Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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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.

Oil 336

Europe Expands Virtual Borders To Thwart Migrants

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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. When I got to Libya, I didn’t have money,” Jacob says.

Libya 103
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GECF: more than a quarter of 2050 natural gas supply untapped

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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. Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF).

2020 160

Platts Survey: OPEC pumps 31.28M barrels of crude per day in June; highest since Aug 2012

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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. In Libya, output slipped by 20,000 b/d to 410,000 b/d as it continued to struggle to raise production due to ongoing security issues and technical limitations.

2015 182

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

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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. More money is needed, otherwise production fields will be closed down and international clients, including utilities or chemical companies, will bear the brunt of it.

2017 174

IEA: non-OPEC oil supply tops 43 mb/d for first time in decades; global demand to reach 92.4 mb/d in 2014

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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.

2013 190

Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

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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. OPEC’s 300,000-barrel-per-day output rise in June, boosted by fragile recoveries in Libya and Nigeria, and the unrelenting rise in Iran and the increase in Saudi Arabia, sends a strong message over its unwavering market share strategy.

2016 150

US DOE, IEA member countries releasing a total of 60 million barrels of oil from reserves

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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. The IEA estimates that the unrest in Libya had removed 132 million barrels of light, sweet crude oil from the market by the end of May.

2011 168

BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

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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. Gas prices increased broadly in line with oil prices except in North America where prices reached record discounts both to crude oil and to international gas markets. World primary energy consumption grew by 2.5% in 2011, close to the historical average.

2012 219

Iran negotiations, OPEC meeting loom for oil markets

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Iran has signaled its willingness to accept international inspections of its nuclear program and the possibility of receiving enriched uranium from abroad. Libya’s Prime Minister visited Riyadh on November 13, arriving just as Iraq’s President departed. by Nick Cunningham of Oilprice.com. As November draws to a close, there are two major events that could profoundly change the oil markets.

Iran 202

Opinion: How Much Longer Can OPEC Hold Out?

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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. With the huge reduction in its revenues and growing discomfort among its members such as Venezuela, Libya and Nigeria over its current production levels, is OPEC really getting weaker? by Gaurav Agnihotri for Oilprice.com.

2015 183

Increase in US rig count will not cap oil prices

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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. The latest bearish outlook from Goldman is remarkable considering the June 13 monthly world crude oil markets report from the International Energy Agency (IEA).

2016 150

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

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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. His career has focused on the Soviet Union and Russia, and has included fifteen years in Russia as a US diplomat, in business, working both for international and Russian businesses, and in consulting. by Dalan McEndree for Oilprice.com.

2015 190

Study reports non-US global shale gas recoverable resources of 5,760 Tcf; global shale gas boosts total recoverable natural gas resources by 40%

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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. In response, several other countries have expressed interest in developing their own nascent shale gas resource base, which has lead to questions regarding the broader implications of shale gas for international natural gas markets. Map of 48 major shale gas basins in 32 countries.

2011 183

RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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According to three new reports on “Promoting International Energy Security” issued by the RAND Corporation, because the energy purchases made by the US Department of Defense are not large enough to influence world oil prices—despite DoD requiring considerable amounts of fuel to function—cutting fuel use is the only effective choice to reduce what the Pentagon spends on petroleum fuels. 2012) Promoting International Energy Security: Volume 2, Turkey and the Caspian.

2012 194

Opinion: Is Russia Plotting To Bring Down OPEC?

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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). in Russian and Soviet history, Soviet economics, and International economics, and MBA in finance and marketing. by Dalan McEndree for Oilprice.com.

Russia 193