LONDON, Nov 21 (Reuters) – Brent oil futures slipped below
$108 a barrel on Thursday as the market waited for further
indications on whether a preliminary deal between world powers
and Iran over Tehran’s nuclear programme could be reached this
Oil was also weighed down by heightened expectations that
the U.S. Federal Reserve will scale back its economic stimulus,
and upcoming U.S. data will be eyed closely for further clues.
LONDON, Nov 19 (Reuters) – Oil exports from Libya’s western
Mellitah port have resumed after protests ended, allowing a
large oilfield to ramp up production and providing some respite
from a crisis that has crippled its economy.
Most of Libya’s oil facilities have been closed since the
end of July as disparate groups demanding political rights and
benefits have put pressure on the government, helping support
the price of crude oil on global markets.
LONDON (Reuters) – Commodity merchant Gunvor, long known in the industry as one of the key traders of Russian oil, is studying growing opportunities in North America resulting from the shale oil boom and is looking at select trading assets including parts of JPMorgan Chase & Co.’s (JPM.N: Quote, Profile, Research, Stock Buzz) business.
Speaking at the Reuters Global Commodities Summit on Tuesday, Gunvor chief executive and co-founder Torbjorn Tornqvist said the firm saw opportunities in North America and had been in contact with the Wall Street bank, which put its physical trading business up for sale this summer for around $3.3 billion.
LONDON/CAIRO, Nov 1 (Reuters) – Egypt has gone from fuel
famine to glut thanks to gifts from Gulf monarchs since the army
removed the Islamist president in July – and that is giving the
state oil company and foreign traders new headaches.
The Egyptian General Petroleum Corp. (EGPC), facing rising
fees for delaying tankers as gift cargoes fill its ports, has
begun to cancel or postpone contracted purchases. Traders have,
for now, lost one of their best customers in the Mediterranean
and some say the confusion has put them off dealing with Cairo.
TRIPOLI/LONDON, Oct 30 (Reuters) – Libya plans to build two
oil refineries in its underdeveloped east and south, Prime
Minister Ali Zeidan said on Wednesday, seeking to address
grievances and protests which have shut down much of the north
African country’s oil output.
Oil production remained at a trickle after two western ports
of Zawiya and Mellitah suspended exports this week, on top of
the closures of most eastern facilities. Only one tanker was
expected to load condensates in Mellitah, trading sources said.
LONDON, Oct 30 (Reuters) – Libyan crude oil exports showed
little improvement on Wednesday after falling to a trickle this
week, except for one tanker that was expected to load condensate
from the small western port of Mellitah, trading sources said.
Over the weekend, Libya’s two western ports of Zawiya and
Mellitah suspended oil exports, on top of the closures of its
LONDON/TRIPOLI, Oct 28 (Reuters) – Libya’s efforts to end a
three-month stranglehold on its oil industry were dealt a
significant blow when exports dropped to 20 percent of capacity
following new protests at the weekend at major western fields
The OPEC producer’s crude oil exports have fallen to less
than 250,000 barrels per day, according to Reuters calculations,
compared with a capacity of around 1.25 million bpd and around
500,000 bpd earlier this month.
LONDON, Oct 25 (Reuters) – Libya has blocked efforts by U.S.
company Marathon Oil to sell its stake in one of the
country’s top oil ventures by moving to preempt a deal, sources
said, highlighting the struggle investors face in cutting
exposure to Libya’s unrest.
Two years of turmoil since the Arab Spring and tough
contract terms have prompted oil firms to reassess their role in
Libya, and U.S. companies appear keenest to leave as they lack
the proximity and infrastructure links that make North Africa
attractive to their European peers.
DUBAI/LONDON, Oct 22 (Reuters) – Its largest oil and gas
investor has filed the first major legal case against the
regional government of Iraqi Kurdistan over $1 billion in owed
payments and production rights, just as the autonomous region
looks to become a major energy exporter.
Dana Gas, leading a consortium of energy
investors, has filed an arbitration case in London to clarify
the amount of money they are owed for work already carried out
and on their rights to develop and market gas fields, the Abu
Dhabi-listed company said on Tuesday.
LONDON/LAGOS, Oct 17 (Reuters) – The trading arm of
Nigeria’s state oil company has suspended gasoline imports,
market sources in the region said, after over-buying in the wake
of a fuel subsidy scandal last year.
Gasoline gluts have occurred in the past off Nigeria, but
the scale is far worse than usual and a suspension of import
deals is very rare. Traders say it is possible the suspension
may extend until the end of the year – which will hit European
refiners that supply the market.