NIGERIA: Inflation set to accelerate with naira’s 43% plunge a week after currency float

(EnergyAsia, June 29 2016, Wednesday) — Nigeria is bracing for more domestic political turmoil from a projected surge in inflation with the 43% collapse of the naira following the government’s June 20 decision to float the currency. President Muhammadu Buhari buckled to months of pressure from the business community and the International Monetary Fund (IMF) (more…)

Companies ready to help Asia grow economy, fight climate change and improve energy security

Asia Power Week, June 20 2016 Asia’s governments today face an increasingly difficult set of challenges to grow their nations’ economies, mitigate climate change and improve energy security all at the same time, said the World Bank. To succeed, they will need political resolve, financial resources as well as help from infrastructure and engineering firms (more…)

MIDDLE EAST: Region accounted for 75% of OPEC export revenue in 2015

(EnergyAsia, June 20 2016, Monday) — The export revenues of the Organisation of Petroleum Exporting Countries (OPEC) will plunge to a 12-year low of nearly US$341 billion in 2016, predicts the US Energy Information Administration (EIA). Coincidentally, the price of Brent benchmark crude is forecast to fall to a 12-year average low of US$43.03 per (more…)

SAUDI ARABIA: Government hurries economic diversification plan as oil’s share of GDP falls to 30%

(EnergyAsia, June 16 2016, Thursday) — Two years into the global energy market collapse with no certainty of a recovery, Saudi Arabia has hurriedly approved a radical economic diversification plan after firing its long-serving oil minister. Last week, the Saudi government approved the first phase of Vision 2030 to transform the economy and reduce dependence (more…)

MIDDLE EAST: Political instability from low oil prices and conflicts threatens other regions, says IMF

(EnergyAsia, June 13 2016, Monday) — Two years into the global energy price collapse, the political and socio-economic turmoil gripping the Middle East and Central Asia could become a lot worse amid the “exceptionally challenging policy environment”, said the International Monetary Fund (IMF). In a 52-page survey released early June, the fund said the mounting (more…)

MARKETS: Unplanned global oil supply disruptions at highest level since January 2011, says EIA

(EnergyAsia, June 11 2016, Saturday) — Unplanned global oil supply disruptions averaged more than 3.6 million b/d in May 2016, the highest monthly level recorded since the US government’s energy unit began keeping such records in January 2011. According to the Energy Information Administration (EIA), a huge surge in production losses in Canada, Nigeria, Iraq (more…)

INDONESIA: Oiltanking-Gunvor joint venture starts up oil storage terminal on Karimun Island

(EnergyAsia, June 6 2016, Monday) — With the June 6 start-up of a 730,000-cubic metre terminal, Indonesia’s Karimun Island has realised a century-old vision to provide oil storage services to support the booming trade in Southeast Asia. In a statement, PT Oiltanking Karimun, a joint venture between Oiltanking GmbH and Gunvor Group, said its state-of-the-art (more…)

SINGAPORE: No serious security threat yet to booming offshore oil storage, analysts say

(EnergyAsia, June 3 2016, Friday) — There are no immediate or serious security threats yet to the growing volume of oil stored in floating tankers in and around the increasingly congested waters off Singapore, but vulnerability exists, said analysts. Faced with a permanent land shortage, Singapore, one of the world’s leading oil trading and storage (more…)

COMPANY: Puma Energy considering a public listing

(EnergyAsia, June 1 2016, Tuesday) — On the back of its successful expansion across the world, Singapore-based mid-and-downstream firm Puma Energy is looking to list its shares on a major stock exchange, according to UK’s Sky News. In a story last week, Sky News reported that the firm which specialises in operating fuel storage and (more…)

MARKETS: Storage is key to oil price outlook as supply-demand gap narrows

(EnergyAsia, June 1 2016, Tuesday) — After months of debate over the direction of global oil prices, the International Energy Agency (IEA) has emerged the clear winner over Wall Street for correctly calling the market’s short-term recovery. Brent crude touched a six-month high of US$50.07 a barrel on May 26 to complete a steady rebound (more…)