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New Sanctions Heighten Tensions Between Turkey And The U.S.

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Markets & Geopolitics

While production was unaffected when Storm Daniel out of the Mediterranean hit land in eastern Libya, the country’s key oil export terminals were all temporarily closed last weekend amid a state of emergency. Though reopened by Tuesday and Wednesday, the closures helped put upward pressure on oil prices in combination with OPEC+ voluntary production cut extensions and indications of tighter supply and excess demand for the fourth quarter of this year. Storm Daniel wreaked havoc on the eastern port city of Derna, with the death toll now topping 11,000 and rising in the aftermath. The devastation served to further highlight the vulnerability and instability caused by rival governments (the eastern government in Benghazi and the western government in Tripoli), and there may be further politically destabilizing implications of the storm, which touched down only in the east.

OPEC’s MOMR showed that production rose in August for the group by 113,000 bpd, although Saudi Arabia made good on its promise to cut production. Saudi Arabia’s production fell by 88,000 bpd, but Nigeria and Iran saw their production climb.

Freeport LNG feedgas intake is still lagging behind capacity for nearly a week now, with analysts suspecting a continued outage. The plant’s draws have fallen to an average of 0.4 Bcf/d over the past five days, down from 1.8 Bcf/d last week. Cargoes have been canceled, including those for BP and Total. Freeport…





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