Libya's crude oil output has surged to over 1m bpd, up from 400,000 in October while Nigeria's output has risen to 1.6million bpd, up 200,000 since October following the restart of loading at Forcadoes terminal. Libya's crude oil production was at 550,000 in October 2016.
Of course, rapidly expanding output is great for USA oil producers at an individual company level. Current oil prices, however, indicate that no one is holding their breath for OPEC to follow through with its "whatever it takes" promise to draw down supply.
OPEC and non-OPEC producers could extend and increase production cuts to prop up crude prices, according to Russian Energy Minister Aleksandr Novak.
India is the latest Asian country to buy United States crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the countries seek to diversify oil imports from other regions after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
Gas Prices Move Up; SWMI Lowest In State
Gas prices are showing their first signs of rising, or at least slowing the decrease, in the past month. AAA found self-serve, regular selling for as low as $2.05 and as high as $2.41 per gallon.
Pacers sign-and-trade CJ Miles for Cory Joseph
The only negative is this deal does ensure that Toronto can not exceed more than about $125 million in team salary this season. At a minimum, getting the 2018 first and second round picks makes this all worthwhile, earning the Nets a B+ trade grade.
Timberwolves NBA Summer League Preview
The NBA has worked very hard to make summer league at UNLV a fun fan experience, and this year promises to be even better. In total, 63 games from Las Vegas will air across ESPN and NBA TV's linear channels - a Summer League record.
When oil prices finally rose in January, so did cheap shale oil output in the United States, as USA producers viewed slightly higher fuel prices, even at the cost of a full market recovery, as an opportunity to bring new rigs online in the Permian and Bakken formations.
Spooked by the wave of supply coming from multiple sources, many Wall Street analysts have grown bearish on the energy sector. Talks started early in 2016 after prices fell to the lowest in 12 years, but a first round of talks in Doha in April ended in failure.
"Something has to give to keep the market in balance", he said. USA crude oil (SCO) (BNO) (IEZ) prices have fallen 21.7% year-to-date, which motivated major oil producers to cap their production. That said, there's always a more optimistic case to be made, if only for purposes of playing devil's advocate.
Nigeria's oil minister, Emmanuel Ibe Kachikwu, was invited to the meeting but is unable to attend due to another commitment, Kuwaiti Oil Minister Essam al-Marzouq told reporters at the same Istanbul event. The two countries had been exempted from a recent pact to limit global production and ease a glut of oil that has plagued the industry. After all, the collapse of oil to $26 in 2016 did the trick of finally bringing USA output down, as short-lived as that proved to be.
"Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure".