Oilprice, Crude Oil, Brent Crude, Price Of Oil, Libya

Oilprice, Crude Oil

Oil market shrugs off Libya oil crisis

Oil market shrugs off Libya oil crisis @GlobeBusiness

21.1.2020

Oil market shrugs off Libya oil crisis GlobeBusiness

Brent crude was down 92 cents at $64.28 a barrel by 1016 GMT, having risen to its highest in more than a week on Monday

. U.S. West Texas Intermediate crude was down 59 cents at $57.95. “Market participants appear to fret less about supply disruptions in the Middle East, or at least the risk of disruptions, thanks to the impressive growth we have seen in U.S. output over recent years,” Bank ING said. Story continues below advertisement Almost all of Libya’s crude export capacity is now under force majeure – a waiver on contractual obligations – after pipeline blockades in the east and west of the country hindered oil production. If Libyan exports are halted for any sustained period, storage tanks will fill within days and production will slow to 72,000 barrels per day (bpd), said a spokesman for state oil company NOC. Libya has been producing about 1.2 million bpd recently. Anti-government unrest in Iraq, another major oil producer, also supported oil prices initially, but officials later said output from southern oil fields has been unaffected by the unrest. Any supply disruptions could be offset by increased output from the Organization of the Petroleum Exporting Countries (OPEC), which could limit the impact on global oil markets, the head of Japan’s petroleum industry body said. ING said that spare OPEC capacity, which stands in excess of 3 million bpd, was reassuring the market. The International Monetary Fund (IMF) on Monday trimmed back its 2020 global economic growth forecasts by a tenth of a percentage point to 3.3% because of sharper than expected slowdowns in India and other emerging markets. But the IMF said that a U.S.-China trade deal was another sign that trade and manufacturing activity could soon bottom out. Barclays on Tuesday forecast 2020 oil demand to rise by 1.4 million bpd, 50,000 bpd higher than its previous forecast and up from growth of 900,000 bpd in 2019. The bank maintained its 2020 forecasts for Brent and West Texas Intermediate (WTI) prices at $62 and $57 a barrel respectively. Related topics Read more: The Globe and Mail

EU foreign ministers agree to consider ways to support formal ceasefire in Libya Libya has been in turmoil since the 2011 fall of Muammar Gaddafi as two rival governments in the east and the west vie for power and energy resources Canada , be careful.Already u r in trouble with China and now Iran.

11 countries agree to push for Libya ceasefire, respect arms embargo'The parties inside Libya will also understand that there is only a non-military way to a solution,” German Chancellor Angela Merkel said.

Oil and gas industry needs to do more to address climate change, IEA report saysThe oil and gas industry needs to increase efforts to address climate change or risk becoming socially unacceptable and unprofitable, according to a new International Energy Agency report. The sun controls the climate of this world not the oil and gas industry.

Unifor President Jerry Dias Arrested Amid Oil Refinery ProtestOfficers arrested the leader of Canada's largest private sector union. Keep him in jail Good. We need to start arresting more Union goons who prevent people from doing what they have a legal right to do. You should not be able to prevent anyone from entering a building!So sick of Union thugs and what they are allowed to get away with just because they are pissed off

Premarket: Feel good factor keeps world stocks near record highs, oil jumpsPremarket: Feel good factor keeps world stocks near record highs, oil jumps GlobeInvestor

Premarket: Feel good factor keeps world stocks near record highs, oil jumpsPremarket: Feel good factor keeps world stocks near record highs, oil jumps GlobeInvestor



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