Tag Archives | Crude Oil

Libya regains customers after oil price stand-off

Libya is regaining its competitive edge selling crude to Europe after steeply cutting price formulas to avoid a repeat of the forced production cuts it faced in June because of a stand-off over pricing with buyers.  Demand for Libyan crude has been lackluster at best in the last few months as lifters have been complaining […]

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Med Crude-Trade thin, sweet weak on ample supply

Trade in the Urals crude market remained thin for a  second day on Wednesday due partly to holidays in Russia while the open arbitrage from Northwest Europe to the Mediterranean pushed up differentials.  Sweet barrels came under further pressure with prompt offers from Libya and overhang of Nigerian sweet crude.       URALS  There were no […]

Tatneft 2011 Net Profit Rises 31.7% to $2.06 Bln

Tatneft, Russia’s sixth largest crude oil producer, saw 2011 net profit jump 31.7 percent year-on-year to 61.428 billion rubles ($2.06 billion) to US GAAP, the company said in a statement on Monday. Revenue rose 31.6 percent in 2011 to 615.867 billion rubles, while pre-tax profit grew 33 percent to 85.909 billion rubles. The company’s short-term […]

Libyan oil exports to total 1.29 million bpd in May

Libyan crude oil exports are expected to amount to 40 million barrels in May, or 1.29 million barrels per day (bpd), a senior official at Libya’s state-owned National Oil Corporation (NOC) said. NOC plans to sell 30 million barrels, while firms that receive oil for investing in Libyan production are expected to take 10 million […]

Med Crude-Urals firm on Asian bid, Libyan export to dip

Russian Urals differentials were supported in the Mediterranean on Monday by a bid from an Asian trader. But the gain in prices was limited as the west-to-east arbitrage export window failed to open, traders said.  Libyan crude oil exports are set to fall marginally in May from April. Trading in the sweet market was relatively thin […]

WAfrica Crude-Ample supplies depress Nigerian grades

Demand for Nigerian crude improved slightly on Wednesday but traders said differentials were yet to recover because of a large overhang of cargoes for April and May. Glencore sold a cargo of Akpo crude oil to India’s BPCL at a small premium to dated Brent, but traders said the rest of the cargoes for the […]

Libya up to 3rd in Germany’s Feb oil imports

A recovering Libyan oil sector sent 779,000 tonnes of crude to Germany in February, up from 595,000 tonnes in January and 388,000 tonnes in December, putting it third-highest in Germany’s oil imports, economic and foreign trade statistics office BAFA data showed on Wednesday.  The figure was up from 614,000 tonnes in February 2011 when fighting […]