Tag Archives: Oil Production

While geopolitical tensions in the Middle East Gulf remain high. with US sanctions recently extended to more Iranian officials and a Chinese oil importer. as well as another tanker seizure.

OPEC can no longer ignore Russia because of its importance as an oil exporter and its economy.

The field produces about 290.000 barrels per day (bbl d). accounting for a quarter of Libya’s oil production.

OPEC and its allies have agreed to cut production by 1.2 million b d through to the end of the first quarter of 2020.

Crude oil futures were lower as global economic outlook dimmed over an escalation in US-China trade tensions.

Among countries with higher output. Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

The halt in production at Libya'.s largest field severely disrupts the country'.s energy supply.

Shipping insurance has climbed following multiple rounds of seizures and tanker attacks earlier this year.

IEA countries hold 1.55 billion barrels of public emergency oil stocks.

West Texas Intermediate futures rose one per cent to $56.32 a barrel on the New York Mercantile Exchange. Brent crude.