• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes CoV-19: China, WHO, myth vs fact
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours Energy from thin air?
  • 16 hours Fast-charging, long-running, bendy energy storage breakthrough
  • 1 hour “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 6 hours Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 19 hours Can LNG Kill Oil?
  • 7 hours Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 20 hours "For the Public's Interest"
  • 2 days Solar Cells at 25 Cents Apiece (5 cents per watt)
  • 20 hours Cheap natural gas is making it very hard to go green
  • 21 hours The New Class War Exposes the Oligarchs and Enablers
  • 2 days Has Trump put the USA at the service of Israel?
  • 2 days Trump reinvented tariffs and it worked
How Much Further Can Libya’s Oil Production Fall?

How Much Further Can Libya’s Oil Production Fall?

Once perceived as the wildcard…

Oil May Be Down But It’s Certainly Not Out

Oil May Be Down But It’s Certainly Not Out

After five bearish weeks for…

Saudis Consider Further Cuts To Oil Exports

Riyadh

The latest word from the OPEC rumor mill is that pack leader Saudi Arabia is planning more oil export cuts – causing oil prices to jump on Tuesday.

Oil futures jumped up two percent in value after industry consultant Petroleum Policy Intelligence said the KSA had been considering lowering exports by a further 1 million barrels per day.

New production from Libya and Nigeria, two African countries that have been granted an exemption from production quotas due to their previously weak oil output, have brought hundreds of thousands of barrels online in the past few weeks.

Sources close to the Libyan oil sector said the country had reached 1.1 million bpd national output, according to World Oil. The country is set to participate in an OPEC technical meeting on July 22nd to discuss the “factors enabling and constraining Libya’s production recovery,” National Oil Company chairman Mustafa Sanalla said Tuesday.

“We think they are looking at options to speed up the rebalancing,” PPI founder Bill Farren-Price said of the KSA in the new report.

No further oil output cuts are on the agenda for the July meeting either, according to the cartel’s Secretary-General Mohammed Barkindo, who spoke to reporters at an industry conference in Istanbul earlier this month. Current production cuts from within OPEC amount to 1.2 million barrels per day in lower output, but this agreement, which went into effect in January, does not control exports at all.

Saudi Arabia tried cutting exports to the United States last month in order to force Gulf refiners to use up existing crude inventories, but soon after the announcement, Iraq reached a deal with American buyers to sell its own crude as a substitute for lower Saudi supplies.

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