• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 15 hours Fukushima
  • 2 days America's pandemic dead deserve accountability after Birx disclosure
  • 19 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 58 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 2 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 13 hours Biden about to face first real test. Russia building up military on Ukraine border.
  • 15 hours Joe Biden's Presidency
  • 1 day New Chinese Coal Plants Equal All those in U.S.A
  • 4 days Does .001 of Atmosphere Control Earth's Climate?!
  • 3 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 4 days The coming Cyber Attack
Ross McCracken

Ross McCracken

Ross is an energy analyst, writer and consultant who was previously the Managing Editor of Platts Energy Economist

More Info

OPEC Powerless Against Global Production Growth

Despite US sanctions on Iran, Venezuela’s ongoing crisis, Libya being at risk of conflict-related oil disruption and Russian oil exports curtailed by contamination problems, oil prices have weakened considerably, plummeting from close to $69/barrel May 28 to below $62/b May 31.

Saudi Arabia had promised to make up any lost barrels resulting from the US’ tough stance on sanctions, but there has been little need to do so. The OPEC kingpin produced 9.82 million b/d in April, according to third-party reports, marginally less than in March.

Libyan flashpoint

Fears of disruptions to Libya’s oil supplies have so far not materialized, but that doesn’t mean they should be discounted. Libya remains a flashpoint. Oil revenues are currently distributed by a combination of the National Oil Company, the only body authorized to export crude, and Libya’s central bank, both located in Tripoli, which is currently being besieged by General Khalifa Haftar’s Libyan National Army (LNA). The LNA and its allies control the bulk of oil production and distribution infrastructure.

As the military situation appears to have reached a stalemate and the battle becomes more attritional, oil revenues are likely to prove the weapon that tips the balance. In a free for all, it is by no means clear that Haftar’s alliance will hold together. NOC chief Mustafa Sanalla warned in May that 95% of the country’s oil production could be lost –…




Oilprice - The No. 1 Source for Oil & Energy News