Saudi Arabia Holds China Market Share Lead on Record Oil Output
Russia gained ground in China in first seven months this year Saudis may seek more spot sales to compete: Petromatrix Saudi Arabia kept its spot as China’s biggest oil supplier for the first seven months this year after pumping record output in July, even as Russia threatens to overtake the kingdom in their contest for sales to the world’s largest energy consumer. The biggest crude exporter shipped an average of 1.05 million barrels a day to China in the year through July 31, giving it a market share of 14 percent, according to Bloomberg calculations based on data that China’s General Administration of Customs published Wednesday. Russia’s share was 13.6 percent, the data show. Russia has gained ground in China this year, exceeding imports from Saudi Arabia in three months. “There’s a market-share battle going on mainly among the Middle East producers and Russia,” Olivier Jakob, managing director of […]
First Kenyan Oil Output Due by March 2017; Exports to Follow
Tullow said to plan eight more exploration wells in Lokichar Nation holds 750 million barrels of recoverable resources Tullow Oil Plc will put Kenya on the map of oil producers by the first quarter of 2017 and drill eight additional exploration wells in the African nation’s North Lokichar region, President Uhuru Kenyatta said. Exports will commence three months later, with the crude being transported by road to the Indian Ocean port city of Mombasa, Kenyatta said in an e-mailed statement after he met with Tullow’s chief operating officer, Paul McDade. Kenya’s recoverable resources are estimated at 750 million barrels. Tullow will sink more wells to increase that figure to over a billion barrels, according to the statement. Initial production will be 2,000 barrels per day, with road transport to Mombasa a stopgap measure until Kenya constructs a pipeline. Kenya’s government has signed an agreement to develop that conduit with […]
Is Doomsday Inevitable For Venezuela?
Venezuela is facing the worst economic and humanitarian crisis in its history. Venezuela has been hit by the 24 months collapse in oil prices. Its economy is expected to shrink 10 percent at the end of 2016, the biggest contraction in the last 13 years, while inflation has reached more than 700 percent according to the International Monetary Fund (IMF). Other analysts say that inflation has already reach 1,000 percent. Venezuelans are living day-by-day facing a very complicated situation with rising crime and corruption rates, daily electricity blackout, medicines and food shortage (more than 80 percent). Venezuelans can’t get even the most basic lifesaving medical supplies as antibiotics. On Monday 22th August 2016 Brent oil traded around $49 a barrel, but two years before Brent was $102 a barrel, and even then Venezuela was already having economic problems. Even with a recovery in crude, higher prices are […]
Largest Oil Companies’ Debts Hit Record High
Some of the world’s largest energy companies are saddled with their highest debt levels ever as they struggle with low crude prices, raising worries about their ability to pay dividends and find new barrels. The soaring debt levels are a fresh reminder of the toll the two-year price slump has taken on the oil industry. Just a decade ago, these four companies were hauled before Congress to explain “windfall profits” but now can’t cover expenses with normal cash flow. Executives at BP, Shell, Exxon and Chevron have assured investors that they will generate enough cash in 2017 to pay for new investments and dividends, but some shareholders are skeptical. In the first half of 2015, the companies fell short of that goal by $40 billion, according to a Wall Street Journal analysis of their […]
Source: Wall Street Journal
Russian Energy Stocks Sink as Tax Threat Seen Depleting Profits
Rosneft, Gazprom targeted in new levies through 2020 State giants could lose as much 10% of cash flows: Sberbank Russian stocks fell for a second day after the government renewed calls to boost taxes on energy companies to narrow its budget shortfall. Oil and gas were among the biggest losers in Russian stocks, sliding 1.1 percent as a group versus a 0.6 percent drop for the Micex benchmark. The ruble strengthened 0.4 percent to 64.88 per dollar by 12:10 p.m. in Moscow. Faced with the biggest deficit in six years and depleted sovereign funds, Russia may seek 320 billion rubles ($4.9 billion) from new taxes on the industry next year and additional levies through 2020. The burden could leave energy companies whose profits have shown resilience to plummeting crude prices “much more exposed,” according to Sberbank CIB. “Extractions are rather heavy and will affect both the cash flows and […]
Libyan Crude Oil's Buyer Wanted!
Originating Country: National Oil Corporation (“NOC”): https://en.wikipedia.org/wiki/National_Oil_Corporation
Crude Oil: Messla and Sarir
Seller: Registered & Authorized by NOC
Indicative CIF and FOB Spot Price: Brent discount $US 1 with non-transferable LC or $US 2 per barrel with Transferable LC. Please note the better price is for a contract.
Quantity: 1 million BBL minimum. Up to 6+ million BBL per month
Commission: Buyer pays total maximum commission USD 1 per BBL
Commission Structure: Seller side is closed; Buyer side is opened. You must be direct to the Buyer. Commission is divided equally 50/50.
If Buyer is interested developing a business with our Seller, Seller would like to review Buyer's documentations FIRST.
PROCEDURE SALES OF CRUDE OIL
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