Brent Crude is trading at $61.46, WTI at $52.48 and natural gas at $4.39 per million BTU (at 15:37 in South Africa). Here are AOPs top news stories from the last seven days.
OPEC Delays Decision on cuts
The Organisation of the Petroleum Exporting Countries (OPEC) dominated energy headlines as it held annual meeting in Vienna this week.
Thursday’s much-anticipated OPEC meeting ended without a new deal on production cuts, sending the oil prices tumbling and shockwaves through the petroleum markets.
Saudi Arabia’s oil minister Khalid Al Falih left the meeting in Vienna saying he was “not confident” that OPEC would be able to reach a deal with its non-member allies, including Russia.
Qatar to leave OPEC
The organisation made waves as Qatar’s national oil company Qatar Petroleum on Monday announced that the small oil producing country will leave the Organization of Petroleum Exporting Countries (OPEC) next year to focus on LNG.
“Qatar has decided to withdraw its membership from OPEC effective January 2019,” Energy Minister Saad al-Kaabi said.
OPEC Meeting: Potential Outcomes
There has been much speculation on the fate of the oil price and economic stability of key African countries, as the Organization of the Petroleum Exporting Countries (OPEC) meets tomorrow to hash out a potential new deal on oil production cuts.
Qatar’s Symbolic Exit from OPEC
Ahead of 175th Ordinary Meeting of the Organization of the Petroleum Exporting Countries (OPEC) taking place tomorrow in Vienna, Qatar has announced that it will end its membership of OPEC effective January 2019.
Minister of Energy H.E Saad Sherida al-Kaabi has said the move was driven by Qatar’s determination to maintain its position as top exporter of liquefied natural gas and dismissed notions that the decision was influenced by tensions with Saudi Arabia.
Equatorial Guinea: Djibloho hydropower plant Completed
Following the completion of the Chinese-built reservoir of the Djibloho hydropower plant in Equatorial Guinea, President Teodoro Obiang Nguema Mbasongo said the country’s economy would be significantly boosted.
The Djibloho hydropower plant has a capacity of 120-MW and is the largest of its kind in the country.
Oil Producers should ‘Stand Together’
The Ministry of Mines and Hydrocarbons, representing the Government of Equatorial Guinea, calls for unity amongst oil producers ahead of this week’s meeting of the Organization of Petroleum Exporting Countries in Vienna.
“Never in the history of the oil industry has unity amongst producing nations been more important. We call on oil producers to stand together and in solidarity with OPEC and under the leadership of our brother H.E. Barkindo, in our efforts to maintain balance and stability in oil markets,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea.
Nigeria to Hold Bidding Round
Nigeria on Wednesday announced that it will hold a bidding round for the licencing of subsurface hydrocarbon property for flared natural gas uptake in the Niger Delta Basin.
This type of bidding round, which has not taken place in eleven years, is open to Nigerian and non-Nigerian entities. Preferred bidders are, however, required to use a Nigerian partner or establish a Nigerian entity as a precondition of the bidding process.
Nigeria Electrification project gets $200m boost
Nigeria’s Electrification Project (NEP) has received a $200 million loan from the African Development Bank (AfDB) and China through the Africa Growing Together Fund.
The NEP – which aims to improve rural electrification in the country – will support the government’s efforts to facilitate off-grid solutions and see the installation of dedicated power systems for Federal Universities.