Libyan Oilfield Fire Adds To Oil Outages In Iran, Venezuela
The Sarir oilfield in Libya’s Sirte basin has seen its oil production drop by 30,000 bpd since June 9 when a fire broke out in a power generator due to Continue Reading
Iraq hikes production in May
Despite an OPEC quota, output is rising. Iraq increased crude output in May by about 234,000 barrels per day (bpd), reversing a months-long trend of production cuts to meet OPEC Continue Reading
Saudi Arabia’s oil reserves jump 30 billion barrels after data review: BP
Saudi Arabia’s proved oil reserves are 11% higher than previously thought at close to 300 billion barrels, according to the latest estimates by BP, after the world’s top oil exporter Continue Reading
Angola bets on renewable energy to cut reliance on oil
Angola plans to launch a renewable energy auction that could help reduce reliance on oil, after one of its worst fuel shortages in May, energy secretary Antonio Costa said on Continue Reading
Nigeria’s Refineries Operate At 5.55 Percent Capacity, Record N16 Billion Deficit in March
Nigeria’s four refineries operated at just 5.55 percent of their combined nameplate capacity of 445,000 barrels daily (b/d), according to latest data released by Nigerian National Petroleum Corporation (NNPC), underlining Continue Reading
Nigeria: Forcados Shutdown Drags Nigeria’s Production As OPEC’s May Output Shrinks
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, Continue Reading
Cubans facing food rationing as Venezuelan oil cash dries up
Residents queue to buy yoghurt in Havana. Essential ingredients have begun to dry up throughout Cuba Cubans are experiencing chronic food shortages after imports of fuel from Venezuela dried up, Continue Reading
Escalating Trade War Signals More Pain For Oil
Trump backed off his proposed trade war with Mexico in the face of intense pressure from business groups and even his own party, but his faith in tariffs remains unbowed. Continue Reading
Trump defends tariff strategy, China says ‘not afraid’ of trade war
U.S. President Donald Trump on Tuesday defended the use of tariffs as part of his trade strategy while China vowed a tough response if the United States insists on escalating Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels Brent crude oil spot prices averaged $71 per barrel (b) in May, largely unchanged from April 2019 and almost $6/b lower than the price in Continue Reading