Brent Softens, but Third Week of Gains Likely
Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week. International benchmark Brent futures were trading at $50.70 per barrel at 1128 GMT, down 19 cents from their last close. Brent earlier hit $51.22, its highest since June 22. U.S. West Texas Intermediate (WTI) crude futures were down 9 cents at $48.13 a barrel after reaching $48.75…
Libya's NOC Says Tanker Will Transfer Oil from Threatened Port
Libya's National Oil Corporation (NOC) said on Thursday that rival forces had agreed to let a tanker dock at Zueitina port to load oil and take it to a safe place. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum Facilities Guard (PFG) and forces loyal to eastern commander Khalifa Haftar. The PFG has signed a deal to end its blockade of Zueitina and two other ports with the U.N.-backed Government of National Accord (GNA) in Tripoli…
Attack Damages Oil Pipeline South of Libya's Zueitina Port
Maintenance teams are working to repair damage caused by an attack on an oil pipeline south of the Libyan port of Zueitina, a spokesman for the pipeline's guards said on Monday. It was not clear who carried out the attack late on Sunday evening, but Islamic State militants have been active in the area in recent weeks. An explosion and fire hit the pipeline in the desert 75 km (47 miles) south of the terminal, said Ali al-Hassi, a spokesman for the Petroleum Facilities Guard that controls nearby oil installations.
Libya in Talks to Reopen El Feel, El Sharara Oilfields
Libyan authorities will try during the month of Ramadan to reopen pipelines for El Feel and El Sharara oilfields and Zueitina port that have been blocked for weeks by protests and disputes, the state oil company said on Tuesday. The two major oilfields and oil terminal have been shuttered by protesters demanding jobs, disputes among security guards and the country's conflict between two rival governments battling for control of the north African OPEC state.
Libya Plans to Boost Production at Sarir, Messla Fields
Libya aims to boost production at the southeastern Sarir and Messla oilfields feeding the Hariga terminal to 180,000 barrels a day, a spokesman for the state operator said on Wednesday. Libya has restarted both fields, shut after a pipeline blast, which halted crude supplies to Hariga, the biggest onshore export port still working amid growing chaos in the OPEC member country. On Tuesday, pumping levels reached around 40,000 barrels, an industry source said.
Libya Pipeline Repaired, Yields 30,000 bpd to Hariga
Libya has resumed pumping crude from its southeastern Sarir and Messla fields to Hariga port at a rate of around 30,000 barrels a day, an industry source said on Monday, bolstering a potential recovery in exports after Zueitina port opened at the weekend. Higher oil exports, which had fallen to a trickle as violent conflict between two rival governments and parliaments disrupted supplies, may bring in badly needed revenues for the OPEC member as it faces a growing public finance crisis.
Protesters Threaten to Close Another Libyan Oilfield
Protesters blocking Libya's Abu Attifel oilfield threatened to close another field to force a state oil company to hire hundreds of local people, a spokesman for the protesters said on Tuesday. The oilfield, a joint venture between Italian oil major Eni and Libya's state oil company, has been closed for a year by locals who demand jobs, part of a wave of strikes at oil facilities that began in July 2013. Protests have ended at other oilfields, but the shutdown continues at Abu Attifel in Jalu, in Libya's volatile east.
Oil Rises on Ukraine Fighting, US Job Growth
Brent crude futures rose by almost $1 to above $108 a barrel on Friday as fighting between Ukraine's army and a pro-Russian group in the east intensified, stoking fears of energy supply disruptions from the region. The west has threatened more sanctions against Russia, which it believes is helping separatist groups. So far, U.S. and EU measures have not affected natural gas or oil flows. Fears are also growing over potential Russian measures.
First Tanker To Dock At Libya's Zueitina Port
Libya's eastern Zueitina oil port will receive late on Thursday its first tanker of crude since reopening after nearly ten months due to protests, state-run National Oil Corp (NOC) said. The tanker would load one million barrels of crude, NOC spokesman Mohammed El Harari said. According to shipping sources, Austria's OMV had chartered the Ottoman Tenacity. A second tanker would load crude on May 5 and a third one after that, Harari said.
Libyan's Zueitina Port To Open After Damages Assessed
Libya's eastern oil port of Zueitina, which had been occupied by rebels as part of an eight-month oil blockade, will reopen after damage at its facilities has been assessed, the country's justice minister said on Sunday. Salah al-Merghani also told reporters in the eastern city of Benghazi that a committee to investigate oil corruption had been formed, as agreed under a deal between the government and rebels to end a blockade of eastern oil ports.
Libyan Oil Port Re-Opening Delayed
Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider terminals would resume oil exports within a month.
Libya's Zueitina Oil Port Reopening Delayed
Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider terminals would resume oil exports within a month.
More Disruption at Libya's Oil Ports
Libya may have averted a state collapse by striking a deal with eastern rebels to reopen occupied oil ports, but technical delays and simmering federalist dissent threaten to disrupt production once again. On Sunday, Libya's fragile government reached an agreement with Ibrahim al-Jathran, the leader of eastern rebels, to reopen two oil ports they were holding and lift a nine-month blockade crippling crude exports. Under the deal, Hariga and Zueitina ports will reopen immediately…
Two Refiners to Load Oil at Libya's Hariga Port
Barely a day after Libya's National Oil Corp (NOC) lifted force majeure at Hariga port, two refiners are already preparing to pick up Sarir crude from storage over the next two weeks, trading and shipping sources said on Friday. The Aegean Dignity is on subjects - meaning final arrangements are being made- to load crude at Hariga around April 15-16, sources said. Reuters AIS Live ship tracking showed the tanker with orders to sail to Libya. The charterer was Austrian energy group OMV, they added.
Update: Brent Crude Eases Towards $107, Eyes on Libya
Oil prices slipped towards $107 a barrel on Thursday as weaker data from China and OPEC stoked concerns that growth in global oil demand was easing while markets watched for evidence of a resumption in Libyan exports. Chinese exports unexpectedly fell for a second straight month in March and imports dropped sharply, intensifying expectations of weaker manufacturing and slowing growth in the world's No. 2 economy. Crude imports fell to a five-month low, but rose 2 percent on last year.
Brent crude eases toward $107, eyes on Libya
China exports fall for 2nd straight month in March, while U.S. crude stocks rise, at a record on the Gulf coast (EIA). Libya's oil guards take control of Hariga port, Zueitina pending and OPEC sees lower demand for its crude in 2014. Separately, Brent to fall to $107.17. Oil prices slipped towards $107 a barrel on Thursday as weaker data from China and OPEC stoked concerns that growth in global oil demand was easing while markets watched for elusive evidence of a resumption in Libyan exports.
Med Crude: Urals Weakens In The Baltic
Russian Urals crude weakened in the Baltic on Wednesday due to a number of unsold cargoes while Kazakh CPC continued to strengthen due to a lack of sweet barrels. In the Platts window, Trafigura bought a cargo of Urals from Eni at dated Brent minus $1.30 a barrel, some 35 cents weaker than previous price estimates, traders said. Total bid for a cargo of CPC at dated Brent minus 40 cents, some 10 cents stronger than previous price estimates.
Baltic Med Crude-Urals Weakens, Opens Arb Options
Russian Urals crude weakened in the Baltic on Wednesday due to a number of unsold cargoes while Kazakh CPC continued to strengthen due to a lack of sweet barrels. In the Platts window, Trafigura bought a cargo of Urals from Eni at dated Brent minus $1.30 a barrel, some 35 cents weaker than previous price estimates, traders said. Total bid for a cargo of CPC at dated Brent minus 40 cents, some 10 cents stronger than previous price estimates.
UPDATE: After Deal, Libya's Ports Prep to Load Oil Tankers
ZUEITINA PORT, Libya/TRIPOLI, April 7 - Libya's Zueitina oil port prepared on Monday to load crude into tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since the summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700,000 barrels per day of the OPEC country's crude exports.
Brent oil rises towards $108/barrel on Ukraine worries
Russia seeks to reassure West, Ukraine over troops, while US crude stocks rise 7.1 mln bbls, 6 times forecast (API). Libya still not in full control of re-opened eastern port. Brent crude rose towards $108 a barrel as rising tension between Russia and Ukraine overshadowed the bearish impact of a steep rise in crude oil stockpiles in the United States. While the Ukraine crisis may not directly impact global oil supplies and trade, the…
