Archive | Oil & Gas

OPEC cuts 2012 oil demand forecast, pumps more

OPEC cut its world oil demand growth forecast due to economic weakness in Europe and the United States, taking the opposite view to the U.S. government's energy forecaster and reflecting growing uncertainty over the outlook. The monthly report from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday also reported higher supply from its […]

Libya Pumped 1.36 Million Barrels of Crude Feb. 4, NOC Says

Libya produced 1.36 million barrels a day of crude on Feb. 4, up from a daily average of 1.12 million barrels in January, the state-run National Oil Corp. said. The country pumped a combined 1.42 million barrels of crude plus condensate on that day, up from an average of 1.18 million barrels a day in […]

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Libya sees pre-war oil production in summer

Libya anticipates a return to pre-war oil output of 1.6 million barrels per day (bpd) in June or July this year, Deputy Oil Minister Omar Shakmak said on Tuesday. Oil companies were currently producing at between 60 and 90 percent of their normal output, he told Reuters in an interview. "In general, if you look […]

Libya's Crude Bookings to Rise to 1 Million Bpd Next Week

Nine oil tankers have been booked so far to load about 1 million barrels a day of crude oil in Libya next week, according to data from Poten & Partners Inc. The ships have been chartered to pick up 970,000 metric tons, the equivalent of about 7.1 million barrels, the New York- based shipbroker’s figures […]

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Libya, UK help OMV Q4 output rise

Output from Libya helped Austrian energy group OMV boost production slightly quarter on quarter despite the absence of supplies from Yemen amid political unrest there. OMV's fourth-quarter production edged up to 289,000 barrels of oil equivalent per day (boed) from 283,000 in the previous quarter, it said in a trading statement on Friday. "Overall production […]

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Libya's Agoco hopes for full oil output in April

Libya's Arabian Gulf Oil Company (Agoco) is producing around 300,000 barrels per day (bpd) and hopes to reach full production in April, later than previously thought because of electricity problems at some fields, a spokesman said on Thursday. The Benghazi-based company had previously said it expected to return to full production of 425,000 bpd by […]

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OPEC Output Reaches Three-Year High on Libya Production Gain

Oil production this month by the Organization of Petroleum Exporting Countries rose to the highest level in more than three years, led by a rebound in Libyan output, a Bloomberg News survey showed. Production increased 183,000 barrels, or 0.6 percent, to an average 30.9 million barrels a day in January from a revised 30.717 million […]

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