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Nigerian Oil Output at Four-Year Low

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Oil production in Nigeria has hit a worrying four-year low. Thieves and technical problems have caused frequent disruptions. Production has dropped to less than 1.9 million barrels a day from over 2 million barrels – the lowest rate since 2009. Meanwhile, it is estimated that over 150,000 barrels of oil are stolen on a daily basis.

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European Oil Demand Experiences Growth

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Oil demand is on the rise in Europe. Recent government statistics show a rise in European market for the first time in two years. The increase, seen in both April and May 2013, correlates to data pointing to a growth in economic activity around the same period, including Eurozone growth this year.

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Tullow Oil Announces Discovery in Kenya

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A new oil discovery has been made in Kenya by oil exploration company Tullow Oil. Flow tests carried out at a discovery well in the country have smashed expectations and promise to bring positive results for the oil explorer. After a disappointing start to the year the new Kenyan discovery will be a welcome relief for Tullow Oil and its investors.