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 ...
LONDON: OPEC on Tuesday raised its forecast of oil supplies from non-member countries in 2015, a sign that crude's price collapse is taking longer than expected to hit US shale drillers and other competing sources. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast no extra demand for its crude oil this year despite faster global growth in consumption, because of higher-than-expected production from the United States and other countries outside the group. Oil is trading below $50 a barrel, close to its 2015 low after an 18 per cent drop in July.
Top oil exporter Saudi Arabia told OPEC it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom’s preferred level of $100 a barrel.
In a monthly report issued on Wednesday, the Organization of the Petroleum Exporting Countries also cut its forecasts for demand for OPEC crude this year and next, pointing to a supply surplus of more than 1 million bpd in 2015 if OPEC keeps output at current levels.
LONDON: OPEC oil output fell in August from the highest monthly level in recent history, a Reuters survey found on Wednesday, as disruptions to flows on Iraq's northern pipeline halted supply growth from the group's second-largest producer. Largely stable output from Saudi Arabia and other Gulf members of the Organization of the Petroleum Exporting Countries indicated they are not wavering in their focus on defending market share instead of prices.
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.
MOSCOW/LONDON: As Russia prepares to meet OPEC next week, a briefing paper from a Moscow think tank has shed light on how the government was warned against cutting oil output late last year even though global prices were plummeting. Speculation was rife that Russia and the oil exporters' cartel might strike a production deal to arrest the slide when Energy Minister Alexander Novak met his Saudi Arabian counterpart last November.
Goldman Sachs Group Inc (GS) has forecasted that crude oil price will most likely stay under pressure from April to June next year because of increasing production in the non-OPEC countries, outside North America. According to the investment bank, prices will drop to $70 per barrel for the West Texas Intermediate (WTI) and to $80 per barrel for Brent. Goldman Sachs has slashed the forecast by $15 per barrel from the previous estimates.
Crude oil prices declined after the International Energy Agency (IEA) lowered its crude oil demand forecast for 2014 and 2015, following a decline in demand growth for the second quarter to lowest levels in past two years. IEA has revised down its forecasts for growth in global demand for crude oil by 180,000 barrels per day (bpd) to one million bpd.
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.”