International

Turkey on Wednesday rejected claims by Greece that its oil-and-gas research vessels were encroaching on Greek waters in the eastern Mediterranean and said it would continue to defend its legitimate rights and interests in the region. A Foreign Ministry statement, however, also renewed a call by Ankara for dialogue to …

Iraq’s Gharraf oil field has restarted production at a rate of 50,000 b/d after output was suspended in mid-March as part of measures to contain the coronavirus pandemic, a Japan Petroleum Exploration spokesman told S&P Global Platts July 22. Production was restarted July 21 after Malaysia’s Petronas, the operator of …

South Sudan is banking on a better year in 2021 after efforts to rebuild its oil industry were knocked by the coronavirus and a collapse in crude prices.“We experienced prices that had never been there before and we are running at a loss” along with private operators, Awow Daniel Chuang, …

India proposes to build a portion of its strategic oil reserve in the US to take advantage of current low prices and quickly scale up its storage. The move will allow the country to quickly enhance the strategic oil reserve to meet 100 days of oil requirements from present capacity …

Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners. The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai …

For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report obtained by Vanguard, OPEC stated that the data …

The European Union firmly opposes unilateral sanctions and threats of sanctions by the United States, as they affect the interests of European companies, including Nord Stream 2 and Turkstream gas pipelines. Such measures go against the international law, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said …

Iraq will supply less oil to some refiners in Asia and Europe as it seeks to meet its production-cut target under the OPEC+ output agreement. SOMO, the state-run oil marketing company in OPEC’s second-biggest producer, notified at least six customers in Asia that it won’t fulfill their requests for contractual …

Russian refineries are keeping output low despite the end of spring turnarounds, as crude availability becomes tight as a result of cuts agreed by OPEC and its allies, according to trading sources. “There is a dearth of crude supply, and volumes are reduced,” a trader said. Refinery throughput at Russian …

U.S. crude oil production from seven major shale formations is expected to decline by about 56,000 bbl/d in August to about 7.49 million bbl/d, the lowest in the two years, the U.S. Energy Information Administration (EIA) said in a monthly forecast on July 13. The biggest decline is forecast for …