• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
Is Hydrogen Fuel As Dumb As Musk Thinks?

Is Hydrogen Fuel As Dumb As Musk Thinks?

Hydrogen fuel cells have been…

Global Energy Advisory Friday 20th October, 2017

Global Energy Advisory Friday 20th October, 2017

As tensions surrounding Kurdistan rise,…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Brent Slips Below $45 As Glut Uncertainty Continues

Oil Barrels

Brent crude slipped below $45 on Wednesday, reaching its lowest price since last November as a supply glut continues to plague oil markets, according to a new report by Bloomberg.

“There’s a sea of negativity," Maxwell Gold of ETF Securities LLC said. "This is much more a story of sentiment weighing on the markets."

The U.S. Energy Information Administration reported a 2.5 million barrel draw on domestic inventories on Wednesday, but the news was not enough to boost West Texas Intermediate (WTI) prices, which have fallen 22 percent from a peak in January.

“I don’t think one report by itself is enough to dispel the fears," Gene McGillian, manager for market research at Tradition Energy, said. "I would be surprised if this is the beginning of a turnaround."

At the end of last month, Saudi Arabia announced a plan to lower exports to the U.S. to force American refineries to use the millions of barrels of crude in storage. A few days later, Bloomberg reported that Iraq had negated its ally’s export cut by offering its own crude as a substitute for Saudi supplies.

Reuters reported today that OPEC-member Nigeria is set to increase exports to 2 million barrels per day in August. The African nation is exempt from the terms of the bloc’s deal to cut output by 1.2 million barrels per day through March 2018. Loading plans compiled by Reuters show 2.02 million bpd of shipments planned on 67 vessels, some of which had previously been scheduled for July, but had to be pushed back due to loading delays.

Libyan oil production is also on the rise, with the country today announcing that output had reached 900,000 barrels per day. By next month, that figure will touch 1 million.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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