Updated commentary on last week.
The driving force for rates this week was certainly the Black Sea market, with a consistent level of enquiry and delays in the Straits leading to a jump in rates, with 30 x ws 205 the going rate for much of week 5. With this attracting much of the East…
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FebOPEC oil output drops on Saudi cut, outages and sanctions.
OPEC oil supply has fallen in January by the largest amount in two years, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran and Venezuela registered involuntary declines. The 14-member Organization of the Petroleum Exporting Countries has pumped 30.98 million barrels per day (bpd)…
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FebJapan resumes Iran crude loading’s; Fuji Oil, Showa Shell lift first cargo
Japan’s main buyers of Iranian crude have resumed loading Iranian crude more than two months after Washington granted Tokyo a 180-day sanctions waiver, marking the resumption of cargo flows to one of Asia’s leading oil importers that had come to a standstill despite the US waiver. Fuji Oil, jointly with…
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JanWafa field gas compressor to increase production.
Libya’s National Oil Corporation (NOC) reported that it is nearing the completion of a project to install four new gas compressors. This project, it reports, comes within the framework of its ongoing efforts to secure target quantities of natural gas, and the optimal utilization of reserves available within its gas…
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JanAdditional production capacity added at Libya Faregh oil field.
Waha Oil Company (WOC), a National Oil Corporation subsidiary, has completed preparations on another horizontal well in the Faregh oil field ahead of the planned start of second-phase experimental gas production by the end of the first quarter of 2019. Initial tests indicate that the B B-14-59 well is expected…
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