Libya’s National Oil Corporation said on Friday that recent oilfield closures have caused the loss of approximately 63% of the country’s total oil production, as a conflict between rival eastern and western factions continues. The North African country’s oil blockade has widened, with eastern leaders demanding western authorities back down …
Read More »Libya’s Oil Minister Says Closure of Oilfields Cost 340,000 Barrels
The ongoing closure of several oilfields in Libya has cost the North African country the production of 340,000 oil barrels, oil minister Mohamed Aoun told Dubai-based Asharq TV. Production at the El Feel, Sharara and 108 oilfields was shut on Thursday in a protest by the Al-Zawi tribe against the …
Read More »Iraq Signs Contracts with UAE and Chinese Companies to Invest in Gas Fields
Iraq’s oil ministry on Tuesday signed several contracts with UAE’s Crescent Petroleum, China’s Geo Jade Petroleum and Hong Kong’s United Energy Group (UEG) to develop oil and gas fields in Diyala and Basra provinces, as the country plans to be self-sufficient in gas production within the next three years. Iraq’s …
Read More »OPEC+ Set to Agree Oil Output Increase of 432,000 bpd for June amid Price Rally
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due to new Covid-19 lockdowns in China. Delegates from the group said OPEC+ was set to agree another monthly increase of …
Read More »Ukraine’s Gas Reserves at 9.5 bln Cubic Metres, Production Continues
Ukraine’s gas reserves amount to 9.5 billion cubic meters (bcm) with production continuing at all facilities except at plants in areas where fighting is taking place, Prime Minister Denys Shmygal said late on Saturday. Imports continue from Hungary, Slovakia and Poland, Shmygal said in a video address. Before Russia’s invasion, …
Read More »Turkey Restarts Ruptured Iraq Oil Link Following Explosion
Turkey’s state oil operator said on Wednesday it had resumed crude flows through a ruptured pipeline linking Iraqi energy fields with international markets. Tuesday’s blast along the Kirkuk-Ceyhan link in southern Turkey contributed to a rise in international crude oil prices to a seven-year high. The pipeline normally carries more …
Read More »US Calls on OPEC and Its Allies to Increase Oil Production
President Joe Biden’s top aides are calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices that they see as a threat to the global economic recovery. Biden’s national security adviser Jake Sullivan criticised the world’s major oil producers for what he …
Read More »OPEC+ Countries Agree to Increase Crude Output by 2.1 Million bpd
The Organization of the Petroleum Exporting Countries oil cartel and allied producing countries (OPEC+) confirmed on Tuesday plans to gradually restore crude output by 2.1 million barrels per day (bpd). The decision was made in an online meeting earlier on Tuesday. Saudi Energy Minister Prince Abdulaziz bin Salman hailed a …
Read More »Saudi Arabia will Host G20 Energy Ministers Virtual Meeting to Discuss Coronavirus Hit Markets
Saudi Arabia will host a video conference meeting on Friday for G20 energy ministers “to ensure energy market stability”, it was reported on Tuesday, citing an internal document. Oil prices have fallen sharply due to the impact of Covid-19, in addition to last month’s collapse of coordinated output cuts led …
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