Dana Gas said that total receivables in Egypt increased in the first quarter of fiscal year 2017 to $283m, compared to $265m in Q1-16.
The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil.
Iran has plans to raise its crude oil production capacity by 3mb/d.
Iran aims to boost the nominal output capacity from the oil block by 40,000b/d from the present 320,000b/d, according to Petroleum Engineering and Development Company’s (PEDEC) Managing Director, Noureddine Shahnazizadeh.
Iranian Oil Minister, Bijan Zanganeh, indicated that Iran was closing in on its target of restoring output to the level of 4mb/d.
The National Oil Corporation’s (NOC) Member, Jadallah Al-Okli, said Libya’s oil output has healed after days of power outages and several logistic hurdles that led to its drop recently.
Angola has become the latest OPEC member to announce the beginning of production cuts. Output was cut by 78,000b/d to 1.673mb/d.
The Angolan liquefied natural gas (LNG) export facility has resumed production after being taken offline in late December 2016.
Angola will close 2016 as the lead oil producer in Africa, having surpassed Nigeria by reaching a daily average of 1.7m barrels.
The Nigerian National Petroleum Corporation (NNPC) has announced that the country’s oil and gas reserves has increased to 37b barrels.
South Sudan is planning to increase its oil production from 130,000 to 350,000b/d despite the ongoing armed conflict.
Ecobank Research has revealed Ghana’s oil output will reach 190,000b/d by the end of 2016.
Congo Republic expects oil output to rise to some 300,000b/d in 2018, up from current volumes of around 250,000b/d.
The oil production at the Lianzi field, as result from a shared agreement between Angola and Congo Brazzaville, dropped from 31,000b/d to 23,000b/d.
According to the National Development and Reform Commission (NDRC), China’s crude oil output dropped by 4.8% year-on-year –to 100.45m tons in H1 of 2016.
Iran's Oil Minister, Bijan Zanganeh, accused the regional neighbors and OPEC friends of trying to take away its customers by offering cheaper oil.
Iranian Minister of Petroleum, Bijan Zangeneh, said that Iran wants a quota system of production to be reinstated in the Organization of Petroleum Exporting Countries (OPEC).
Gulf OPEC members including Saudi Arabia are looking to revive the idea of coordinated oil-output action by major producers on next meeting, a senior OPEC source said.
A series of attacks on Nigeria's oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country's finances.
The Kuwait's Deputy Foreign Minister stressed the importance of reaching a consensus among oil producing countries and he said that "There is no choice but to freeze production".