Oil prices rebound despite coronavirus fears

Wednesday, 29 January 2020

Oil prices continued a recovery from three-month lows on Wednesday, trading close to $54 per barrel as investors reassessed the threat to demand by the coronavirus epidemic.The virus, known by many as corona, was first reported in the Chinese city of Wuhan and has killed more than 100 people and infected over 6,000 people globally, most of them in China. Symptoms include coughing, fever, and breathing problems.“It’s a technical rebound after dropping below the $60 levels. The risk of ...

Libya says oil output may almost fully halt within days

Tuesday, 28 January 2020

Libya’s oil output could be days from coming to a complete halt as conflict in the OPEC nation puts the country’s most vital industry at risk, the nation’s top oil official said.The country is currently pumping 262,000 barrels a day and could fall as low as 72,000 barrels within days, National Oil Corp. Chairman Mustafa Sanalla told Bloomberg Television in an interview. “The loss of Libyan oil production will have a bad effect on the price.”Eastern-based general ...

Oil prices plunge as coronavirus fears drive markets

Monday, 27 January 2020

Oil tumbled on fears China’s deadly coronavirus will crimp demand, prompting Saudi Arabia to say it was closely monitoring the situation. Futures in London and New York plunged more than 3 percent as the death toll and the number of infections rose, while officials extended the Lunar New Year holiday to help stem the spread of the outbreak. Goldman Sachs Group Inc. predicted that global oil demand may take a hit, but Saudi Arabia said it believes the crisis so far will have a “very ...

UAE energy minister urges markets to calm over coronavirus impact on oil demand

Monday, 27 January 2020

The UAE Minister of Energy Suhail al-Mazroui on Monday urged markets to not overreact to the possible impact of the coronavirus on oil demand. In his statement, al-Mazroui added that he is confident in the ability of China and the international community to bring the outbreak under control. The Minister said that the oil market is driven by “psychological factors.” He noted that the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia, collectively ...

Saudi energy minister: Kingdom, Opec+ to maintain oil market stability

Monday, 27 January 2020

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday the kingdom was closely monitoring developments in global oil markets resulting from “gloomy expectations” over the impact of the new coronavirus on the Chinese and global economy and oil market fundamentals. Prince Abdulaziz said he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it. The minister said the impact on global ...

Libyan national oil firm says production down 75 pct after oilfield closure

Sunday, 26 January 2020

The National Oil Corporation (NOC), the national oil company of Libya, announced on Saturday that its daily oil barrel production had fallen nearly 75 percent following the closure of the country’s biggest oil field by General Khalifa Haftar’s forces, according to a statement posted on the company’s official Facebook page.The company’s daily production was 320,154 barrels per day (bpd) as of January 23, 2020, down from an average daily production of 1.22 million bpd ...

Libya oil shutdown is a ‘bullet in the head,’ says bank governor

Saturday, 25 January 2020

Libya’s Central Bank Governor Sadiq al-Kabir called on the international community to help end a week-long shutdown of oil ports by eastern military commander Khalifa Haftar, likening the closures to a “bullet in the head.” It is too early to assess the damage from the blockade that’s halted crude exports from the OPEC country and forced the National Oil Corp. to declare a force majeure on supplies, Kabir said in an interview on Bloomberg Television. The shutdown comes ...

OPEC considering keeping oil cuts until year-end: Report

Friday, 24 January 2020

OPEC is discussing extending its oil cuts until the end of the year as the market still looks bearish, but the discussions are still at an early stage, Russia's TASS news agency cited an OPEC source as saying on Friday. The group of oil exporters is due to meet in March, but could also meet in June to decide on policy, the source was quoted as saying.

Iraq approves fifth round of gas exploration contracts in Diyala province

Friday, 24 January 2020

Iraq has approved contracts in a fifth bidding round for gas exploration contracts in the east of the country, the government said in a statement on Thursday.The exploration deals in Diyala province are to develop fields that are expected to produce more than 750 million cubic feet of natural gas within 36 months.Iraq, OPEC’s second-largest producer after Saudi Arabia, depends on oil sales for over 90 percent of its public budget and has been under pressure from the United States to reduce ...

Oil prices around $65 ‘good for the global economy’: IEA chief

Thursday, 23 January 2020

Oil prices remaining around $65 per barrel is “good for the global economy,” Executive Director of the International Energy Agency (IEA) Fatih Birol told Al Arabiya on the sidelines of the 2020 World Economic Forum in Davos, Switzerland. Birol noted, however, that he was concerned about Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC). “[Iraq’s] production today is about five million barrels per day … Iraq’s ...

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