Iraq's Nassiriya Oilfield Resumes Operations
Operations resumed at Iraq's southern Nassiriya oilfield on Monday, the oil ministry said, but it will take up to two days for output to be fully restored, two oil sources said.Protesters broke into the oilfield, which produces 80,000-85,000 barrels of oil per day, on…
Oil Rises as U.S. Sanctions on Iran Tighten Supply
Oil prices rose on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.Global crude oil benchmark Brent was up 60 cents at $82.32 a barrel by 1340 GMT. The contract hit a four-year high of…
China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said.Dropping crude oil from the final tariff list on $16 billion in U.S.
Rising Oil Prices Herald Next Phase in Cycle
Oil prices are now in the top half of the cycle, with benchmark Brent on Thursday trading above $80 per barrel for the first time since November 2014.In real terms, prices averaged $75 per barrel over the course of the last full cycle, which lasted from December 1998 to…
Libya's NOC Withholding Total's Share of Waha Crude
Libya's National Oil Corp (NOC) is withholding Total's share of crude from the Waha concession as a dispute drags on over the French oil major's purchase of Marathon's stake in the concession two months ago, Libyan oil and industry sources said.Total closed a $450 million…
Libyan Crude Pipeline Blast Blamed on Attackers
Armed men blew up a Libyan pipeline pumping crude oil to Es Sider port on Tuesday, reducing the North African country's output by around 90,000 barrels a day, military and oil sources said. The attackers arrived at the site near Marada in two cars and planted explosives on the pipeline, a military source said.
Buyers Eye Sinopec's Argentina Oil Assets
Sinopec's Argentine assets worth about $750 mln-$1 bln; Sonangol, Rosneft among potential suitors. Advisers to China's Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter said, as losses and labour headaches prompt Asia's largest refiner to pull out.
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…
Oil Falls on Surprisingly High U.S. Inventories
Libya's Sharara oilfield remains shut - sources; U.S. gasoline stocks rise by 1.4 million barrels. Oil prices fell on Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in U.S. gasoline inventories.
North American Exodus at PetroChina Sparks Speculation
A flurry of departures across the U.S. and Canadian units of Chinese state energy firm PetroChina Co Ltd have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region. More than 30 people…
Nigerian Oil Labour Union Calls for Exxon Mobil Shutdown in Delta
A Nigerian oil labour union on Friday called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta, a union representative said. Reuters was unable to independently verify whether union members had shut down the company's facilities. Oil sources said there had been no impact on production.
Oil Climbs on U.S. Inventory Data
OPEC members to hold informal talks; meeting could lay foundation for output agreement in November. Oil prices rose on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.
Trafigura Extends Credit to China Teapots
Clinches deals with Shandong refiners Shouguang Luqing, Huifeng. Crude oil came from Latin America. Trafigura has extended the credit period for two independent Chinese refiners to buy crude, marking a more aggressive push by the global commodity trader to feed the growing appetite of so-called "teapot" refiners to import oil…
Saudis Regain Top China Crude Supply Ranking
Saudi Arabia, the world's biggest oil exporter, regained its position as China's top crude supplier in June, after losing out to Russia over the previous three months, customs data showed on Thursday. China imported 4.569 million tonnes of crude from Saudi Arabia in June…
Tullow Oil Convertable Bond Offering
Tullow Oil plc today announces the launch of an offering (the “Offering”) of $300 million of Convertible Bonds due 2021 (the “Bonds”). The proposed Convertible Bond Offering will further diversify Tullow Oil’s sources of funding and the proceeds will be used for general…
Libya to Resume Oil Shipments from Hariga
Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country, Libyan oil sources told Reuters. Exports from the port have been blocked since…
Iran Sees Oil Output Rising to Pre-sanctions Level by June
Iran's oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying on Tuesday in what could be read as a signal that it might be willing to join efforts to support prices by the time OPEC meets next. Talks between OPEC and…
China's Saudi 2016 Crude Contracts Unchanged
Saudi Aramco to ship 1.1 mln bpd contract crude to China in 2016; share of China crude imports at 15 pct, down from 20 pct in 2012. Saudi Arabia has extended annual crude oil contracts with China for 2016 at almost unchanged volumes for a third year, as Chinese buyers…
Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?
IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 -- provides our forecast of orders for floating production systems between 2016 and 2020.
Deepwater Downturn: Bump in the Road or Long-term Slowdown?
IMA/World Energy Reports has just completed a comprehensive assessment of the five year outlook for the deepwater sector. The new report – the 19th annual floater market forecast prepared by IMA since 1996 – provides our forecast of orders for floating production systems between 2016 and 2020.
