Sep 07, 2017 08:42 am UTC| Commentary
According to an unnamed source in Libyas oil Industry cited by Reuters, the production is set to be resumed in Libyas largest oil field Sahara as the militant blockade of crucial pipelines ended yesterday. Last month,...
Oil in Global Economy Series: Saudi Arabia increases oil price for Asia and United States
Sep 06, 2017 12:25 pm UTC| Commentary
As Hurricane Harvey led to a skyrocketing of refinery margin in Asia, leading to greater demand for oil, Saudi Arabia increased its price of crude for Asian customers. The average profit margin for a refinery in Singapore...
Sep 06, 2017 09:42 am UTC| Commentary
Russian energy minister Alexander Novak said, speaking to news agency TASS that the production deal that was agreed by OPEC members and participating 11 non-OPEC members last November and received an extension until March...
Oil in Global Economy Series: Brent-WTI spread narrows as Gulf coast recovers from Harvey damage
Sep 05, 2017 11:11 am UTC| Commentary
The spread between two most widely used oil benchmarks, North American WTI and North Sea Brent is easing after it reached the highest level in 24 months thanks to the disaster caused by Hurricane Harvey last week that led...
Oil in Global Economy Series: U.S. operating oil rigs at 759 last week
Sep 04, 2017 10:14 am UTC| Commentary
Last weeks report from Baker Hughes shows that there have been no changes in the number of operating oil rigs last week. The increasing numbers of operating rigs, as well as increasing production, have been raising...
Oil in Global Economy Series: Massive backwardation in Gasoline market, thanks to Hurricane Harvey
Aug 31, 2017 13:40 pm UTC| Commentary
Hurricane Harvey that battered the Texas coast and Louisiana with heavy winds and torrential rains, has pushed the U.S. gasoline market into a severe backwardation as the country suffers supply shortages. It is being...
Oil in Global Economy Series: U.S. makes emergency release from SPR to battle Harvey fall out
Aug 31, 2017 13:17 pm UTC| Commentary
United States department of energy has authorized the release of half a million barrels of crude oil from Strategic Petroleum Reserve (SPR) in the wake of the disaster caused by Hurricane Harvey in Texas and some parts of...
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