Oil price spike over Libya prevented by OPEC+ supply cut: Saudi Energy Minister

Wednesday, 22 January 2020

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+ group, safeguarded the oil market from witnessing a spike in prices after Libyan General Khalifa Haftar’s forces blocked Libya’s oil exports. The OPEC+ deal is the reason that despite a production halt in Libya earlier in the week “you had two days of consecutive lower oil prices,” Prince Abdulaziz ...

Aramco IPO proceeds to fund Saudi industry, including defense: Finance minister

Wednesday, 22 January 2020

Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defense industry amid tensions with Iran, its finance minister said on Tuesday. Mohammed al-Jadaan told Reuters there were “serious efforts” to reduce antagonism between Washington and Tehran after a top Iranian general was killed in a US air strike and Iran retaliated with missile attacks against American bases in ...

New members of East Med Gas Forum show ‘strength’ of deal: Egypt oil minister

Tuesday, 21 January 2020

Official requests from France to become a member, and the US to join as an official observer, to the Eastern Mediterranean Gas Forum (EMGF) agreement shows “the strength and the depth of seriousness” to the commitment, Egyptian oil minister Tarek el-Molla said on Tuesday. Signed last week, the EMGF deal forms a regional gas market aiming to cut infrastructure costs, and offer competitive prices for its members. Cyprus, Greece, Israel, Italy, Jordan and the West Bank all joined Egypt ...

Novak stays on as Russian energy minister after government shake-up

Tuesday, 21 January 2020

Alexander Novak has retained his post as Russian Energy Minister after a government reshuffle, the Kremlin said on Tuesday, following days of uncertainty over who would lead Moscow’s global energy diplomacy. The 48-year-old has been in charge of the ministry since 2012 and has spearheaded Russia’s efforts to forge close ties with the Organization of the Petroleum Exporting Countries and other leading oil producers to support oil market and prices. He has also overseen the Russian ...

Libya’s oil output grinds to halt as Berlin peace talks end

Monday, 20 January 2020

Libya’s biggest oil field began to halt production after armed forces shut down a pipeline, compounding supply disruptions that are continuing after a conference that aimed to broker an end to the OPEC nation’s civil war concluded in Berlin. The country’s oil production will be limited to 72,000 barrels per day once its storage tanks are full, according to a spokesman for the National Oil Corporation, down from more than 1.2 million barrels per day on Saturday. That’s the ...

Oil spikes due to unrest in Iraq, Libya

Monday, 20 January 2020

Oil jumped as rising tension in the Middle East and North Africa halted output and exports from key OPEC producers Iraq and Libya.Futures in New York and London rose more than 1.5 percent following weekly declines. Iraq temporarily stopped output at an oil field on Sunday and supply from a second site is at risk as widespread unrest escalates in OPEC’s second-biggest producer. In Libya, National Oil Corp. declared force majeure after Commander Khalifa Haftar blocked exports at ports under ...

Libyan tribesmen say they have closed al-Sharara and al-Feel oilfields

Sunday, 19 January 2020

A group representing southern Libyan tribesmen said on Sunday it had closed the southern al-Sharara and al-Feel oilfields, virtually halting all of Libya’s oil output during a major international peace summit for Libya in Berlin. The leader of the Fezzan Anger group, Bashir al-Sheikh, told Reuters it had shut two fields, just two days after other fields in the east of the country were also shut. Libya’s National Oil Corporation (NOC) is cutting production at the al-Sharara and ...

EU warns Turkey off Mediterranean gas exploration plans

Sunday, 19 January 2020

The European Union has urged Turkey to drop plans to drill for oil and gas around Cyprus and the eastern Mediterranean, saying such exploration was “illegal”. President Recep Tayyip Erdogan vowed Thursday that Turkey would start exploring for gas in the eastern Mediterranean “as soon as possible” this year, after signing a maritime deal with Libya. “Concrete steps towards creating an environment conducive to dialogue in good faith are needed,” EU foreign ...

Libya’s NOC declares force majeure on closed eastern ports

Saturday, 18 January 2020

Libyan state oil firm NOC has declared force majeure on oil exports from the eastern ports of Brega, Ras Lanuf, Hariga, Zueitina and Es Sider, a statement said on Saturday.The NOC said forces loyal to commander Khalifa Haftar, who controls eastern Libya, had ordered the closure of the oil ports, which will result in loss of 800,000 bpd in oil output.The North African state has been in turmoil since a 2011 uprising that overthrew and killed dictator Muammar Qaddafi.This development comes on the ...

IEA says oil stocks, non-OPEC output to buffer market from shocks

Thursday, 16 January 2020

Surging oil production from non-OPEC countries led by the United States along with abundant global stocks will help the market weather political shocks such as the US-Iran stand-off, the International Energy Agency (IEA) said on Thursday.“For now the risk of a major threat to oil supplies appears to have receded,” the Paris-based IEA said in a monthly report.“Today’s market, where non-OPEC production is rising strongly and OECD stocks are 9 million barrels above the ...

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