Hurricanes hit US oil output and demand

US oil output fell from 9.5 million bpd (barrels per day) to 8.8 million bpd as Hurricane Harvey hit the gulf coast last month, according to (more…)

Libya shuts down its Sharara oil field amid rising tension

Libya has closed down its largest oil field, which had been producing 280,000 barrels a day, due to a pipeline blockade.

The blockade by an (more…)

IEA says oil market on track to rebalance

The International Energy Agency (IEA) has released a new report stating that oil markets are set to rebalance as global inventories decline, but they describe the pace as “stubborn” and warn that producers need to maintain their (more…)

Middle Eastern nations strengthen resolve to enforce production cuts

Iraq and Saudi Arabia, OPEC’s two largest oil producers, have signalled a renewed effort to enforce production cuts after their respective ministers met in Jeddah.

OPEC output in July rose (more…)

Barclays predicts oil price drop

Financial giant Barclays expects the oil market to experience a “downward correction” this quarter, according to a (more…)

Oil prices hit two-month high

Oil prices rallied to a two-month high at the start of the week, amid possible sanctions against Venezuela and positive US data.

WTI crude futures briefly exceeded the (more…)

Slowdown in US shale production helps strengthen oil market

According to Baker Hughes, the US rig count rose by only two to 765 in the week ending July 14, representing the slowest pace of growth since November last year.

The news enabled Brent Crude to (more…)

Nigeria willing to accept production caps, but not quite yet

Nigeria has signalled a willingness to accept production caps as part of its commitment to OPEC.

Emmanuel Kachikwu, Nigeria’s Oil Minister, was (more…)

BP’s CEO not expecting major oil price rise

Bod Dudley, the CEO of oil giant BP, has stated that his company is planning for an oil price around the $50 a barrel mark for (more…)

ExxonMobil enters global collaboration on lubricants for gas engines

ExxonMobil, which makes industrial lubricants such as Mobil SHC 630 and Mobil Vactra 4, has teamed up with General Electric (GE) to (more…)

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