Oil prices resume slide as supply glut prevails

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Oil & Gas News

Oil & Gas News
Released:  03/08/20172017-08-03
Word count:  319

Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.

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Reuters
Brent crude futures, the international benchmark for oil prices, were trading down 20 cents, or 0.4 percent, at $52.16 per barrel at 0506 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $49.40 per barrel, down 19 cents, or 0.4 percent. Strong demand in the United States was supporting prices, while high supplies from OPEC producers were restricting further gains, traders said, pointing to a range-bound market. "Both contracts appear to be moving into a range consolidation mode," said Jeffrey Halley of futures brokerage OANDA. U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels, according to the U.S. Energy Information Administration (EIA).

That's below levels seen this time last year, an indication of a tightening U.S. market.

Traders said ongoing high supplies by the Organization of the Petroleum Exporting Countries (OPEC) were capping prices.

The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 million bpd between January this year and March 2018 in order to tighten the market.

Trading data in Thomson Reuters Eikon shows that crude oil shipments by OPEC and Russia, which excludes pipeline supplies, hit a 2017 high of around 32 million bpd in July, up from around 30.5 million bpd in January.

BMI Research said that the industry had adapted to the low oil prices.

"Of the major projects sanctioned by the big five oil companies (ExxonMobil, Royal Dutch Shell, Chevron, BP and Total) over H1 2017, there has been a clear breakeven target price of $40 per barrel or lower at offshore oil projects," BMI said.

This followed U.S. investment bank Goldman Sachs saying earlier this week that the oil industry had successfully adapted to oil prices around $50 per barrel.

Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin
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Business News

Business News
Released:  02/08/20172017-08-02
Word count:  260

Leading Bahrain-based Islamic banking group Al-Baraka Banking Group (ABG) have signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB) to develop their banking relations across the board.

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Libya herald
“The MoU aims to establish a close cooperation framework through which the two parties can activate joint initiatives and banking activities, as well as prepare technical cooperation programs in the future,” ABG has said.

The MoU will include the exchange of information, which in the case of the LFB should benefit it in the field of Islamic banking. It is also hoped it will enhance cooperation in correspondent banking and commercial finance operations between the two who have identified each other as “preferred trading partners.” Additionally, the MoU will work towards further cooperation in liquidity management, investment and taking advantage of the network of resources available to each party.

The MoU was signed by president and chief executive of ABG and chairman of Al Baraka Turk Participation Bank, Adnan Ahmed Yousif, and the general manager of LFB, Mohamed Mohamed Ben Yousef. Meliksah Utku, general manager of Al-Baraka Türk Participation Bank also attended the signing which took place in Istanbul at the headquarters of Al-Baraka Turk Participation Bank.

“Al Baraka has historical and strong relations with the Libyan banks and the Libyan market, especially the Libyan Foreign Bank, which plays a leading role in Libya, Africa, Asia, Europe and America and owns main participations in 40 banking and financial institutions in all these countries…It is natural to look forward to working with the Libyan Foreign Bank to integrate our large resources and potentials in all forms and fields of banking to achieve mutual benefit and to improve the integrated work models among the Arab banking institutions,” said Adnan Ahmed Yousif
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Oil & Gas News

Oil & Gas News
Released:  02/08/20172017-08-02
Word count:  426

Oil prices fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high OPEC supplies weighed on international prices.

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Reuters
U.S. West Texas Intermediate (WTI) crude was at $48.76 per barrel at 0646 GMT, down 40 cents, or 0.8 percent, from its last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday.

Brent crude, the international oil benchmark, was down 39 cents, down 0.8 percent from the previous close, at $51.39 per barrel.

The American Petroleum Institute's (API) said that U.S. crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, denting hopes that recent inventory draws were a sign of a tightening U.S. market.

Jeffrey Halley of futures brokerage OANDA said following the API's report "traders stampeded for the door to lock in profits from the last eight days' bull-run."

Official storage figures are due to be published by the U.S. Energy Information Administration later on Wednesday.

Outside the United States, Brent was pulled down by reports this week showing production from the Organization of the Petroleum Exporting Countries (OPEC) at a 2017 high of 33 million barrels per day (bpd). That is despite OPEC's pledge to restrict output along with other non-OPEC producers, including Russia, by 1.8 million bpd between January this year and March 2018.

The Economist Intelligence Unit said that despite the cuts "the global market remains oversupplied," and it warned that "there is no guarantee that further cuts will be sufficient to rebalance the oversupplied global oil market."

Energy consultancy Douglas Westwood reckons that this year's oil market will be slightly undersupplied but that the glut will return in 2018, and last to 2021.

"Oversupply will actually return in 2018. This is due to the start-up of fields sanctioned prior to the downturn," said Steve Robertson, head of research for the firm's Global Oilfield Services. "This is in addition to the production gains through increased investment and activity in the U.S. unconventional (shale) space."

While Robertson said unforeseen major supply disruptions could lift the market, he warned that expectations based on thinking the price "always bounces back should be tempered by a reality check," adding that there was "the very real possibility that the current recovery could take much longer to materialize".

Likely acting as a further lid on prices is that, according to U.S. bank Goldman Sachs, second quarter company results had shown that oil majors "are adapting to $50 per barrel oil prices and can afford to pay dividends in cash" at that level.

Researchers at AB Bernstein called recent oil sector results "another quarter of rock solid cash... generation."

Reporting by Henning Gloystein; Additional reporting by Keith Wallis in LONDON; Editing by Kenneth Maxwell and Christian Schmollinger
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Oil & Gas News

Oil & Gas News
Released:  01/08/20172017-08-01
Word count:  269

U.S. oil opened above $50 per barrel for the first time since late May on Tuesday, supported by strong fuel demand, but ongoing high supplies from producer club OPEC kept prices from rising further.

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Reuters
U.S. West Texas Intermediate (WTI) crude futures were at $50.26 per barrel at 0532 GMT, up 9 cents, or 0.2 percent, from their last close. That marks the first time U.S. crude has opened above $50 per barrel since May 25.

Brent crude futures, the international benchmark for oil prices, were trading up 6 cents, or 0.1 percent, at $52.78 per barrel.

"U.S. gasoline demand climbed to last year's highs and U.S. inventories, notably on the East Coast, declined," said French bank BNP Paribas. Overall U.S. commercial crude oil stocks have fallen by 10 percent from their late-March peaks to 483.4 million barrels, and seasonally adjusted they are now, for the first time this year, below 2016 levels.

"Fears of a supply overhang have receded after two strong (weekly) stock draws in a row in the U.S.," said Sukrit Vijayakar, director of energy consultancy Trifecta.

The American Petroleum Institute (API) is due to publish weekly data later on Tuesday.

Despite the lower U.S. inventories, there were also signs that global oil markets remained amply supplied, capping further price rises. "Crude oil prices face multiple headwinds as OPEC struggles (to cut excess supply)," BNP said.

Oil output by the Organization of the Petroleum Exporting Countries (OPEC) has risen this month by 90,000 barrels per day (bpd) to a 2017-high of 33 million bpd, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal.

This comes despite a pledge by OPEC and other producers, including Russia, to cut output by 1.8 million bpd between January this year and March 2018.

Reporting by Henning Gloystein; Editing by Joseph Radford  
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Oil & Gas News

Oil & Gas News
Released:  31/07/20172017-07-31
Word count:  383

Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela.

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Reuters
Brent crude futures were at $52.82 per barrel at 0443 GMT on Monday, up 30 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25.

U.S. West Texas Intermediate (WTI) futures were up 16 cents, or 0.3 percent, at $49.87 per barrel, and the entire WTI curve is close to moving back over $50 per barrel, with only September and October a notch below that level.

The price rises put both crude benchmarks on track for a sixth consecutive session of gains.

Prices have risen around 10 percent since the last meeting of leading members by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, when the group discussed potential measures to further tighten oil markets.

"U.S. inventories are showing massive drawdowns, Saudi Arabia seems intent on playing its role as the world's swing producer (and) impending sanctions on Venezuela by the U.S. will almost certainly be oil price-supportive," said Jeffrey Halley, analyst at futures brokerage OANDA.

The United States is considering imposing sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has denounced as a "sham" vote.

But traders said the biggest price supporter was currently a tightening U.S. oil market.

"Strong increases in the price of oil ... (were) fueled in large part by the substantial drawdowns in U.S. inventories over the past several weeks," said William O'Loughlin, analyst at Rivkin Securities.

"A continuation of this trend could indicate the oil market is rebalancing thanks to the production cuts by OPEC and Russia," he added. After rising by more than 10 percent since mid-2016, U.S. oil production dipped by 0.2 percent to 9.41 million barrels per day (bpd) in the week to July 21.

U.S. crude inventories have fallen by 10 percent from their March peaks to 483.4 million barrels.

Drilling for new U.S. production is also slowing, with just 10 rigs added in July, the fewest since May 2016.

The tighter market was also visible in the price curve, which shows backwardation in the front end.

Backwardation is a market condition in which prices for immediate delivery of a product are higher than those later on. Brent prices for delivery in September are currently around 35 cents above those for October.

Reporting by Henning Gloystein; Editing by Subhranshu Sahu and Richard Pullin
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Business News

Business News
Released:  31/07/20172017-07-31
Word count:  76

In a move showing that lie is back to normal in Ajdabiya, there was a ceremony on Thursday event to mark the launch of resurfacing the town’s western ring road. Plans were also announced to resurface the southern ring road.

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Libya herald
The latter is seen as particularly important. The road, which is in fact in the east of the town, has the major intersections with the roads to Torbuk and, 2.6 kilometres further south, to Jalu.

The projects are being carried out by Al-Dosser Construction and Engineering.

Thursday’s launch ceremony was attended by the acting mayor, Colonel Saad Akouki, his deputy Attiyah Abdulmajid Kassah, as well as other as well as officers, security officials and local dignitaries.
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Oil & Gas News

Oil & Gas News
Released:  28/07/20172017-07-28
Word count:  357

Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in U.S. inventories and OPEC's ongoing efforts to curb production.

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Reuters
Brent crude futures were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.2 percent, at $48.94 per barrel.

Both benchmarks rose to their highest levels since May 31 in the previous session, buoyed by a rally in U.S. gasoline futures after earlier support from OPEC's latest efforts to cut exports and a sharp fall in U.S. crude inventories.

"Crude oil prices rose further as the focus remained on fundamentals. This week's better-than-expected inventory drawdown in the United States continued to support prices," ANZ bank said in a note.

U.S. crude stocks fell sharply by 7.2 million barrels in the week to July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA).

"Following seasonal norms we expect further declines in crude inventories over August and September," BMI Research said. Brimming U.S. crude supplies have been a challenge to production cuts to prop up prices led by the Organization of the Petroleum Exporting Countries.

U.S. crude oil production has been on the rise since mid-2016, but it dropped to 9.41 barrels per day (bpd) in the week to July 21, from 9.43 million bpd the week before. The decline was mainly due to a fall in Alaskan output, ANZ bank said.

Jeffrey Halley, senior market analyst at OANDA, said the market would watch U.S. rig count data for further signs of slowing drilling activity, as well as potential U.S. sanctions on Venezuela's oil sector.

"Both developments should be bullish for oil," he said.

Oil prices have been supported by a further agreement between OPEC and some non-OPEC members to limit Nigerian oil output and encourage several members to comply with their pledged production cuts.

Since the world's major oil producers held a meeting in St Petersburg on Monday, crude prices have risen some 6 percent on expectations of deepening cuts.

Saudi Arabia, OPEC's de facto leader, said it planned to cap crude exports to 6.6 million bpd in August, about 1 million bpd below the level last year.

Reporting by Jane Chung; Editing by Joseph Radford and Richard Pullin
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Oil & Gas News

Oil & Gas News
Released:  27/07/20172017-07-27
Word count:  328

Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices.

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Reuters
The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year.

The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar.

"The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control," Chief Executive Ben van Beurden said.

Shell reiterated its plans to spend around $25 billion this year, at the lower end of its long-term range, as oil prices struggle to rise.

Net income attributable to shareholders in the second quarter, based on a current cost of supplies (CCS) and excluding exceptional items, rose 245 percent to $3.6 billion, topping a company-provided analyst consensus of $3.15 billion. The rise in profits was driven mostly by refining and chemicals.

Cash flow in the first half of the year rose seven fold to $20.8 billion from a year earlier.

Oil and gas production in the second quarter declined to 3.495 million barrels of oil equivalent per day (boed) from 3.508 million boed in the first quarter.

Shell is one of the top three picks of analysts that cover global oil companies, together with Chevron and Total, Reuters data shows.

Its disposal program over the past two years could further impact growth, however. Shell expects a 240,000 barrel-per-day year-on-year fall in third-quarter production due to divestments in Malaysia and Australia and the separation of its Motiva asset in the United States.

Shell said its debt pile stood at $78 billion, Its debt to equity ratio fell for a second consecutive quarter to 25.3 percent from a peak of 29.2 percent in the third quarter of 2016 that followed its $54 billion acquisition of BG Group.

Reporting by Karolin Schaps and Ron Bousso; editing by Edmund Blair and Jason Neely
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Business News
Released:  27/07/20172017-07-27
Word count:  144

Tripoli’s Corinthia Hotel is to reactivate its international reservation system.

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Libya herald
The 5-star hotel has in fact been open since early 2016 for meetings, conferences, weddings and other such events, despite suggestions to the contrary. The restaurant has likewise been operating on Fridays for brunch and during the past Ramadan for Iftar.

There have also been a limited number of guests staying at the Corinthia. Room reservations, though, had to be made direct to the hotel.

As well as reactivating the international reservation system, Corinthia also plans to reopen its Tripoli Café and the Venezia restaurant on a daily basis.

It is believed that the reopenings are part of a move to evaluate the market.

Despite the problems, not least in Tripoli, the number of visitors heading there is said to be on the rise, both for business and other matters.

The hotel was subject to a terrorist attack in January 2015 in which nine people died.  
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Oil & Gas News

Oil & Gas News
Released:  26/07/20172017-07-26
Word count:  277

Supportive crude prices and strong results from energy firms Subsea 7 and Tullow Oil helped European shares inch higher on Wednesday, while banks weighed on index-level gains as investors awaited a Fed policy decision and UK GDP figures.

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Reuters
The pan-European STOXX 600 gained 0.3 percent, in line with euro zone stocks and blue-chips, as oil and gas stocks gained 0.8 percent. Subsea 7 rose to the top of the STOXX, up 5.2 percent after the oil services firm reported second-quarter earnings above forecasts and lifted its revenue guidance for the year.

Tullow Oil gained 3.1 percent after higher output from new fields helped the Africa-focused oil producer to a 46 percent rise in sales revenue to $788 million over the first half, though it also reported impairment charges due to stubbornly low oil prices.

Five years after ECB chief Mario Draghi's "whatever it takes to preserve the euro" speech which set the foundations for strong gains in the currency, the euro was again front and center of investors' minds as recent strength weighed on earnings growth expectations for Euro zone corporates, particularly those most dependent on exports, such as industrials firms.

With a quarter of euro zone MSCI Europe companies having reported so far 40 percent beat earnings estimates while 48 percent missed, according to Thomson Reuters data.

The industrials sector was seeing the worst performance with 86 percent of firms missing expectations.

Among top fallers on the day, shares in chipmaker ASM International fell 6.1 percent in early deals after it reported record order intake for the second quarter.

Expectations are high for tech firms such as ASM, whose shares have gained 30 percent this year as demand for chips grows robustly.

UniCredit led losses on the banking index which was the worst-performing on the day. The Italian bank's shares were down 0.7 percent after it said it had suffered a cyber attack giving unauthorized access to Italian clients' data.

Reporting by Helen Reid, editing by Kit Rees
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Business News

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Released:  26/07/20172017-07-26
Word count:  60

Tripoli, 25 July 2017(Lana) A meeting was held yesterday at the headquarters of the Libyan Football Association, attended by the President of the General Youth and Sports Authority and presidents of football unions.

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LANA - Libya news agency
The President of the General Youth and Sports Authority Ziyad Greira declared that the Presidency Council of the Government of National Accord has allocated the sum of 30 million Libyan dinars to support elected sports clubs covering mainly the sports activities rather than other areas.

Greira said separate meetings with unions leaders were planned to pinpoint the problems they faced.

=Lana=
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Business News
Released:  25/07/20172017-07-25
Word count:  94

GECOL has added 60MW of new capacity wth the opening of two turbines in Tripoli.

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Libya herald
The new plant, at Tripoli West power station was opened by Ali Mohammed Sassi, the state electricity supplier’s new chief executive. Sassi was installed earlier this month after Presidency Council (PC) head Faeiz Serraj fired the GECOL entire board earlier this month in the face of rising fury at regular and extended power cuts.

While the work on the new generating sets was started under the old management, Sassi said that he believed that the new capacity would make a real difference in coping with the high summer power demand in the capital.
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Released:  25/07/20172017-07-25
Word count:  46

Tripoli, 24 July 2017(Lana) the Presidency Council of the Government of National Accord has issued Decision No 640 of 2017, setting custom tax categories for some imported items and goods.

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LANA - Libya news agency
The first article called for a tax reduction on imported drugs and medical supplies to Zero%.

The second article called for the decision to be promptly put in force by the competent authorities and for all rules that contradict it to be null and void.

=Lana=
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Italy’s Aeneas consortium which earlier this month won the contract to build new international and domestic terminals at Tripoli International Airport, says that the project will see numerous subcontracts going to local companies.

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Libya herald
“Many job opportunities for locals will be available,” Alessio Bucaioni, the commercial director of Consorzio Aeneas, told the Libya Herald.

That will not just be for the construction period, he added, pointing out that statistics in Europe showed that a thousand airport jobs were created for every million passengers.

The international terminal is to have a capacity of 4.5 million passengers a year.

The two terminals are to be built on the site of the old one, destroyed in 2014. They would be “appealing and functional” and with better capacity than other airports in North Africa, Bucaioni stated, adding that all systems would in line with international standards and regulations. The design was being approved by Libyan authorities. It was also being supervised by Italy’s ENAC.

The consortium, which he said was formed in September last year specifically for the Tripoli project, consists of five companies: Bari-based Gruppo Mazzitelli , Axitea SpA (Milan) which specialises in security systems, Rome construction and engineering consultants Two Seven, Escape and Lion Consulting. Although there were no plans to expand the consortium, other suppliers would be used, he added.

“Anyone who is in a position to support us in the implementation of the project would be welcome on board,” he declared.

According to him, the five have been working in airport projects for the past 20 years and have more than 70 years’ experience in infrastructure construction. They had, he stated, been involved in design and providing systems at Rome’s Fiumicino airport, Milan’s Malpensa, Catania and Cagliari as well as operating systems at numerous other airports in Italy, India, Spain and Kosovo. They had been contacted by the Italian foreign ministry last September to show the Presidency Council’s transport minister Milad Matouk what they had achieved at Catania.

“In Catania we realised in 2003 a similar terminal fully equipped and operational in six months”.

In line with all international construction contracts, the consortium would place a bond with the ministry, adding that this was proof of its confidence in being able to implement the project.

“No company would take the chance of issuing performance bonds unless it is perfectly sure to be able to carry out the project in full and to the utmost satisfaction of its counterpart,” he stated.

“Our target is to work at our best and bring to completion an excellent project for the Libyan population to enjoy,” Bucaioni insisted.

“We signed this contract because we are sure that we are in a position to finalise the project in the best way and within the accepted deadline.”
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All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

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2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  24/07/20172017-07-24
Word count:  340

Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production.

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Reuters
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers gather in the Russian city of St Petersburg on Monday to discuss the pact to curb output by 1.8 million bpd through the end of March 2018.

The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said, although some analysts were deeply skeptical the group would make such a move.

"The committee may issue a statement on cooperation in production cuts, but output cuts by Libya and Nigeria would be next to impossible considering Libya was just re-emerging from the civil war, for example," said Kaname Gokon, strategist for commodities brokerage Okato Shoji in Japan.

Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilizes, the Financial Times reported.

London Brent crude for September delivery was up 24 cents at $48.30 a barrel by 0316 GMT on Monday. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July despite the pledge to rein in output. NYMEX crude for September delivery was up 17 cents at $45.94.

Kuwait's oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible.

Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017.

Elsewhere, Turkish President Tayyip Erdogan traveled to Saudi Arabia and Kuwait on Sunday, the Gulf states' official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara's ally Qatar.

U.S. oil drillers cut one rig in the week to July 21, according to data from Baker Hughes.

The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country's oil, sources told Reuters, which could severely restrict the OPEC nation's crude exports.

Reporting by Osamu Tsukimori; Editing by Peter Cooney and Joseph Radford
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2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  21/07/20172017-07-21
Word count:  242

Oil prices nudged up on Friday ahead of a key meeting of major oil producing nations next week, but held below the $50 per barrel level that was briefly breached for the first time in 6 weeks in the previous session.

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Reuters
International benchmark Brent crude futures rose 6 cents to $49.36 per barrel in thin trading by 0116 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $46.99 per barrel, up 7 cents.

During the previous trading session both benchmarks rose to their highest levels since early June in choppy trading, having been pushed higher by data showing U.S. crude and fuel inventories fell sharply last week.

"The impact of strong drawdown in inventories announced earlier this week was still lingering in the market," ANZ said in a research note.

Despite the drop, U.S. oil stocks, at roughly 490 million barrels, remain well above the five-year average, while U.S. production C-OUT-T-EIA has increased almost 12 percent since mid-2016 to 9.4 million bpd.

An abundance of global crude supplies has put pressure on oil prices and key members of the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet non-members in St. Petersburg, Russia, on Monday.

OPEC, together with some non-members like Russia, has pledged to reduce the global glut with a 1.8 million-barrel per day (bpd) production cut between January this year and March 2018.

The market has been watching reports that the world's top crude producer, Saudi Arabia, is working with other countries to draw down stocks and reduce supply, particularly as other OPEC members, including Iraq and Libya, are planning increases in output.

"Brent oil still targets $50.35 per barrel," said Reuters technical commodities analyst Wang Tao.

Writing by Fergus Jensen; Editing by Richard Pullin  
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SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  21/07/20172017-07-21
Word count:  100

Benghazi, 20 July 2017(Lana) The Chairman of the Board of the National Oil Company Mustafa Sun'allah has said that re-opening of the Benina Airport would be would be a logistical milestone that would allow oil companies a return to work in Libya.

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LANA - Libya news agency
NOC support for all of its companies would continue including and foremost those services companies, Suna'allah said at a meeting with CEOs of the oil companies, indicating that there was a need for the companies to work together and offer support for one another.

The meeting which was held at Arabian Gulf Oil Company 'AGOCO' was attended along with the Chairman of the NOC, by the chairmen of the board of oil companies, the Member of Parliament Yusuf Al Aguri, the CEOs of AGOCO, Mellita for Oil and Gas, Al Waha, Sirte and Al Harouj and several other companies.

=Lana=
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SIVAJOTHI GNANATHEEVAM
2 weeks ago

Business News

Business News
Released:  20/07/20172017-07-20
Word count:  186

Transport and maritime authorities in Benghazi say they want to reopen the city’s port as soon as possible.

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Libya herald
Once the Libyan National Army (LNA) has declared the area safe, the port could be quickly brought back into operation, they agreed in discussions .

Efforts to reopen it were given a boost on Sunday with a fact-finding visit by Abdul Razzaq Al-Nazhuri, the chief of staff and military governor between Ben Jawad and Derna.

The port was vital to the economy for Benghazi, he said during his visit. Its closure over the past three years had significantly hampered trade and economy in the city, resulting in a scarcity of goods and high prices. His inspection, he explained, was part efforts to assess the effects of the battle to liberate the city in the port itself and see what needed to be done to fully reopen it.

Adjacent to so much of the fighting that took place over the past three years, the port had been badly damaged, according to its manager, Mustafa Elabbar. But he said that it could be quickly brought back into operation.

Doing so, he said, would also send a strong message to the world that Benghazi was ready and open for business.
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SIVAJOTHI GNANATHEEVAM
2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  20/07/20172017-07-20
Word count:  347

Libya has been called on by the Organization of Petroleum Exporting Countries to share production plans at a summit next week, an oil company director said.

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UPI
Libya and fellow OPEC member-state Nigeria are exempt from the multilateral agreement to stem production in an effort to offset some of the supply-side strains that last year pushed oil prices below $30 per barrel. Both countries have seen dramatic gains in production since the deal was implemented in January, dampening the impact.

Parties to a committee monitoring the agreement meet next week in St. Petersburg, Russia, to review the impact. Mustafa Sanalla, the head of Libya's National Oil Corp. said OPEC Secretary General Mohammed Barkindo wants to see production plans from Libya at the meeting.

"We will take this opportunity to share with the committee the factors enabling and constraining Libya's production recovery," he said in a statement. "I will consult with significant Libyan decision-makers before I leave and hope to present a unified Libyan position in St. Petersburg that will show we can act together in the national interest."

OPEC economists in their monthly market report for July said that, combined, Nigeria and Libya were adding about a quarter million barrels of oil per day to the market, while other member states scaled back. Recent data shows Libya is on pace to pass 1 million barrels per day, in line with Sanalla's goal for the month and close to pre-crisis levels.

This week, members of Libya's national oil company met with officials from Norwegian energy company Statoil to review developments in the North African country. The NOC said officials from Statoil were briefed on the "improvement of security situation in the production areas and NOC plans to return production to its normal levels."

Libya and Nigeria are exempt from the OPEC-led agreement so they can steer oil revenue toward national security efforts. On Tuesday, the U.N. High Commissioner for Human Rights said it was concerned about the treatment of prisoners by members of the Libyan National Army, which controls eastern Libya.

"We have documented unlawful killings by armed groups on all sides of the conflict in Libya, and despite ample information regarding such crimes, widespread impunity continues," UNHCR spokesperson Liz Throssell said in an emailed statement.
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SIVAJOTHI GNANATHEEVAM
2 weeks ago

Oil & Gas News

Oil & Gas News
Released:  19/07/20172017-07-19
Word count:  349

Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang.

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Reuters
Brent crude futures LCOc1, the international benchmark for oil prices, were at $48.81 per barrel at 0259 GMT (3.59 a.m. ET), down 3 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.33 per barrel, down 7 cents.

U.S. crude stocks rose last week, adding 1.6 million barrels in the week to July 14 to 497.2 million barrels, industry group the American Petroleum Institute said on Tuesday.

Outside the United States, supplies from the Organization of the Petroleum Exporting Countries (OPEC) remained high, largely because of rising output from member-states Nigeria and Libya, despite the club's pledge to cut production.

"Nigeria and Libya have made significant progress in reinstating their oil supply. Production in Libya is currently reported at or above 1 million barrels per day while August loading schedules for Nigeria have risen to just over 2 million barrels per day," French bank BNP Paribas said.

"The increment of crude oil supply from Nigeria and Libya in June vs. October 2016 reference production levels comes to 450,000 barrels per day on average. This is almost 40 percent of the 1.25 million barrels per day cut by the OPEC 10 members engaged in supply restraint," the bank said.

Nigeria and Libya are exempt from the deal between OPEC and other producers, including Russia, to cut production by around 1.8 million barrels per day between January this year and March 2018 in order to tighten the market and prop up prices.

"Talk of capping Nigerian and Libyan output has been growing fast (within OPEC). But it is very unlikely that both countries will acquiesce to a cap so soon after restoring production," BNP said.

On the demand side, BMI Research warned that China's near record refinery use of crude oil in June would likely fall in the second half of the year.

"The pace of refining throughput growth in China is set to ease in H2, as the Chinese economy loses steam amid intensifying efforts to curb financial risks, and utilisation rates at the independent private refineries soften amid lower quotas and a tighter regulatory environment," BMI said.

Reporting by Henning Gloystein; Editing by Richard Pullin and Tom Hogue
Comments:

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All relevant business information will be provided upon request. If Interested kindly contact me via Email:~ Contact : Mr. SIVAJOTHI GNANATHEEVAM Email: leasingmandate@gmail.com

SIVAJOTHI GNANATHEEVAM
2 weeks ago
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