OIL - AFRICA DAILY

Oil prices hammered by U.S. storage, OPEC resilience

Mar 19, 2015 (UPI)

Both U.S. and global crude oil prices took a beating Thursday as OPEC signaled no sign of a slowdown while supplies build up in the United States. The price for...

Low oil prices may hurt Colorado economy

Mar 19, 2015 (UPI)

Revenue growth for Colorado for the next fiscal year will be lower by $43.7 million in part because of the slowdown in the oil industry, a state budget report s...

Russia expects some economic recovery by 2016

Mar 19, 2015 (UPI)

Russia's economy is expected to contract by about 3 percent, though Finance Minister Anton Siluanov said Thursday there may be a light at the end of the tunnel....

Rig data paints mixed oil picture

Mar 19, 2015 (UPI)

Industry data show the number of rigs deployed in shale-rich U.S. states is a poor indicator of industry health, though government records suggest otherwise. No...

Iraq makes $412 mn payment to Kurdistan region: minister

Mar 19, 2015 (AFP)

Baghdad is sending a payment of $412 million to Iraq's autonomous Kurdish region, a sign that a budget deal between the two sides is still on track, the finance...

Transocean to scrap four drilling rigs

Mar 19, 2015 (UPI)

Rig builder Transocean said in its latest fleet status update report that it plans to dismantle four of its offshore drilling rigs. The company said it plans to...

Statoil 'highly impacted' by low oil prices

Mar 19, 2015 (UPI)

Norwegian energy company Statoil said Thursday its productivity for full-year 2014 was strong, though financial results are "highly impacted" by low oil prices....

U.S. working to cut flaring of natural gas

Mar 18, 2015 (UPI)

The U.S. government will roll out new standards in the coming months to cut the amount of shale natural gas wasted through flaring, the interior secretary said....

U.S., Canada under pressure on oil-train safety

Mar 18, 2015 (UPI)

Federal regulators in North America are under pressure from industry bodies and environmental advocates worried about the safe transport of oil by rail. North A...

Texas: From Shale Boom to Water Revolution

Mar 18, 2015 (SPX)

Texas is famous the world over for two things on a massive scale: oil and droughts. Now the slick but dry state is becoming famous for water: that precious elem...

Kurdish oil production to increase

Mar 18, 2015 (UPI)

Production from oil operations in Kurdish Iraq is expected to increase following a payment from the regional government, Gulf Keystone Petroleum said. The compa...

Conoco becomes latest energy company to cut spending

Mar 18, 2015 (UPI)

U.S. energy company ConocoPhillips said it was cutting capital spending by more than 25 percent in order to stay competitive in the low oil price cycle. The com...

West Texas Intermediate in free fall

Mar 18, 2015 (UPI)

Concerns about a slow pace of economic recovery and a build in U.S. oil inventories pushed West Texas Intermediate prices to new lows Wednesday. WTI for April d...

Canada's Nexen announces layoffs

Mar 18, 2015 (UPI)

In response to a slowdown in the industry, Canadian energy company Nexen, a Chinese subsidiary, announced plans to eliminate more than 300 employees. The Canadi...

BG Group starts oil production in Norwegian waters

Mar 18, 2015 (UPI)

BG Group said Wednesday it started production from the Knarr field in the North Sea, a prospect with an estimated 80 million barrels of oil equivalent. The comp...

NOAA slams BP statement on gulf environment

Mar 17, 2015 (UPI)

Statements made by BP about the state of the U.S. Gulf Coast environment after the Deepwater Horizon incident are off the mark, the federal government said. "Th...

Political uncertainty plagues Nigeria's oil potential

Mar 17, 2015 (UPI)

The Nigerian political machine poses a significant risk to the vitality of the nation's oil sector as investment uncertainty lingers, a report finds. The Indepe...

Oil plunge forces China's Nexen to cut 400 jobs in Canada, elsewhere

Mar 17, 2015 (AFP)

Nexen Energy announced Tuesday it is laying off 400 workers, or 12 percent of its workforce, in North America and Britain in response to the drop in oil prices....

Iran reports economic growth momentum

Mar 17, 2015 (UPI)

The Iranian economy grew by 3.6 percent during the nine-month period that began in March 2014 despite Western sanctions, the Central Bank of Iran said. Iran's e...

Iran touts growth despite nuclear sanctions

Mar 17, 2015 (AFP)

Western sanctions over Iran's nuclear programme cannot prevent it from growing, President Hassan Rouhani said Tuesday as he inaugurated part of the giant South ...