Europe's Iranian Oil Purchases Set to Plummet
Key lender for Europe's oil purchases cuts credit from June 30. European refiners are cutting purchases of Iranian oil faster than expected as the U.S. prepares to reimpose sanctions on Iran, threatening a more severe impact than the last round of punitive measures in 2012 even though the EU has not joined in. Washington said that companies would…
Iran Oil Production, Exports Not Impacted by Protests
Iran's crude oil production and exports have not been impacted by the unrest spreading across the country, Iranian oil and shipping sources said on Tuesday, as a crackdown intensified against anti-government demonstrations that began last week. Iran, OPEC's third-biggest oil producer, pumps around 3.8 million barrels per day. "I see no impact on the production and export…
Saudis Push for Extension of OPEC Cuts
Riyadh favours nine-month extension, decision on Nov. 30. Top crude exporter Saudi Arabia is lobbying oil ministers to agree next week on a nine-month extension to OPEC-led supply cuts, sources familiar with the matter said, as Riyadh seeks to ensure a price-sapping glut is eradicated. The Organization of the Petroleum Exporting Countries, non-member…
Mideast OPEC Producers Doubt Rally is Sustainable
OPEC, others have cut supply since January; benchmark Brent nears $60 a barrel but rising U.S. shale production threatens rally. Middle East OPEC producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30 percent higher since June, OPEC and industry sources said. Supply cuts since Jan.
Cano Pipeline, Occidental Oilfield Restart After Attacks
Occidental Petroleum Corp has restarted crude production at Colombia's Cano Limon oilfield and its pipeline is pumping again after a series of rebel attacks shut output and transport for several weeks, the military said on Monday. The 485-mile (780-km) Cano Limon pipeline, which has the capacity to transport up to 210,000 barrels of crude daily (bpd) from the field in Arauca province to the Caribbean coast, was shut down on Nov.
Saudis Order Oil cuts to U.S., EU, Ahead of non-OPEC talks
OPEC to meet non-OPEC countries in Vienna in Saturday; Russia signals deal still faces challenges. Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January as Russia signalled that a commitment from non-OPEC producers to join OPEC's output limits still faced challenges. Saudi Arabia told the customers about…
Colombia's Cano Limon Oilfield Stops Production After Attacks
Crude production at Colombia's Cano Limon oilfield was halted on Friday after a series of pipeline attacks by leftist rebels prevented operator Occidental Petroleum Corp from moving oil to port, oil industry sources said. The field's pipeline, which moves crude from the country's northeast to the Caribbean, has been shut since Nov. 17 because of bombings the military attributed to the National Liberation Army (ELN) rebels.
Anger in the Delta Keeps Nigerian Crude Offline
Splinter militant groups a hurdle to ceasefire talks. Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil…
Anger in the Delta Keeps Oil Majors Quiet
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil - a sophisticated bombing of the subsea Forcados pipeline - dozens of attacks have pushed outages to more than 700…
France Raises Fuel Imports to Cover Shortages From Strikes
France is increasing its imports of refined fuels via cross-border pipelines, barges and tankers to replenish stocks and ease shortages after a more than week-long strike by oil workers disrupted supply, three industry sources said. An over-capacity in the European refinery market meant that the continued shut down of at least four out of France's eight refineries had not translated into much higher prices, one of the sources said.
Saudis, Kuwait Struggle to Restart Khafji Oilfield
Kuwait and Saudi Arabia appear no closer to restarting their jointly operated Khafji oilfield, industry sources said, despite Kuwait saying the sides had agreed to ramp up output after an 18-month shutdown. Any delay in the restart of the Neutral Zone field that produced 280,000 to 300,000 barrels per day (bpd) before environmental problems forced…
Kuwait to Start Offshore Oil Exploration
Kuwait plans to start an offshore oil exploration program within two years, state news agency KUNA on Wednesday cited a Kuwait Oil Co (KOC) executive as saying, part of plans to boost oil output capacity. In comments suggesting Kuwait will maintain energy investments despite plunging oil prices, KOC's manager of planning, Bader Al-Attar, was quoted as saying his country aimed to add a total of 700…
