Technical problems have delayed the reopening of Libya's eastern Zueitina oil export terminal after the government reached a deal with rebels to end an eight-month blockade of the port, a minister said on Sunday. Two weeks ago, the Tripoli government reached an agreement with rebels in the restive east to end their occupation of four oil ports which had halted vital exports. Under the plan, the Hariga and Zueitina ports were due to open immediately while the larger Ras Lanuf and Es Sider terminals would resume oil exports within a month. But justice minister Salah al-Merghani said Hariga port located in Tobruk in the far east would be the only one to start operations due to technical problems at Zueitina. "There is some damage (at Zueitina port) due to the long closure," Merghani told a televised news conference from the eastern city of Benghazi. He declined to give a date for the resumption of oil exports from the 70,000 barrels-per-day port or for the Ras Lanuf and Es Sider ports. "Talks to reopen Ras Lanuf and Es Sider will only start after Zueitina has reopened," he said. He said the formation of a committee to investigate claims of corruption in the oil sector, a key rebel demand, had also been delayed as both sides needed first to agree on its members. Libya's government badly needs to boost oil exports, revenues from which are the main source for the budget and crucial to funding essential food imports such as wheat.
As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam. A new report from the Government Accounting Office (GAO) will surely add fuel to the "export oil" fire now, as GAO reports that U.S. consumers could save on gasoline if the ban on crude oil exports were lifted, even if such a move creates uncertain environmental risks
Iraqi crude oil exports were flowing again at the Turkish port of Ceyhan, where the second vessel this year was finishing lifting and three new cargoes were expected to turn up soon, industry sources said. The sources said the Marina M, which recently replaced the earlier chartered Seadancer, has just about finished lifting one million barrels of Kirkuk crude and the two million barrel Amazon Falcon is already berthed and waiting
Protesters demanding jobs closed off the eastern Libyan port of Zueitina for a sixth day, extending a halt in oil exports, according to a senior oil industry source and to one of the demonstrators, as cited by Reuters. Roughly a dozen men last Tuesday evening forced their way into the port, just hours after Zueitina Oil Company workers had temporarily suspended a strike and resumed production at oilfields that pump to the terminal.
The United States should lift its nearly four-decade ban on crude oil exports to help encourage domestic production, the Washington Post said in an editorial on Thursday. Booming shale oil production has led to an intense debate over the moratorium, which was imposed by Congress in 1975 in the wake of the Arab oil embargo. Allowing crude oil exports would help address a mismatch between rising light crude output from U.S
Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. "With new and mutual cooperation between the two parties
Lehman on Monday started coverage of oil tanker charterer Maritime with a strong buy rating and a 12-month price target of $25. "We expect charter hire rates to remain firm and recover through the remainder of the year as oil production volumes from Iraq and OPEC increase requiring transportation service," said a research note. Iraq, which in June cut oil exports to protest the U.N. administered oil-for-food program put into place after the invasion of Kuwait in 1990
There is no chance of the United Nations turning a blind eye to any oil companies that pay a surcharge that Iraq is continuing to demand for its oil exports, United Nations diplomats said. "No way are we going to be turning a blind eye to this," one diplomat said when asked if the United Nations could overlook such payments."Industry sources said that Iraq is insisting that customers for its crude under the United Nations oil-for-food program pay a 40 cents per barrel surcharge direct to an
A rebel group controlling two large oil export ports in eastern Libya said on Wednesday the government had not fulfilled its part of an agreement to reopen the ports. Abd-Rabbo al-Barassi, self-declared prime minister of the group, also told a pro-rebel television station it refused to deal with new Prime Minister Ahmed Maiteeq. (Reporting by Ulf Laessing; Editing by Andrew Roche)
Oil logistics specialist Buckeye Partners LP will pay $860 million for control of Trafigura's prized oil facilities in the Texas shale hub amid expectations Washington will relax its crude oil export ban. U.S. firm Buckeye will buy 80 percent of the global commodities trader's South Stream assets which include a deep-water tanker loading terminal in Corpus Christi, liquefied petroleum gas (LPG) storage and a small refining unit known as a condensate splitter.
Ending a 40-year old ban on U.S. crude oil exports would not raise domestic gasoline prices because it would put more petroleum onto global markets, where fuel prices are primarily set, a study by The Aspen Institute said on Tuesday. As the U.S
On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war. Faisal's decision led directly to the introduction of a ban on U.S
More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope would create jobs and boost national security, a spokesman for one of the companies and a lobbyist for another one said on Friday.
A government study on Thursday essentially supported the notion that easing the decades-old restriction on exporting U.S. crude was more likely to lower than raise gasoline prices for American motorists, a conclusion that could ease concerns among lawmakers about changing the policy.
The U.S. government should ensure that international trade of U.S. natural gas, and potentially crude oil, will offer opportunities for the domestic shipping industry, maritime groups said on Wednesday. Booming shale gas production has put the United States on track to become a major exporter
The U.S Energy Information Adminstration have provided projections in their short-term Energy Outlook. The highlights are as follows: Highlights * Driven in large part by falling crude oil prices, U.S. regular gasoline retail prices fell to an average of $3
A strike by Nigeria's oil unions is not having any immediate impact on crude oil exports from Africa's top exporter, despite moving into a third day, spokesmen for leading operator Shell and Nigeria LNG said. Nigerian oil unions say the strike could affect exports if no agreement is reached
The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction. "I think it may be timely then," Senator Lisa Murkowski
Southern exports average almost 2.60 million bpd; Exports close to record rate seen in May. Lack of Kirkuk northern exports limits overall supply. Iraq's oil exports from its southern terminals on the Gulf, far from the fighting in its north
Canada's largest oil and gas producer, Suncor Energy Inc, is shipping its first ever tanker of Western Canadian heavy crude from Canada's East Coast to Europe, a company spokeswoman said on Tuesday. Suncor spokeswoman Sneh Seetal confirmed Reuters shipping data that shows the aframax tanker
Brent crude fell for a third day on Wednesday, slipping further below $97 a barrel as inflated supplies and weak economic data from Europe outweighed rising geopolitical tensions in the Middle East. * Fall in Brent defies heightened political tensions
As I watch the back and forth in Washington – and beyond – on the issue of whether to allow the export of crude oil and LNG, I can only shake my head and wonder why it is even a topic for discussion anymore. I honestly cannot think of a single reason why we shouldn’t
Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab
3rd U.S. condensate export cargo heading to Singapore; Pioneer expects exports to rise to 50,000 bpd next year. Eyes exports of bigger cargoes to reduce freight costs. Pioneer Natural Resources plans to double its U.S. exports of condensate, an ultra-light oil, to 50
Scrapping a decades-old ban on U.S. crude oil exports would spur job creation and boost energy security by encouraging new investment that lifts production, Exxon Mobil Corp's chief executive said on Thursday. Chief Executive Officer Rex Tillerson, speaking to a business group