South Sudan has asked immediate neighbor Khartoum to lift the lease of crude oil transportation facilities and cost due to danger posted by current market prices. South Sudanese Foreign minister, Barnaba Marial Benjamin made the appeal in an interview with Ashrooq television in which he noted that the country’s proceeds from oil had narrowed due
Kenya President Uhuru Kenyatta has given a ‘State House team’ until the end of January to work out on the logistics of transporting the crude oil from the oil fields in the Turkana region to the sea-port according to latest Reports. A source quoted by The East African newspaper, said the team has been asked
Speculative media reports coming from Kenya say the country is in preparation to pump its Oil deposits from Lokichar valley to the International market in early 2016. According to Oil News Kenya, the nation’s leadership has reached significant discussions on the issue with the latest being using road transport means as the nation awaits the
By Edward Ronald Segyawa and Frank Mulder…. The heavily criticized legal mechanism, known as ISDS, is an important tool for European companies to pressurize developing countries. This year Uganda joins the rank of developing nations asking themselves: “Why have we ever signed this?” Earlier this year, the French oil company Total filed a request for
This coming year is shaping up to be a difficult one for economies that are disproportionately dependent on oil. This is especially true for Nigeria, where there’s a possibility of renewed conflict in the country’s oil-producing Niger Delta region, according to SBM Intelligence’s recently published “Nigeria in 2016” report. The global oil picture is stacked against countries like
By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to
Agencies… American market analyst Goldman Sachs sees further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its recent meeting. The investment bank is standing by its prediction of $20 a barrel bottom—the breakeven cash cost for highly levered high-cost US shale producers. If oil
By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply. Futures fell as much as 2.7 percent to $34.67 a barrel in New York, the lowest since Feb. 19, 2009.
Agencies… As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is, how much lower can oil go? U.S. WTI crude oil futures traded under $40 a barrel on Monday, while Brent oil future are hovered around $42 a
By AFP… Sparkling wine instead of champagne, companies cancelling their Christmas celebrations, unemployment soaring and real estate prices flagging: with crude prices plunging from record highs, Norway’s oil capital Stavanger is hungover after the party. “There you go, another rejection.” Roger Schurmeyer holds up the umpteenth job rejection letter he has received on his smartphone.