OIL FALLS BELOW $50 ON NIGERIA, IRAQ SUPPLY BOOST

International oil benchmark, Brent crude, retreated on Monday, falling below the $50 per barrel mark on worries about growing Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count.

 

China’s July diesel and gasoline exports soared 181.8 per cent and 145.2 per cent respectively from the same month last year, putting pressure on refined product margins, Reuters reports.

 

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MAY, JUNE DELIVERY OF BONNY LIGHT, QUA IBOE CRUDE OIL SUFFERS SETBACK

ExxonMobil has ramped up production of Nigeria’s Qua Iboe crude oil just over a week after pipeline damage forced it to slow output, traders said on Wednesday. The company cut production, and declared force majeure on exports, after a drilling rig, experiencing mechanical difficulties, damaged the pipeline it jointly owns with the state-owned Nigerian

Read more @ The BusinessDay

NON PASSAGE OF PIB SLOW RIG ACTIVITIES, NEW INVESTMENTS – BAKER HUGHES, FDC RESEARCH

Without the passage of the Petroleum Industry Bill (PIB) and instituting new fiscal incentives that will attract new investments, Nigeria’s rig count will remain flat in the second quarter, indicating declining investments, according to a new research by Baker Hughes and Financial Derivatives.

Read more @ BusinessDay