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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.


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


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.


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


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


Russia's Sechin: US, Not OPEC, Rules Oil Market

Igor Sechin, the head of Russia's top oil producer Rosneft, said on Wednesday the United States is calling the shots on global oil markets, while the influence of OPEC has shrunk.   The United States emerged with renewed vigour as a top producer thanks to its shale boom. By refusing to curb its  output to prop up oil prices, OPEC has tried to maintain its share in the global market, shrugging off lower prices which damage U.S. producers.  


Oil prices up on Nigeria outages, Goldman Forecast

Unrest cuts Nigerian output to lowest in decades; U.S., China output also down sharply. Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit. Brent crude futures were trading at $48.83 per barrel at 1118 GMT, up $1 or 2.05 percent. U.S. crude futures were up 98 cents, or 2.08 percent, at $47


Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will start lifting a blockade on eastern oil terminals over the next three days, though a resumption of exports will depend on the state of


Gazprom Neft Increases Arctic Field Output

Photo: Gazprom Neft

 Gazpromneft Shelf, a subsidiary of Gazprom Neft, brought on production two more wells in Prirazlomnoye field in the Pechora Sea, bringing crude oil output to more than 6,000 tonnes/day.   The company now has four production wells at its ice-resistant rig, located 60 km offshore


Oil Extends Rally on Possible Producer Action

Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market.  


US Oil Drillers Add Rigs for 8th Week in Row

U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable.  


Tanker Departs Libya Empty amid Political Crisis

A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday. The Seachance, which had been due to load 600,000 barrels of oil for the National Oil Corporation (NOC) in Tripoli


Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made

Graph: BIMCO

Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58,367 per day for VLCC (+5.7% year on year).  For the minor crude oil carriers, rates were down from Q1-2015 and Q4-2015


Pemex Boosts Crude Shipments to Japan

Mexico's state-run oil company Pemex will increase crude exports to Japan in the coming months after selling several spot cargoes to customers including Cosmo Oil, JX Holdings and TonenGeneral, according to a company source and Thomson Reuters trade flows data.  


NOC Cancels Two Oil Cargoes in Dispute with East

Libya's National Oil Corporation (NOC) based in Tripoli said on Thursday it had cancelled two oil cargoes from its May export program because a rival NOC in the east is blocking exports from Marsa al-Hariga.   Mohamed el-Harari, spokesman for the NOC in Tripoli said in a statement that the


A Year is a Long Time in Tankers

Graph: Gibson Market Report

 The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture, with eighty-nine units over15 years of age (18% of the current fleet) the preferred


Huge Port Envisioned by Tycoon Opens in Brazil - without Him

The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed.   Açu's more than 25 km (15


Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote

Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union.  


Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline, trade unions said on Monday.   A final round of mandatory talks will be hosted by a state


China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China's crude and fuel markets


Oil Sheds 5% on Brexit Worry, Supply Builds

NEW YORK, July 5 (Reuters) - Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut.  


Ghana cuts GDP Forecast

(Map courtesy Google Maps)

Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday.   Oil output was halted between March and May at the offshore Jubilee field due to a






 
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