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The US and other member states of the International Energy Agency (IA) agreed earlier in March to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine, with the US supplying 30 million. Test sales are relatively rare: the most recent test sale occurred in 2014.
The International Energy Agency’s (IEA’s) Oil Market Report (OMR) for December raised the estimate of global oil demand for 2013 by 130,000 barrels per day (130 kb/d) to 91.2 Renewed disruptions in Libya and smaller drops in Nigeria, Kuwait, the United Arab Emirates and Venezuela more than offset higher output in Iran, Iraq and Angola.
The loss of oil supplies in Libya and elsewhere was eventually more than offset by large production increases among Middle Eastern OPEC members, leading to record oil production in Saudi Arabia, the UAE and Qatar. The fossil fuel mix continues to change with oil, the world’s leading fuel at 33.1% million bpd or 0.7%.
US Energy Secretary Steven Chu announced today that the US and its partners in the International Energy Agency will release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East.
If Saudi Aramco or QP are already experiencing production threats, the situation in other production regions, such as Nigeria, Libya or Mexico, could be even more dire. With increased demand for crude oil and petroleum products still shown in all international assessments, the market will need to react.
EIA commissioned Advanced Resources International, Inc. Today’s report indicates a significant potential for international shale oil and shale gas, though the extent to which technically recoverable shale resources will prove to be economically recoverable is not yet clear. —EIA Administrator Adam Sieminski.
International Humanitarian Law (IHL) is the body of laws that govern international military conflicts, and they provide rules about how weapons should be used. All countries involved in the autonomous weapons systems (AWS) debate at the United Nations have stated that AWS must follow international law. Non-Military Use of AWS.
Last Thursday, the Kurdistan Regional Government said it had been forced to boost the sale of its own crude to international markets last month because of a debt backlog triggered by federal government budget cuts, leaving less crude available for export from Ceyhan on behalf of Iraqi state oil marketer SOMO.
mb/d, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. The Oil Market Report (OMR) is a monthly International Energy Agency publication which provides a view of the state of the international oil market and projections for oil supply and demand 12-18 months ahead. related product draws.
The two-day Oil and Gas of Turkmenistan 2020 conference was organized by the Government of Turkmenistan and attracted the participation of regional and international energy companies, including CNPC, Dragon Oil, SOCAR, ENI, ARETI, Schlumberger, Hyundai, among others.
Notable examples of nations where security shortfalls are significantly impeding investment and production are Nigeria; Iraq; Sudan; and, most recently, Libya. Weiss highlighted oil tanker traffic through the Bosporus Strait—a major international chokepoint—as another vulnerable area. Bartis, James T. Weiss, Andrew S.,
million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, according to an S&P Global Platts survey of OPEC and oil industry officials. An internal state-owned PDVSA report seen by S&P Global Platts also showed a steep fall in oil output.
A new EIA-sponsored study by Advanced Resources International, Inc. In addition to the United States, this group includes Canada, Mexico, China, Australia, Libya, Algeria, Argentina, and Brazil. reports initial assessments of 5,760 trillion cubic feet (Tcf) of technically recoverable shale gas resources in 32 foreign countries.
OPEC (Organization of the Petroleum Exporting Countries) has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. As per its state run oil company PDVSA, the country loses about $700 million a year with every $1 drop in the international oil price.
Besides massive futures trading, the other factors affecting WTI include the value of the US dollar (it rises and WTI falls), OPEC production, world oil demand, North American and US storage, Iranian crude embargoes, and periodic and unplanned supply disruptions from everywhere from Libya to Nigeria to Fort McMurray.
As we have pointed out, RBC Capital’s fragile five , Algeria, Libya, Nigeria, Iraq and Venezuela, the pain is intense. in Russian and Soviet history, Soviet economics, and International economics, and MBA in finance and marketing. Also, it is wealthy Saudi Arabia and its Gulf Arab allies and non-OPEC members, in particular the U.S.,
To answer these questions, we collaborated with Envirostrat to investigate some of the most common questions and concerns about the environmental impact that increased EV uptake will have on NZ, and in particular, how they really compare to ICEVs (internal combustion engine vehicles). Here’s what we discovered. WHAT EV MYTHS HAVE WE COVERED?
To answer these questions, we collaborated with Envirostrat to investigate some of the most common questions and concerns about the environmental impact that increased EV uptake will have on NZ, and in particular, how they really compare to ICEVs (internal combustion engine vehicles). Here’s what we discovered. WHAT EV MYTHS HAVE WE COVERED?
It was after midnight in the Maltese search-and-rescue zone of the Mediterranean when a rubber boat originating from Libya carrying dozens of migrants encountered a hulking cargo ship from Madeira and a European military aircraft. wants to step away from having proactive naval operations,” says international relations researcher.
Putin has aligned Russia with OPEC’s have-nots—the members lacking financial resources to withstand low crude prices for an extended period and that have objected to Saudi policies (Iran, Iraq, Angola, Nigeria, Libya, Algeria, Ecuador, and Venezuela)—against the haves (Saudi Arabia, Kuwait, the UAE, and Qatar).
The move allies the US with such luminary states as Iran, Libya and Yemen, the only three other countries in the world not to ratify the Paris Agreement. This order was not unexpected, as Mr. Trump did the same dumb thing in 2017 , which President Biden reversed right away in 2021.
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