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☆ Oil eases though investors wary over potential Mideast supply disruption
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: +2 min

Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 39 cents, or 0.5%, to $79.01 a barrel by 0152 GMT. "Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities," he said. Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Persons: Hurricane Milton, Hiroyuki Kikukawa, Brent, WTI, Yoav Gallant Organizations: . West Texas, NS, Nissan Securities, Israeli, Hezbollah, Reuters, National Oil Corporation Locations: Norway, Brent, United States, Hurricane, Florida, Israel, Iran, Lebanon, Hamas, Gaza, Yemen, Beirut, Gulf, Washington

☆ Oil prices tick up on sharp fall in U.S. crude inventories
▼ + stars: | 2024-08-08 | by ( ) www.cnbc.com time to read: +1 min

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52. U.S. crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels to 429.3 million barrels last week, government data showed, against analyst expectations in a Reuters poll for a 700,000-barrel draw. While no supply has been impacted so far, attacks on ships in the Red Sea have forced tankers to take longer routes meaning more oil stays on the water for longer. Meanwhile, Libya's National Oil Corporation has declared force majeure in its Sharara oilfield from Tuesday, a statement said, adding that the company had gradually reduced the field's production due to protests.

Persons: Brent, majeure Organizations: Brent, U.S, West Texas Intermediate, . Energy, National Oil Corporation Locations: U.S, Iran, Israel

☆ Oil prices steady as investors weigh Libya oilfield restart, Mideast tensions
▼ + stars: | 2024-01-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices were little changed on Monday as the market weighed the reopening of a key oilfield in Libya against ongoing tensions in the Middle East. Libya's National Oil Corporation resumed full production at the Sharara oilfield on Sunday after protests shut down output for two weeks. "The sentiment is sourer this morning because the force majeure on Libya's Sharara oil field has been lifted," Tamas Varga with PVM Oil Associates wrote in a note. OPEC, on the other hand, has presented a stronger outlook with oil demand forecast to grow by 2.2 million barrels per day, while production outside OPEC will grow by 1.3 million barrels per day.

Persons: Brent, Tamas Varga Organizations: Operations, The West Texas Intermediate, National Oil Corporation, PVM Oil Associates, U.S, U.S . Central Command, Houthi, International Energy Agency Locations: El, Sharara, Libya, The, Iran, Iraq, U.S, Syria, Gaza

☆ Oil prices fall 1% after surprise US storage build
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell nearly a dollar a barrel on Wednesday after a surprise jump in U.S. crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures settled 79 cents, or 1%, to $76.80 a barrel. Early in the session, both contracts had risen by more than a dollar before the U.S. Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates. Gasoline stocks rose by 8 million barrels while distillate stocks jumped by 6.5 million barrels, the EIA reported. Europe's weak economic outlook also added to oil demand concerns.

Persons: Rob Haworth, Haworth, Luis de Guindos, majeure Organizations: U.S . West Texas, Brent, U.S . Energy Information Administration, U.S, Bank Asset Management, EIA, European Central Bank, National Oil Corporation Locations: Nolan , Texas, U.S, Israel

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

A three-storey building standing opposite had been swept 60 metres (200 feet) down the road by the floodwaters, Hasadi said. "The situation is very, very tragic," said Qais, a rescue worker from Tunisia at the seafront who only gave his first name. [1/4]A view shows the destruction, in the aftermath of the floods in Derna, Libya September 16, 2023. REUTERS/Esam Omran Al-fetori Acquire Licensing Rights"The work is ongoing and is very, very, very complicated," he told Reuters. Libya's continuing political divisions, with rival administrations and parliaments in the east and west, could hamper the aid effort.

Persons: Tarek Faheem al, Hasadi, Qais, Kamal Al, Omran, Storm Daniel, Hayder Al, Muammar Gaddafi, Khalifa Haftar's, Derna, Ayman al, Ahmed Elumami, Omar Abdel, Emma Farge, Aidan Lewis, Helen Popper, Alex Richardson Organizations: Organization for, REUTERS, Reuters, Health Organization, Italy's, United Nations, Libya's National, for Disease, NATO, Khalifa Haftar's Libyan National Army, Thomson Locations: DERNA, Libya, Derna, Derna's, Tunisia, Saudi Arabia, Russia, Italian, Italy's Embassy, Infrastructure, Razek, Cairo, Geneva

☆ Italy's Meloni expected to sign major gas deal as she starts Libya visit
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +3 min

[1/3] Italian Prime Minister Giorgia Meloni and the head of Libya's Government of National Unity, Abdulhamid al-Dbeibah attend a joint news conference in Tripoli, Libya. TRIPOLI, Jan 28 (Reuters) - Italian Prime Minister Giorgia Meloni flew to Tripoli on Saturday where she is expected to agree a major gas deal aimed at boosting energy supplies to Europe despite the insecurity and political chaos in the North African country. Meloni is meeting Mohamed al-Menfi, the head of Libya's three-man Presidency Council, and Prime Minister Abdulhamid al-Dbeibah, head of the internationally recognised Government of National Unity (GNU) in Tripoli. Insecurity and lawlessness has made Libya a major, but dangerous, route for migrants seeking to reach Europe, often via the Italian island of Lampedusa. Italian Interior Minister Matteo Piantedosi, who oversees much of the migration issue for Rome, flew to Libya with Meloni.

☆ Italy's Eni signs $8 billion Libya gas deal as PM Meloni visits Tripoli
▼ + stars: | 2023-01-28 | by ( Gavin Jones | ) www.reuters.com time to read: +4 min

The deal, signed during a visit to Tripoli by Italy's Prime Minister Giorgia Meloni, aims to increase gas output for the Libyan domestic market as well as exports, through the development of two offshore gas fields. Output will begin in 2026 and reach a plateau of 750 million cubic feet per day, Eni said in a statement. "This agreement will enable important investments in Libya's energy sector, contributing to local development and job creation while strengthening Eni's role as a leading operator in the country," said its chief executive, Claudio Descalzi. Meloni met Libya's Prime Minister Abdulhamid al-Dbeibah, head of the internationally recognised Government of National Unity (GNU) in Tripoli for talks that also focused on migration across the Mediterranean. Italian Interior Minister Matteo Piantedosi, who oversees the migration issue for Rome, accompanied Meloni to Libya, as well as Foreign Minister Antonio Tajani.

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