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.
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.”
The International Energy Agency (IEA) has pulled down estimates for the third consecutive quarter, regarding an increase in world oil demand this year. According to the latest monthly report, annual demand for oil is expected to go up by 900,000 barrels per day (bpd), which is 65,000 bpd less compared to August’s estimate, and 300,000 bpd less than July’s estimate. Following the report, overall annual demand for crude is expected to be 92.6 million bpd for the current and next year.
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.
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.