It looks very much like Nigeria has managed to restart its Forcados export stream. A Suezmax tanker appears to be laden offshore, and if this is the case it represents a major milestone for the country’s approach to dealing with the restive Niger delta and demonstrates that Nigeria has made good use of its exemption from the Opec cuts deal.
“Global energy demand remains strong and growing, but abundant supplies of oil and gas are now a fact of life. As a result, the economics of the past are changing,” says BP chief executive Bob Dudley.
Indeed, the once-popular idea of the world running out of oil in the future has been replaced by discussions about when exactly oil demand is likely to start declining. BP chairman Carl-Henric Svanberg suggests oil consumption could peak within the next 20 years, as a result of the world using more renewable energy and thanks to technological advances and efficiency in all fields of life, from engines to electric vehicles.
The European oil majors’ first-quarter results are in, and the headlines are unanimous: the sector is roaring as profits are soaring.
The latter cannot be denied. Statoil’s profit was up by 74pc, Total’s by 56pc. Shell turned a four-fold increase in profit. Even BP was in the black. Compare with last year – as we must – and the bottom line is looking fine.
Are Iran’s presidential elections a game changer?
Iranians head to the polls in a fortnight to vote for the country’s next president. The 19 May election will deliver a popular verdict on the performance of the incumbent Hassan Rohani’s first term in office.
“I want to be the second to answer that,” Total chief executive Patrick Pouyanne joked with a big smile.
The smile was in response to a question addressed to him and to state-owned Saudi Aramco chief executive Amin Nasser on whether Total would like to buy a stake in Aramco, and whether Aramco wants to see Total as a shareholder.