NOC promises more support to private sector oil services companies
The National Oil Corporation (NOC) has agreed on the importance of supporting private sector oil services companies – through partnerships between them and state oil companies in maintenance operations and the development of possible new projects at the oil fields. The agreement came at a meeting at the NOC’s headquarters…
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JunSaudis See Oil Market Balance Despite Added Barrels From Libya
The oil market is expected to balance in the fourth quarter even as output from fellow OPEC members Libya and Nigeria as well as from shale oil producers is on the rise, according to Saudi Energy Minister Khalid Al-Falih. The global effort to reduce crude production since the start of…
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JunOPEC Deal In Jeopardy As Libyan Oil Output Nears 1 Million Bpd
libya—whose production has been hampered by civil unrest, political divides, and oil export terminals blockades over the past few years—is now targeting to further increase its oil output. Its most immediate goal is to reach 1 million bpd of production by the end of July, which would further complicate OPEC’s…
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JunOil prices go down as supplies go higher from Libya, Nigeria
Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected. Benchmark Brent crude LCOc1 was 17 cents lower at $48.12 per barrel by 1236 GMT, reversing gains made…
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JunNorden jumps on tanker fleet expansion bandwagon
NORDEN is taking advantage of low product tanker prices by expanding its fleet for the first time since last year amid a feverish climate of tanker consolidation and fleet expansion. The Danish company declined to reveal to Lloyd’s List the details of the purchase, such as the price paid and…
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