Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart
Exxon said to be on brink of resumption of top Nigeria grade Libya lifts export restriction on ports halted for months Amid the most enduring global oil glut in decades, Continue Reading
OPEC Production Sinks On Libya And Nigeria
The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016. All charts are through August 2016. (Click to enlarge) OPEC crude only production Continue Reading
Iraq posts modest but sustained oil gains
OPEC’s number two oil producer is on track to increase exports by more than 7 percent this year, while it battles to buoy investor sentiment amid a damaging fiscal crisis.Senior Continue Reading
Saudi prince warns Iran against using force to pursue rivalry
A senior Saudi official, responding to Iranian criticism of Riyadh’s management of the haj pilgrimage, urged Iran to end what he called wrong attitudes toward Arabs and warned it against Continue Reading
Iraqi Kurds Seize Islamic State-Held Land, Bolstering Leverage for Future
Iraqi Kurds have pushed forward with renewed vigor to retake land from Islamic State in recent weeks, territory that could be used as bargaining chips in future negotiations they are Continue Reading
Geopolitical Oil Glut: What Happens When Libya Exports 600,000 bpd in 4 Weeks?
Only a day after the head of the Libyan National Army (LNA) took over Libya’s key oil ports to the dismay of Western powers trying to gain support for a Continue Reading
World’s Most Expensive Oil Project Could Finally Come Online
One of the world’s largest oil projects could soon come online, bringing a rush of new supply that could delay the oil market balance. The Kashagan oilfield is years behind Continue Reading
Senegal the next big thing in oil, company says
Senegal may be situated in the hot spot for oil and gas discoveries offshore, an Australian energy company said. Photo by project1photography/UPI/Shutterstock PERTH, Australia, Sept. 14 (UPI) — Emerging oil Continue Reading
Nigeria: Three Months After Force Majeure, ExxonMobil Resumes Export
Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared Continue Reading
PDVSA Seeks to Buy Time for Oil Rally With $7 Billion Debt Swap
Company wants to exchange bonds due in 2016, 2017 for new debt PDVSA needs half of private bondholders to swap, Nomura says Venezuela’s state-owned oil company has been on default Continue Reading