Nasdaq LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the
From Reuters OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down
From Reuters Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade. The front-month Brent crude LCOc1 futures contract, which expired Wednesday, rose 45 cents to settle at $65.17 a barrel. Brent posted a monthly decline
From Reuters ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy. The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from
From Bloomberg Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully
NOC, Repsol keeps Libya’s al-Sharara field shuttered over violence
From Bloomberg Clashes resumed near Libya’s biggest oil field, a day after eastern military commander Khalifa Haftar said his forces had reached the deposit in a push to secure the southwestern region and its energy installations. Haftar’s self-styled Libyan National Army exchanged fire early on Thursday with troops led by Ali Kana, a supporter of the rival United Nations-backed authorities
From Bloomberg Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts. The shutdown at the Sharara field will result in a production loss of 315,000 barrels a day, the state energy producer National Oil Corp. said on
From Bloomberg Libya’s top oil chief expects OPEC and allied producers to exempt the strife-torn North African country from any future cuts in crude output. “The OPEC community has understood the difficulties we face –- Libya has withheld more than any other country from the global market,” National Oil Corp. Chairman Mustafa Sanalla wrote in a phone message. “This should
According to the latest S&P Global Platts OPEC survey released July 6, 2017, OPEC’s crude oil output increased by approximately 500,000 BOPD within the last two months, pushing the organization’s total output to 32.49 MMBOPD. OPEC’s June output was 220,000 BOPD larger than May’s output, Platts said. Rises in production from Libya and Nigeria assisted in keeping the organization’s output
Countries exempt from the OPEC production deal are ramping up production Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up. OPEC released its June Monthly Oil Market Report Tuesday showing that its production grew 0.34 MMBOPD to 32.1 MMBOPD in
Refinery utilization hits 90.8%, the highest since the first week of the year U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil. Utilization is expected to increase further during the summer months which should help to draw down growing crude oil stocks. Stronger seasonal demand in
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