A September to remember for the global crude oil market.
September 2017 was a historic month for the global crude oil market. West Texas rose to $52 and Brent rose to $58 as financial markets finally accepted that Saudi Arabia has been successful in brokering high compliance rates with last year’s Opec and Russia output cut deals. In addition, Hurricanes…
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OctOPEC oil production saw a hike in September over Libya, Iraq’s increased outputs
OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. The survey also found no sizeable further gain in output in Nigeria or Libya,…
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OctLibyan navy captures second oil smuggler in one week
The Libyan coastguard captured its second oil-smuggling ship in one week on Thursday. A navy spokesperson confirmed they had apprehended a medium-sized oil products tanker named ‘Rex’ along with its ten crew. Colonel Abu Ajila Abdelbarri told reporters they had kept the boat under surveillance for several days before…
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SepOil prices slide as Libya biggest oilfield Sharara resumes production
Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as US gasoline inventories rose despite the peak summer driving season. Brent crude futures, the international benchmark for oil prices, were at $51.65 per barrel at 0655 GMT, down 22 cents, or 0.4 per…
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SepStrong Middle East market fails to lift VLCC rates
A SOLID week of chartering demand has failed to lift to spot very large crude carrier rates, which continued their downward spiral on the back of excess tonnage. This underscores the extent of oversupply that is weighing on VLCC markets and signals what could be an extended downturn for the…
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