OPEC’s cuts have been less effective than the market believes
OPEC’s effort to slice into the global oil glut hasn’t gone as well as it would like you to believe, the Dallas Fed argued this week. While it appears OPEC’s production cuts have reduced oil inventories in developed nations to half of their level above the five-year average, much…
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DecOblivious to OPEC cuts, Libya intends to ramp up oil production in 2018.
Libya and Nigeria – the only two exempt members of OPEC oil production cuts– have stated their willingness to ramp up their output in 2018. Libya’s National Oil Corporation has sought funds and financial supports from the Libyan Government of National Accord (GNA) and the latest efforts in that regard…
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DecDirty Tankers West of Suez Commentary.
Suezmax prices were soft in West Africa Wednesday and UK Continent VLCC rates dropped, sources said. The West Africa to UK Continent Suezmax route, basis 130,000 mt, was valued at Worldscale 87.5, w2.5 lower. “The tonnage list is balanced into the first decade in WAF but the Suezmax fuel oil…
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DecLibyan political, oil and bank heads discuss funds to lift crude output.
Libya’s politicals, held a rare meeting on Saturday with the head of the National Oil Corporation (NOC) and the governor of Tripoli’s central bank to discuss funding to raise oil production. The meeting dealt with the necessary financial arrangements to provide funding to the National Oil Corporation so as…
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DecLibyan-British oil industry cooperation conference proposed
UK ambassador Peter Millett has suggested to NOC Chairman Mustafa Sanalla that a conference be held next year in Aberdeen to assess ways in which British and Libyan oil sector companies could cooperate to maintain and improve Libya’s oil production and facilities. The proposal came during talks between the…
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