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Oil Output

Russia: 2014 Crude Exports Down 4.3 pct

Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm. Russia, one of the world's top oil producers, has been cutting crude exports in recent years due to rising domestic demand and refining volumes. Novak said that crude oil output will edge up 0.6 percent to 526.6 million tonnes, in what would be a post-Soviet record high. Output may edge down to 525 million tonnes next year, he added. Russia's economy has suffered from plummeting prices of oil, its chief export, which have almost halved since mid-June. Reporting by Katya Golubkova, Olesya Astakhova and Anastasia Lyrchikova


U.S. Crude Imports To Continue To Rise

Due to declining domestic crude oil production and rising oil demand, crude imports will continue to increase over the next two decades accounting for 64 percent of U.S. oil supplies by 2020, the U.S. Energy Information Administration (EIA) said in its annual long-term energy outlook. Currently, the U.S. imports 52 percent, or 8.6 million bpd of its oil and domestic oil output at 6 million bpd is at its lowest level since the early 1950s. U.S


Venezuela Revises Down 10-Year Oil Output Target

Venezuela has reportedly revised its 10-year oil production capacity target downward by more than a million bpd between 4.8 million and 5.2 million bpd.


Frontline Shares Surge

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT


Libyan Port's Oil Exports Halted by Protesters

 Zueitina oil terminal: Photo courtesy of Zueitina Oil Company

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.


Kazakhstan Forges Ahead with Offshore Projects

Kazakhstan wants to forge ahead with developing new oil and gas fields in its sector of the Caspian Sea and hopes to wrap up a string of deals with foreign partners next year, a senior official said on Wednesday. The deals, primarily based on PSAs, mark a second stage of offshore development to follow major initial projects such as the giant Kashagan field, being developed by Italy's ENI-led consortium. The new projects should help boost Kazakhstan's offshore oil output to 89


OPEC oil output rises in February

Supply rises by 170,000 bpd, led by Iraq, Angola. Saudi Arabia trims output, Libyan supply falls and OPEC output below 30 million bpd target for fifth month. OPEC's oil output has risen further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found on Friday. Output from the Organization of the Petroleum Exporting Countries averaged 29.96 million barrels per day (bpd), up from a revised 29


Declining Oil Output Attributed to Lackluster Tanker Stock Performance

Tanker stocks have taken a severe beating this month on declining oil output and global economic jitters, but several analysts are predicting a steady recovery and consider the slump a good buying opportunity. "Charter hire rates are expected to rebound steadily through 2001 as Iraq and OPEC increase oil production," investment bank Lehman Brothers said in a report on Wednesday. "Recent weakness in the oil tanker sector provides an extremely attractive entry point for investors


Norway Extends Oil Cutback To Q1 2000

Norway, keeping in step with OPEC, will extend a 200,000 barrels per day (bpd) curb to oil output to the end of the first quarter of next year. Norway's Oil and Energy Ministry said it was extending the cuts beyond December 31 even though oil prices have more than doubled since late 1998. "Norway's oil production will be reduced by 200,000 barrels per day in the first quarter 2000," it said in a statement. Norway produces about 3


Libyan Rebel Refuses to Hand Over Oil Ports

Libyan militia leader Ibrahim al-Jathran

A former Libyan rebel leader, who seized oil ports in the past to campaign for eastern autonomy, said he had turned down an offer to join an armed group challenging the internationally-recognized government. The loyalty of Ibrahim Jathran to the government is key to ensure that three oil ports accounting for at least 500,000 barrels of days of exports in eastern Libya will stay open. He had closed with thousands of supporters the ports in summer 2013 to press for regional autonomy


US Weekly Oil Rig Count Decline Slows

The fall in the U.S. oil rig count slowed this week, data showed on Friday, suggesting the collapse in drilling may be coming to an end as prices recover after falling 60 percent from June to March.   The oil rig count fell by 24 this week to 679 active rigs


Abu Dhabi to Invest $25 Billion Offshore to 2020

Image: Aeron AS

 Abu Dhabi National Oil Company (ADNOC) plans to invest around US$25bn over the next five years in a bid to boost oil production from offshore fields.   The investment is part of the UAE's strategy to increase its crude oil output potential from its current production of 2


Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days, said the official, asking not to be named. The terminal located in the eastern city of Tobruk had closed over the


PDVSA's Oil Exports to Asia, Americas Fell in 2014

Venezuelan state oil company PDVSA's exports to Asia and the Americas fell last year though shipments to Europe increased, according to a preliminary government report issued this month.   The OPEC country's Oil Ministry did not explain the overall drop in exports in its report to Parliament


Petrobras Begins Output Test in Buzios Offshore Field

Brazilian state-run oil company Petroleo Brasileiro SA said on Thursday that it began to test output from its Buzios offshore oilfield off Rio de Janeiro in the Santos Basin. Output will be limited to 15,000 barrels a day because systems to produce natural gas are limited


Oil Near $59 on High Dollar, Inventory

Dollar hits fresh 11-year high against currency basket. U.S. oil inventories at record high. Brent crude oil fell towards $59 a barrel on Monday as the dollar strengthened and a supply glut pushed global oil inventories to record highs.


Venezuelan Sales of New Crude Blends to US Double in Jan

Sales to the United States of new Venezuelan crude blends made with imported oil nearly doubled in January to 176,000 barrels per day (bpd), but the rise was not enough to offset a decline in total oil shipments, according to Reuters trade data.  


Libya's Hariga Oil Port Shut Due to Strike

Libyas port (Image: Temehu)

 Libya's eastern oil export port Hariga shut down because of a strike over unpaid salaries of  security guards, closing the country's last functioning export port apart from two offshore fields.  The closure will lower oil output to less than 300,000 barrels a day


US Oil Output May Stall in Late 2015 -IHS

U.S. oil production may stop growing in the second half of this year and could fall in 2016 as low oil prices make the majority of oil wells uneconomic, according to a report released on Tuesday by IHS Inc energy analysts.   Global oversupply of oil has knocked 60 percent off prices since


Brent Closes Up, U.S. Crude Down After Saudi King Dies

The new King of Saudi Arabia, Salman bin Abdulaziz Al Saud

  Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah


Libya Warplane Attacks Benghazi Bound Trawler

A Libyan warplane attacked a fishing trawler carrying gasoline to the port of Benghazi this week after the internationally recognised government suspected it of supplying Islamist militants, a military official said on Thursday. Libya's recognized government


Petrobras Finds Oil in Offshore Pudding Well

Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it had found "excellent quality" oil in an off-shore well known as Pudim, or pudding, in the Espirito Santo basin.   Drilling confirmed oil at around 4,670 meters


Warplane Bombs Greek-operated Oil Tanker at Port

A Libyan warplane from forces loyal to the internationally recognised government bombed a Greek-operated oil tanker anchored off the coast, killing two crewmen in an escalation of hostilities between factions vying to rule the country.  


Less Kazakh Crude, Pipeline Impacts Black Sea Liftings

Crude oil and refined oil product shipments from Georgia's Black Sea port of Batumi fell 22.7 percent in 2014 from a year earlier, a senior official at the terminal said on Monday. Bad weather in Kazakhstan, where the oil is produced, lower-than-expected output from the Kashagan oilfield at the


Oil Declines in Thin, Volatile Trading

  Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled. Brent was down 91 cents at $56.42 a barrel






 
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