Libya: Oil exports halt, UAE blamed for blockade
DUBAI (Bloomberg) -- Libya’s National Oil Corp. declared force majeure on exports again, accusing the United Arab Emirates (UAE) of being behind a blockade as chaos continued to engulf the…
An attempt to revive oil demand, OPEC+ slashed oil production levels
LONDON (Bloomberg) - OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of…
U.S.: Aims To Cut Off Iranian Gasoline Shipments To Venezuela
Federal prosecutors in the United States are looking to seize Iranian gasoline on tankers currently en route to Venezuela by filing a civil-forfeiture complaint, The Wall Street Journal reported on Thursday, as…
Saudi Aramco CEO says the oil industry is recovering
NEW YORK (Bloomberg) --After posting its worst quarter on record, oil’s now headed for its best three months in 30 years as it bounces back from this year’s historic crash.…
India: Oil market recovers faster than estimated
NEW DELHI (Bloomberg) --India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the…
Oil Trader Mercuria: Global Oil Stocks Depleting Fast
Oil trader Mercuria expects global oil stocks to start drawing down at a pace of around 2 million barrels per day (bpd) beginning in July, thanks to the eased lockdowns…
Exxon: Forced To Cut Oil Production in Guyana
Exxon has reduced its crude oil production at the Liza offshore field in Guyana due to the risk of excessive flaring, according to the South American country’s regulator, as quoted by Reuters.…
Venezuela: World’s Largest Oil Reserves Has Only One Rig Left
The collapse in oil prices and the tightening U.S. sanctions against Venezuela have accelerated the decline of the oil industry in the country sitting on the largest crude oil reserves…
Venezuelan Oil tankers carrying two months of output stuck at sea
MEXICO CITY/SINGAPORE (Reuters) - Tankers carrying nearly two months’ worth of Venezuelan oil output are stuck at sea as global refiners shun the nation’s crude to avoid falling foul of…
U.S.: Oil inventory climbs, offsetting rising fuel demand
NEW YORK (Bloomberg) --Oil slid after U.S. petroleum inventories climbed to a record for the second week in a row, more than offsetting signs of a recovery in fuel demand.…