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 ...
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.
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.
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.
Canadian heavy crude traded below US$40 a barrel for the first time in five years just as surge of new projects are scheduled to start operation.
A total of 14 new oilsands projects are scheduled to start next year with a combined capacity of 266,240 barrels a day, according to data published by Oilsands Review. That’s 36 per cent more than was started in 2014.
Oil extended losses below $60 a barrel in New York and declined to a five-year low as the International Energy Agency cut its 2015 demand forecast for the fourth time in five months. Brent also dropped to the lowest in five years.
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.