Energy Update
ABUJA, May 6 (Reuters) - Nigeria's President Muhammadu
Buhari signed the delayed 2016 budget into law on Friday, ending
weeks of wrangling with lawmakers and tripling capital
expenditure as Africa's biggest economy contends with its worst
crisis in years.
LAGOS, May 6 (Reuters) - Nigeria's 2016 budget assumes oil
production of 2.2 million barrels per day at 38 dollars a
barrel, the budget minister said on Friday, shortly after
President Muhammadu Buhari signed the delayed bill into law.
ABUJA, May 6 (Reuters) - Nigeria's President Muhammadu
Buhari signed the delayed 2016 budget into law on Friday, a
Reuters witness said, ending wrangling with lawmakers that had
lasted for weeks.
May 6 (Reuters) - Britain is bringing forward a scheme to
encourage power companies to supply electricity at peak times by
a year in a bid to avert a looming supply crunch and prevent
price spikes, the government said on Friday.
LONDON/DUBAI, May 5 (Reuters) - As OPEC officials gathered
this week to formulate a long-term strategy, few in the room
expected the discussions would end without a clash. But even the
most jaded delegates got more than they had bargained with.
(Fri, 06 May 2016) In 2015, more than 70% of the crude oil produced in the Lower 48 states was light oil with an API gravity above 35 degrees. At the same time, 90% of imported crude oil was heavier, with a gravity below 35 degrees API. To accommodate increasing U.S. production of light crude oil, refineries have adjusted their imports by reducing imports of light crudes.
(Fri, 06 May 2016) Nigeria is the largest oil producer in Africa and is among the world?s top five largest exporters of liquefied natural gas (LNG). Supply disruptions, typically caused by pipeline sabotage from thieves siphoning crude oil and condensate, are common in Nigeria?s oil and natural gas industries. Pipeline sabotage and oil supply disruptions have increased in 2016, leading to a decline in Nigeria?s crude oil production.
BEIJING, May 6 (Reuters) - China will take stronger action
against illegal coal projects as it tries to tackle a massive
capacity glut in the sector, the country's state planning agency
said, after ordering the closure of 38 projects.
RIO DE JANEIRO, May 5 (Reuters) - A Brazilian judge on
Thursday ratified the settlement Samarco and its owners, BHP
Billiton and Vale SA, signed with Brazil's
government in March to cover damages for a deadly dam spill last
year, Vale said in a statement.
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