LONDON – Oil steadied on Monday, pressured by concerns over surging coronavirus cases globally and by Libya’s plan to boost output, however, prices found some support by hopes of a U.S. fiscal package and expectations of a vaccine by …
Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce.
Sharara, the country’s biggest oil field, is pumping roughly 110,000 …
MOSCOW – OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a …
Reuters
LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly …
MOSCOW – Russian Energy Minister Alexander Novak on Wednesday said that the OPEC+ group of leading oil producers will start easing output curbs as planned despite a global spike in coronavirus cases.
“Despite the start of the second wave …
Oil & Gas 360 Publishers Note: Compliance will be the elephant in the room. How they handle it will effect world pricing.
London, 14 October (Argus) — The two de facto leading members of Opec+ have made a public …
LONDON – World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, OPEC said on Tuesday, adding to headwinds faced by the group and its allies in balancing the market.
Demand will rise …
LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut …
Bloomberg
Oil & Gas 360 Publishers Note: We have been covering this story with the involvement of Turkey. This has also spilled over to the Mediterranean offshore disputes in territorial waters over drilling. Turkey and Libya have claimed an extensive …
Image source: Elise Aldram / Pixabay By Dmitry Zhdannikov, Julia Payne LONDON (…
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The production cuts by the Organization of the Petroleum Exporting Countries and its allies are expected to result in a relatively balanced market next year, the United States Energy Information Administration said on Wednesday.
The EIA noted that …
360 Feed Wire
OPEC’s Secretary General, HE Mohammad Sanusi Barkindo, will present the major findings of the …
LONDON – Oil edged up to around $42 a barrel on Wednesday, supported by rising investor risk appetite and a report that U.S. fuel inventories fell, although rising crude supply and concern of stalling demand capped gains.
European equities …
Oil & Gas 360 Publishers Note: As OPEC is having difficulty keeping all of it’s members within agreed production levels, the new developments are a catalyst to review the OPEC’s memberships and partnerships. Should be interesting to follow as …
Oil prices fell on Monday, weakened by the possible return of Libyan production and as rising coronavirus cases stoked worries about global demand, although the market drew support as a tropical storm threatened to disrupt output in the U.S. …
Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance …
LONDON – Oil prices were mixed on Friday after Libyan commander Khalifa Haftar said a blockade on Libyan oil exports would be lifted for one month, countering more bullish signals from an OPEC meeting on Thursday.
Brent crude …
CNBC
LONDON/DUBAI – The United Arab Emirates has emerged as a major laggard in delivering oil output cuts in August, figures used by OPEC+ showed on Wednesday, as the group meets this week amid signs of a faltering demand recovery.…
Bloomberg
It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.
Instead, the Organization of Petroleum Exporting Countries and its allies will convene …
Argus
Opec+ crude production increased last month as the group eased its output restraint target. But compensatory cuts — for some members’ previous overproduction — kept the coalition below its collective output ceiling for August.
Total production from the 19 …
Saudi Arabia’s King Salman bin Abdulaziz al-Saud and Russian President Vladimir Putin both expressed “satisfaction” with the implementation of the OPEC+ crude oil output deal and discussed ways to address the global economic slump in a telephone …
CAIRO – Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday.…
Oil prices will see little change this year and a modest uptick in 2021 as output cuts take effect, with the demand picture clouded in uncertainty due to the coronavirus pandemic, a Reuters poll showed on Tuesday.
The survey …
