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☆ Oil prices ease on fears of weaker demand
▼ + stars: | 2023-07-03 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. "OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Tina Teng, Baker Hughes, Florence Tan, Emily Chow, Sonali Paul Organizations: PMI, SINGAPORE, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, CMC, Organization of, Petroleum, U.S . Energy, Administration, Thomson Locations: China, Saudi, U.S, Saudi Arabia, OPEC, Iraq, Nigeria

☆ Oil prices slip on global economic slowdown fears
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day, its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Caixin, Baker Hughes Organizations: U.S . Federal, Brent, . West Texas, National Australia Bank, Saudi, Petroleum Reserve, NAB, Organization of, Petroleum, U.S . Energy, Administration Locations: U.S, China, Saudi Arabia, Iraq, Nigeria

☆ Nigeria oil spill: Authorities investigate dayslong leak from a Shell pipeline in a region already blighted by pollution
▼ + stars: | 2023-06-27 | by ( ) edition.cnn.com time to read: +1 min

Reuters —Nigerian authorities and Shell’s local subsidiary were on Monday investigating the cause of an oil spill on the Trans Niger pipeline that lasted several days. The spill from the 180,000-barrel-a-day, which happened at Eleme in Rivers State in south Nigeria, was detected on June 11. Four days later it was confirmed by Shell Petroleum Development Company of Nigeria Limited in a statement. Shell has, over the years, faced several legal battles focused on oil spills in the Niger Delta, a region blighted by pollution, conflict and corruption related to the oil and gas industry. The oil major blames most of the spills on pipeline vandalism and illegal tapping of crude.

Persons: ” Chinyavanhu, ” Organizations: Reuters, Shell Petroleum Development Company, Nigeria Limited, Shell, Nigerian Oil, Agency, Environmental Advocacy, Greenpeace Locations: Niger, Eleme, Rivers State, Nigeria, Niger Delta, Greenpeace Africa

☆ Binance issues cease and desist notice to "Binance Nigeria Limited"
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - Binance has issued a cease and desist order to "Binance Nigeria Limited", Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a "scammer entity". Earlier this month, Nigeria's markets regulator ordered Binance to halt its operations in the country, saying local unit "Binance Nigeria Limited" that courted Nigerian investors through a website was not registered or regulated, making it illegal. The SEC sued Binance and Zhao earlier this month alleging that the company artificially inflated its trading volumes, diverted customer funds, and misled investors about its market surveillance controls. Binance disputes the SEC charges. Reporting by Gursimran Kaur in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Zhao, Gursimran Kaur, Kirsten Donovan Organizations: Binance, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Binance Nigeria, Nigerian, Netherlands, Cyprus, Canada, Australia, Bengaluru

☆ Nigeria regulator says local Binance operations 'illegal'
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

LAGOS, June 10 (Reuters) - Nigeria's markets regulator has ordered the world's largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal. "Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever," the Securities and Exchange Commission (SEC) said in a statement dated June 9. The U.S. Securities and Exchange Commission this week sued Binance and Coinbase for allegedly breaching its rules. That was after Nigeria's central bank in 2021 banned banks and financial institutions from dealing in or facilitating transactions in digital currencies. Nigeria's young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.

Persons: Binance, MacDonald Dzirutwe, Helen Popper Our Organizations: Binance, Securities and Exchange Commission, SEC, U.S . Securities, Exchange Commission, Thomson Locations: LAGOS, Binance Nigeria

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