Oil drops towards $65 a barrel as Libya’s biggest field restarts
Oil fell towards $65 a barrel on Tuesday, pressured by the restart of Libya’s biggest oilfield and on expectations for an increase in US crude inventories. Wells at Libya’s El Sharara oilfield have restarted and the aim is to reach initial output of 90,000 barrels per day (bpd), a field…
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MarNOC lifts force majeure at Sharara oil field.
National Oil Corporation (NOC) announces the lifting of force majeure at the Sharara oil field following the removal of the armed group responsible for its blockade and production loss of 1.8 billion USD. Sharara operating company Akakus has received written assurance from the Libyan National Army’s Brigadier General Al Rifi…
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MarOil prices rise as OPEC rebuffs Trump’s pressure
Oil edged up on Tuesday as OPEC was expected to stick to its production cuts despite pressure from U.S. President Donald Trump, when many traders were out of the office attending International Petroleum Week, a series of industry events in London, after Trump called on OPEC to ease its efforts…
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MarBaltic Exchange to launch LNG index and new tanker routes
THE Baltic Exchange is aiming to officially launch a new liquefied natural gas index next month, while it pilots two others. The LNG 1 index, which represents the Gladstone to Tokyo round voyage on a 160,000 cu m carrier, has been on a trial run since July. The latest assessment…
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FebOil Bulls Run Free On Fears of OPEC Production Cuts
WTI jumped higher in the US session, setting new 2019 highs, strengthened by fears of OPEC led supply cuts. Also, oil prices may have gotten a further boost, as political instability rises in Nigeria and Venezuela and at the same time US sanctions against Iran continue to trim the oil…
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