January 18, 2013 Headlines for 18th January 2013
London -2 Light Snow
Abuja +37 Sunny
Lagos +29 Heavy Rain Shower
Dubai +20 Sunny
Cape Town +24 Sunny
NORTH AMERICA AND EUROPE
Oil Heads for Longest Run of Weekly Gains in 14 Months
Oil headed for the longest weekly rising streak in 14 months in New York after economic growth accelerated in China, the world’s second-biggest crude consumer.
Chavez’s Troubled Legacy for Venezuela’s Oil Industry
The failure of ailing Venezuelan president Hugo Chavez to return from Cuba, where he is recovering from another round of surgery, to Caracas for his inauguration underscores the uncertainty of the South American country’s future as a critical oil supplier. Chavez, first elected in 1998 and inaugurated in 1999, rode ultra-low oil prices to power, promising a tougher stance against the majors and a more hawkish voice within OPEC. So how’s the country’s oil industry faring today versus when he entered office?
China’s 2012 oil demand up 4.5pct, slowest in 4 years
China’s fuel consumption in 2012 experienced the slowest growth since 2008, yet it beat forecasts by the International Energy Agency (IEA), and the demand growth is expected to accelerate this year as the country’s economy recovers.
Desert Massacre Threatens Africa’s Largest Gas Industry
The killing of foreign workers in the Algerian desert threatens production from North Africa’s largest oil and gas industry, the main source of revenue for a country that avoided unrest when the Arab spring swept away regimes across the region.
Two Fuel Tankers Explode in Lagos
There was yet another fire outbreak Thursday in Lagos, in what appears to be a season of fire outbreak in the state. Chaos and pandemonium ensued Thursday at Waterworks Road, off Liverpool, Apapa, when two tankers fully loaded with petroleum products exploded at a loading bay belonging to Petrol-Cargo Limited.