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Oil & Gas Summiteer

OPEC’s desperate moves against shale producers

The Organisation of Petroleum Exporting Countries, OPEC on November 29, 2016 lidded members’ production output to bring global oil inventories back to levels that would shore up prices. For the first time since 2008 the coalition of 24 producer nations of OPEC and non-OPEC members agreed to cut output by five percent (approx.1.8 million barrels per day, bpd) for six months starting January 2017.

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Tillerson’s diplomatic foray and end to bellicosity

The global focus on Donald John Trump who takes office as the 45th President of the United States of America next Friday shifts to Rex Wayne Tillerson who is in line as the next United States Secretary of State. Tillerson was nominated to the position of the highest diplomat in American communication and relationships management from the petroleum super major ExxonMobil where he was Chairman and Chief Executive Officer.

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Petroleum problem child: One year blithe deregulation

The Organisation of Petroleum Exporting Countries, OPEC a fortnight ago got producers to cut production from January 1, 2017 to shore up the price of crude in the international market. OPEC and non-OPEC producers again last Saturday reached a deal to jointly have an oil freeze to ease the global glutted market since July 2014. Nigeria was exempted from production cuts to make up for lost grounds occasioned by militancy in the Niger Delta since February 2016.

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