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 ...
Global oil supply could fall in line with demand more quickly if OPEC and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen, the International Energy Agency said on Tuesday.
OPEC, led by Saudi Arabia, agreed last month to cut production to around 32.5 to 33 million barrels per day (bpd) and Russia has signaled it is ready to join in any effort to temper supply and shrink a stubborn global surplus of unwanted crude.
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.
OPEC will hold talks with non-member oil producers on Wednesday in a bid to hammer out details of a global agreement to cap production for at least six months as Russia lent its support for the plan.
Ministers from Organization of the Petroleum Exporting Countries embarked on a flurry of talks at an energy conference in Istanbul to shore up support for the deal, which they agreed to in Algeria last month, hoping to adopt it at the end of November.
Oil prices have more than halved since mid-2014 as global supplies swelled.
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.
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.