Oil prices rise ahead of crucial OPEC meeting

Wednesday, 20 June 2018

Oil prices rose on Wednesday, supported by reports of a drop in US commercial crude inventories and the loss of storage capacity in Libya, but under pressure ahead of a meeting of OPEC exporters which may increase global production. Brent crude was up 50 cents at $75.58 a barrel by 1335 GMT. US light crude was $1.05 higher at $66.12. US crude inventories fell by 3 million barrels to 430.6 million barrels in the week to June 15, according to an American Petroleum Institute report on Tuesday. ...

Clashes at Libya oil ports cut output by nearly half

Wednesday, 20 June 2018

Clashes between rival groups in Libya’s key oil export ports have caused output to drop by nearly half, the head of the National Oil Company said on Wednesday. “Production has seen a reduction by 450,000 barrels per day, plus 70 million cubic feet of natural gas, equivalent to $33 mln in sales based on market prices” Mustafa Sanallah told AFP via email. The Ras Lanuf and al-Sidra terminals have been closed since Thursday when armed groups attacked oil facilities held by forces ...

OPEC mulls hiking oil production by 1.5 million barrels a day

Monday, 18 June 2018

Russia and Saudi Arabia will ask OPEC to hike production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.OPEC and Russia decided together in 2016 to cut their supply in order to push prices up following a crash induced by a global crude production glut.An oil production shortfall in Iran and Venezuela has changed the scenario for the two countries and members of the oil cartel.Novak said Moscow and Riyadh “propose ...

Libya’s NOC calls on armed faction leader to withdraw from oil crescent

Saturday, 16 June 2018

Libya’s National Oil Corporation (NOC) called on Saturday for the “unconditional and immediate” withdrawal of militia loyal to Ibrahim Jathran from Ras Lanuf and Es Sider terminals, warning of further damage to key infrastructure. Jathran headed an armed group that blockaded the terminals in Libya’s oil crescent for three years before being forced out by the rival Libyan National Army (LNA) led by Khalifa Haftar, the dominant figure in eastern Libya. The NOC said storage ...

Egypt announces steep fuel price increase as part of austerity measures

Saturday, 16 June 2018

Egypt's Ministry of Oil has announced steep increases in fuel and cooking gas prices as part of the country's economic reforms and austerity measures. The ministry says the new prices will go into effect starting Saturday morning. Prices for cooking gas increased from 60 to 100 pounds (from $3.3 to $5.6), which is a more than 60 percent increase. Ninety-two octane gasoline increased from 5 pounds to 6.75 pounds per liter, or about a 34 percent increase. Eighty octane gas increased from 3.65 to 5 ...

Oil falls $2 a barrel ahead of OPEC meeting

Friday, 15 June 2018

Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world’s biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output. Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. US light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while US crude is heading to fall 0.7 percent. ...

Clashes halt oil loadings at Libya’s Es Sider, Ras Lanuf ports

Thursday, 14 June 2018

Libya’s Es Sider oil port shut on Thursday due to armed clashes in the area and at least one storage tank in the neighbouring Ras Lanuf terminal was set alight, an engineer told Reuters. Loadings were suspended at Ras Lanuf, according to a local shipping agent. The clashes between forces loyal to Khalifa Haftar’s Libyan National Army (LNA) and rival armed groups were taking place south of Ras Lanuf, where the LNA was targeting its rivals with air strikes, local sources said. The ...

Trump, Iran spar over oil prices ahead of OPEC meeting

Wednesday, 13 June 2018

US President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.” Oil prices have risen by around 60 percent over the last year after the ...

Egypt, Ethiopia agree to settle differences over Nile mega-dam

Sunday, 10 June 2018

The leaders of Ethiopia and Egypt vowed on Sunday to iron out their differences over a dam Addis Ababa is building on the Nile River that Cairo fears threatens its water supplies.Talks over the Grand Renaissance Dam, Ethiopia’s $4 billion hydroelectric project, have been deadlocked for months. But at a press conferee in Cairo, Ethiopian Prime Minister Abiy Ahmed and Egyptian President Abdel Fattah al-Sisi signalled they had made a breakthrough.“We have come a long way in building ...

First Iraq-flagged oil tanker in three decades leaves port

Saturday, 9 June 2018

An Iraq-flagged tanker carrying two million barrels of crude oil has set sail for the US, the first such trip in nearly three decades, the oil ministry said on Saturday. Iraq, which has been ravaged by a series of wars since the 1980s, is OPEC's second biggest producer with 153 billion barrels of proven crude reserves. “The Baghdad left Basra on Friday night headed for the United States. It is the first time since 1991 that Iraq is running its own oil tankers,” oil ministry spokesman ...

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