Production at Libya’s Sharara oilfield restarts, engineers say

BENGHAZI, Libya, Production at Libya’s giant Sharara oilfield was gradually restarting on Saturday after a blockade closed the 300,000 barrels-per-day field for more than four months, two engineers from the field said. The restart at the field in southwest Libya followed a rapid military retreat by forces loyal to eastern-based commander Khalifa Haftar, whose allies…

Liberia auctions oil blocks online due to Coronavirus outbreak

The Liberian Government is seeking interest from companies on participating in the offshore license round, which was open since April 10, 2020. But, due to the COVID-19 pandemic, the Government has decided to move the bidding rounds online in order to restrict coronavirus transmission. Early this year, President Dr. George M. Weah announced the opening…

IOC says Unlock 1.0 to revive fuel sales soon

New Delhi, Weeks after the coronavirus lockdown led to fuel sales nosediving to record lows, Indian Oil Corp (IOC), the nation”s largest oil firm, sees demand returning with the resumption of economic activities. The company said though it is on track to spend the approved capital expenditure for 2020-21, it has “critically examined all capex…

India’s biggest asset sale to attract China-wary oil majors

MOSCOW/DUBAI/LONDON: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and…

Crude oil prices fall from $40 as doubts emerge over next step on Opec cuts

NEW YORK: Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as US refined product inventories surged…

Oil pips $40 for first time since March on OPEC cuts, demand recovery seen

Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations that Organization of the Petroleum Exporting Countries and other producers including Russia (OPEC+) will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on…

OPEC+ coalition shaken as Iraq pushed to atone for oil cheating

The grand alliance that’s helped revive global oil markets is being rattled by a long-running feud over members breaking their promises.Just a day before a proposed gathering on Thursday, the OPEC+ coalition hurriedly backtracked from the meeting intended to green-light an extension of its deepest production cutbacks and prop up crude prices. Saudi Arabia and…

Saudi, Russia reach deal on oil cuts, raising pressure for compliance

OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of…