Tag Archives: Attack

Oil prices have stabilized over the last two years largely thanks to a deal between OPEC and non-OPEC oil producers.

Over the past week Libya’s crude oil production has exceeded 1 million bpd for the first time since June.

Last month. Saudi Arabia temporarily halted oil shipments through Bab al-Mandab citing security concerns after Yemen’s Houthis attack.

Russia exports up to 500.000 b d of oil. products to the U.S.

The company had last month halted all its shipments through the route following an attack on two of its very large crude carriers.

An estimated 4.8 million barrels per day of crude oil and refined products flowed through the Strait in 2016 towards Europe.

U.S. crude oil inventories last week tumbled more than expected to their lowest level since 2015.

Most exports from the Gulf that transit the Suez Canal and the SUMED Pipeline also pass through Bab al-Mandeb strait.

As Saudi Arabia raised its production. the number of rigs drilling for oil in the US fell by 80%.

Last month. members of OPEC agreed to pump an additional 1 million barrels of crude daily.