• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 15 hours Oil prices going Up? NO!
  • 2 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 6 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 36 mins The Tony Seba report
  • 2 hours Kenya Eyes 200+ Oil Wells
  • 2 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Oil prices going down
  • 11 hours Saudi Arabia turns to solar
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 23 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 hours OPEC soap opera daily update
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Gazprom Exports to EU Hit Record
  • 1 day Tesla Closing a Dozen Solar Facilities in Nine States
U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves

The United States has overtaken…

Why OPEC+ Needed To Add More Oil

Why OPEC+ Needed To Add More Oil

OPEC’s decision to increase production…

Glencore Seeks To Offset Weak Year With Iran, Libya Oil Trading

Oil storage tanks

Mining and energy trading giant Glencore will be seeking to take on more crude oil trading in Iraq, Iran, Libya and Russia in a bid to boost its trading division, which does not look as good as it did last year, Alex Beard, Glencore's global head of oil, has said at the Reuters Commodities Summit.

“We are currently lifting products from (Iran's) NIOC and private firms and are looking to expand into crude,” Beard said.

With the slump in commodity prices in the past two years, Glencore has been using its trading divisions as a cushion against losses in its mining business.

The group reported earlier this year robust energy trading performance for 2015, “driven by successful execution within an attractive, opportunity rich oil market environment, partially offset by more challenging coal markets”.

This year, however, at least its first half, saw Glencore posting a 47-percent decline in core earnings at its energy trading division, due to more modest oil marketing conditions and challenging coal-trading environment.

Last year was also the year in which the mining and trading giant secured a deal with Libya’s National Oil Company to buy half of the country’s oil output.

Libya’s crude production has been rising since it started reopening export port terminals last month. Oil production is now between 505,000 and 510,000 barrels per day, up from 200,000-300,000 bpd before the reopening of the ports. The National Oil Corporation aims to raise output to 900,000 barrels per day by the end of this year.

Speaking at the Reuters Commodities Summit, Glencore’s Beard said:

“We're very happy with our relationship with NOC and we've been very pleased to support them through some difficult times in the last 12 months and we're open to do more business there.”

By Tsvetana Paraskova 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