Light Sweet Crude Exports Jump at LOOP
The Louisiana Offshore Oil Port (LOOP) exported a record 283,333 barrels per day of light sweet crude last month, according to trade sources, as prices weakened against global Brent.LOOP, which exports mostly medium sour grades produced in the U.S. Gulf of Mexico, last month exported more than twice the amount of light sweet from the prior month. Overall exports of U.S. crude hit a record 3.77 million barrels per day (bpd) one week in June, U.S. government data showed.A decline in oil imports at the facility, stemming from record U.S.
Libya's Oil Output Down Sharply in 2018
Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said in a statement on Monday.The NOC had not previously stated how high the country's production had climbed after partially recovering to more than 1 million bpd a year ago.In the video statement dated July 8 the chairman of Tripoli-based NOC, Mustafa Sanalla, said the Feb.
Bad Weather Closes 3 Major Mexican Oil Ports
Three of Mexico's major oil export ports along the Gulf coast have been closed due to bad weather, the Communications and Transport Ministry said on Tuesday. Cayo Arcas, Dos Bocas and Coatzacoalcos have been closed since Sunday. Nearly all of Mexico's crude exports from Pemex, the state-owned oil producer, are shipped from the three ports to Gulf coast refineries in the U.S. states of Texas and Louisiana. (Reporting by Joanna Zuckerman Bernstein; Editing by Jeffrey Benkoe)
Libya's Two Biggest Oil Ports Were Not Damaged During Clashes
Libya's two biggest oil export ports, Ras Lanuf and Es Sider, have not been damaged during recent clashes between forces allied to the country's competing governments, port engineers said on Friday. A force allied to a rival government in Tripoli launched an offensive last Saturday to seize both eastern ports held by army forces loyal to the recognized government also based in the east. The state oil firm has shut down both terminals. "The port facilities were not damaged," port engineers told a Reuters reporter visiting both terminals.
Libyan Rival Force Says Will Continue Offensive to Take Oil Ports
A Libyan force allied to a non-recognized parliament in Tripoli will continue a military offensive to take eastern oil ports but will not damage the facilities, its spokesman said on Tuesday. Ismail al-Shukri told reporters oil workers would be able to return after the end of what he called a military operation. Libya's two biggest oil export ports, Es Sider and Ras Lanuf, stopped working after the force moved on Saturday to try capture them. The country's recognized government operating out of the east says it still controls the ports.
Brent Oil Back Below $100
Brent crude oil prices fell back below $100 per barrel on Tuesday in volatile trade, down for a fourth day and under pressure from strong supplies. Prices were not far above a recent 16-month low as feared cuts to supply due to violence in the Middle East have failed to materialise. However, the potential for disruption to production in Iraq where a violent insurgency by Islamic State continues has helped prevent further weakness. Brent also had support as Britain's North Sea Buzzard oilfield was shut down again on Monday night…
Oil Pushes Above $108 on Downed Airliner, Gaza
Geopolitical risk spurs jump in oil, gold; Obama warns of further sanctions against Russia. Libya calls for U.N. help to protect oilfield, ports. Oil prices set for first weekly gain in four weeks. Brent crude oil climbed above $108 a barrel on Friday, extending sharp gains on heightened geopolitical risk after the downing of a Malaysian jetliner over eastern Ukraine and as Israeli ground troops advanced into Gaza. News of the crash of the…
Libyan Rebel Leader: Govt Has Not Fulfilled Deal to Reopen Ports
A rebel group controlling two large oil export ports in eastern Libya said on Wednesday the government had not fulfilled its part of an agreement to reopen the ports. Abd-Rabbo al-Barassi, self-declared prime minister of the group, also told a pro-rebel television station it refused to deal with new Prime Minister Ahmed Maiteeq. (Reporting by Ulf Laessing; Editing by Andrew Roche)
U.S. Crude Jumps $1 on Jobs Data, Libya Doubt
Crude oil prices on both sides of the Atlantic rose on Friday as data showed strong jobs growth in the United States and investors cast doubt on reports Libya's oil ports were about to reopen. The March U.S. non-farm payrolls report showed 192,000 jobs were added in March in major test of the argument that the economic weakness of January and February was due to bad weather. Expectations had been building that an eight-month blockage of Libya's oil export ports would end after rebels and the government said they were close to an agreement.
