TRIPOLI (Reuters) - Libya's Arabian Gulf Oil Company (Agoco) has cut oil production by another 10,000 barrels per day (bpd) due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday.
TRIPOLI (Reuters) - Libya's Arabian Gulf Oil Company (Agoco) has cut oil production by another 10,000 barrels per day (bpd) due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday. Protesters have prevented employees from entering Agoco's office since April 23, calling for more transparency over how Libya's new rulers are spending its money and more jobs for youth. Agoco, based in the eastern city of Benghazi, had threatened to cut production if no solution was found by May 3. ...
Libya's Arabian Gulf Oil Company has cut oil production by another 10,000 barrels per day due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday. Protesters ...
Brent crude oil rose towards US$110 per barrel on Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.
Striking security guards shut Libya’s two biggest crude export terminals on Monday, hours after they had reopened, and more oilfields have closed in a wave of protest that has swept the North African oil producer.
The Energy Information Administration on Tuesday lowered its U.S. crude oil production forecast for this year and next due to recent severe weather but said improving technology could boost shale oil output over the next two years.
In its latest monthly short-term energy outlook, the information arm of the U.S. Department of Energy cut its 2014 crude oil production forecast by 100,000 barrels per day (bpd) to 8.4 million bpd and by 100,000 bpd to 9.2 million bpd for 2015.
What is Saudi Arabia’s bottom line for propping up oil prices unilaterally before it leans on the rest of OPEC to help share the burden?
At $112 a barrel for Brent crude, well above OPEC’s preferred $100, it may not look like a hot issue just yet.
As Ali al-Naimi, oil minister for Saudi Arabia, OPEC’s biggest producer said this week, the oil market is in “the best situation it can be” and at “the right price.”
Canadian Natural Resources Ltd reaffirmed its full-year production forecast, counting on its Horizon oil sands project to make up for a fall in production in the second quarter.
The company said production in the current quarter is expected to rise to between 110,000 and 115,000 barrels per day (bpd) at its Horizon project in Alberta, from 67,954 bpd in the second quarter.
Japanese oil refiners will cut their capacity to the lowest in four decades next year to meet a government deadline, slashing the country’s Middle East imports and tightening regional fuel supplies.
Imports of crude by the world’s No. 3 oil consumer could fall by up to 320,000 barrels per day (bpd) — down nearly 9 percent on last year — with Saudi Arabia, the United Arab Emirates, Kuwait and Qatar bearing the brunt of the cuts.
LONDON, June 12 (Reuters) - The world is heading for a glut of refined products as new Asian and Middle East refineries increase oil processing in a move likely to force less advanced competitors in developed countries to close, the West's energy agency said on Wednesday.
European refiners are battling to salvage what is poised to be one of their worst years on record, slashing production, running down crude oil stocks and idling loss-making plants as a new raft of closures loom.
Middle East unrest means the price of crude oil, which refiners convert into motor and heating fuel, has remained stubbornly high this year, squeezing profit margins amid weak demand as European economies struggle to maintain growth.
BAGHDAD/MOSUL — Iraq’s Sunni insurgents are targeting its main northern oil pipeline, undoing plans for a massive increase in exports as violence reaches levels unseen since the darkest days of civil war.
Iraq’s ambitious plans to ramp up its oil output have been held back by poor maintenance and technical problems. Violence is making the situation worse, and, if it continues to escalate, could have a measurable impact on global supply.