Stockpiling barrels on ships would result in losses rather than bumper profits, indicating that the current surplus may not be as large as feared.
Africa’s oil-producing and metal-rich giants face a difficult year in which growth will be hampered.
The number of active oil rigs in the US, although down from 1 609 in October, rose by six to 670 last week, the third straight weekly gain.
Issues such as corruption, uncertain regulation and political and social unrest have been weighing on an industry already under pressure.
The short-term profits from commercial exploitation of offshore mineral resources may imperil fishing communities.
The US government is under fire for allowing the oil company to continue exploring the icy waters of the Arctic Ocean.
Opec crude oil output has risen to its highest level in almost four years but the US shale boom is showing signs of slowing.
The oil cartel believed it could help production. Instead, it ended up hurting itself, energy stocks, commodities and other economies.
Although blessed with an abundance of minerals such as gold, platinum and coal, SA has always been a major oil importer.
The oil price has fallen by more than 20% from June. Saudi Arabia responded by cutting its price further on low demand and increased shale production.
Nigeria could soon outrank South Africa as Africa’s biggest economy, but about 61% of Nigerians still live on less than $1 per day.
Japail Oil & Maritime Services will raise money to expand into 12 countries in Africa over the next five years.
Pensioners’ savings are being put into a high-risk deal involving a controversial oilman accused of doing South Africa down.
On the back foot, the country is taking its titanic war of environmental pollution against US oil company Chevron to the court of public opinion.
Civil war looms after rebels spurn a proposal to end the violence raging across South Sudan.
The effect of strikes on exports saw the current account deficit widen by almost R5-billion.
Nigeria will see massive growth as Africa’s richest man Aliko Dangote took a $3.3-billion loan that will turn the country into an oil exporter.
The country’s wells have remained blocked by hostility with Sudan, but it has huge agricultural potential.
Nigeria has appealed to foreign governments to help crack down on crude oil theft.
A probe alleging Nigeria has lost out on billions of dollars through questionable practices in the oil-and-gas industry has stirred controversy.
Nigeria’s Cabinet has approved a final draft of an oil law that will be sent to President Goodluck Jonathan before going to Parliament in a few days.
The companies were asked to attend the hearing to offer their views on how best to reform the role of the department.
The son of Equatorial Guinea’s president, who is also a government minister accused of corruption, has been getting cozy with the Mswati clan.
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/ 22 February 2012
The president of a foreign oil company in South Sudan has been asked to leave the country over allegations he conspired with Sudan to steal oil.
When Nigerian-American businessman Kase Lawal courted Thabo Mbeki in an oil deal South Africa got screwed. Now he is cosying up to Jacob Zuma.
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/ 11 February 2012
Sudan and South Sudan signed a security agreement which aims to defuse tensions over oil payments which officials had warned could spark a war.
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/ 5 February 2012
China has become Iran’s top trading partner as the sanctions against the Islamic republic have become progressively tougher.
Should sanctions halt or cut the export of oil from Iran to South Africa, the department of energy says the country would struggle to fill the gap.
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/ 25 January 2012
South Sudan has signed an agreement with Kenya to build an oil pipeline to a Kenyan port, freeing it from reliance on Sudan.
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/ 24 January 2012
South Sudan has ordered oil companies to shut down oil production within two weeks, to prevent Sudan from stealing more oil from the new country.
The government must prepare immediately for disruptions in crude oil supply from Iran.
Norway’s Statoil has announced a major oil discovery in the Barents Sea that could contain up to 300 million barrels of crude.