Oil headed for a weekly loss on speculation a global crude glut will persist as disrupted supply returns and demand growth slows. Futures fell 1.3 percent in New York, extending a weekly decline to 5.5 percent. OPEC members Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. The oil surplus will last longer … Read More
Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart
Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 bpd … Read More
Production Disruptions From Nigeria and Libya Lower OPEC’s Output in July 2016
OPEC’s crude oil output was disrupted in July, by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 bpd last month, a Bloomberg survey of analysts, oil companies and ship tracking data showed. Nigeria led … Read More