government entities from investing in Europe’s largest bank and its funds and other products. HSBC ended up on Texas’ list after the bank recently…
U.S. Gasoline Demand Soars to Highest in Months Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday. U.S. gasoline demand on Sunday and Monday was up 7% compared to the respective four…
Rivers Community Laments Poverty Despite Hosting 48 Oil Wells The Joinkrama clan in Ahoada West Local Government Area of Rivers State has lamented the level of environmental degradation, poverty and neglect in the area, despite playing host to 48 oil wells. Joinkrama, a host to Adibawa oilfield in Oil Mining Lease, OML, 27 operated by…
OPEC Secretary General calls for coordination between oil exporting Countries OPEC’s Secretary General Haitham Al Ghais and Iraq’s Prime Minister met over the weekend and called for coordinated action among oil exporters globally in order to reduce volatility in the oil market and avoid adverse impacts for consuming countries, Reuters reported citing a statement by…
Jean-Marc Cordier, renowned Oil trader, joins NNPC Ltd The Nigerian National Petroleum Company Limited (NNPCL) has announced Jean-Marc Cordier as its Head, Oil Trading Limited. Garba Deen Muhammad, Group General Manager Public Affair Division, NNPCL, made this known in a recent statement in Abuja. Cordier, was a former Vice-President of the Abu Dhabi National Oil…
Akobo Minerals secures NOK 22.475m in funding through a convertible Loan Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today announced that it has issued an unsecured convertible loan (the “Loan”) of NOK 22.475 million (approx. USD two million) from new and existing investors to fund…
Oil prices near $75 as Russia extends output cut through June Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak says. Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk…
