Supply

Oil

Oil helping Islamic State group's war chest to grow daily

WASHINGTON (AP) — Islamic State militants, who once relied on wealthy Persian Gulf donors for money, have become a self-sustaining financial juggernaut, earning more than $3 million a day from oil smuggling, human trafficking, theft and extortion, according to U.S. intelligence officials and private experts.

The extremist group's resources exceed that "of any other terrorist group in history," said a U.S. intelligence official who, like others interviewed, spoke on condition of anonymity to discuss classified assessments. Such riches are one reason that American officials are so concerned about the group even while acknowledging they have no evidence it is plotting attacks against the United States.

Analysis: As 2016 nears, Dems take closer look at energy exports

The case laid out Tuesday by former Obama administration economic adviser Lawrence Summers for the lifting of the U.S. ban on crude oil exports had a familiar ring to it.

Summers, at the Brookings Institution, said the U.S. should reap the benefits of other countries becoming dependent on our oil boom, rather than leaving the market to OPEC nations. And he sees a chance to extend American influence through crude exports, as well as those of liquefied natural gas.

Oil

API releases survey of oil and gas vendors

Washington, September 9, 2014, 10:30 am

American Petroleum Institute holds media teleconference to release survey of oil and gas vendors by congressional district. 

Oil

Libya’s biggest port getting oil despite fighting elsewhere

Source: 
The Wall Street Journal

Fighting in Tripoli may have been escalating, but in the east of Libya, the key oil port of Es Sider is once again getting a flow of crude from oilfields after exports there resumed last week following a one-year hiatus, an official told The Wall Street Journal.

Oil

Mexico’s crude output to jump on energy reform: EIA

Source: 
The Hill

Mexican oil production could increase by as much as 75 percent over the next 25 years as a result of its move to open up the country’s energy industry to private investment, according to a prediction from the Energy Information Administration, The Hill reports.

Oil

Libya's largest oil depot begins exports

CAIRO (AP) — Libya's largest export terminal begun loading a tanker Wednesday destined for Italy, its first shipment after a yearlong blockade over disputes between the central government, rebels and protesters, the country's oil corporation said.

The National Oil Corp. said on its website the tanker has been loading 600,000 barrels since early Wednesday. The central government had resolved a dispute last month with militias in the country's east that had caused exports from two of the country's oil ports to stop for almost a year.

Oil

Afren, Oryx cut Kurdish production, Genel pulls some workers

Source: 
Reuters

As the U.S. launched air strikes on Islamic State militants in northern Iraq, two companies with Kurdish production – Afren and Oryx Petroleum – said they were cutting back in oilfields near fighting, while Genel said it was reducing personnel in the region, Reuters reports.

Oil

OPEC: July output up but demand forecast lowered again

Source: 
Reuters

Weaker-than-expected demand in the U.S. has caused OPEC to trim its yearly forecast for a second straight month -- to 1.1 million barrels of oil a day -- although its production levels increased in July despite fighting in Iraq and Libya, Reuters reports.

Oil

Tanker catches fire amid clashes in Libyan capital

CAIRO (AP) — The Libyan government is appealing for "international help" after several oil tankers caught fire amid clashes over the country's international airport in the capital, Tripoli.

In a statement posted on its website on Monday, the interim government says the fighting between rival militias caused the huge blaze, which could trigger a "humanitarian and environmental disaster."

Libyan TV stations are calling on residents to evacuate areas near the airport. Social networking sites posted images of billowing black smoke over Tripoli skyline.

Oil

Brega port in Libya hopes to restart crude shipments

Source: 
The Wall Street Journal

Despite increasing violence in parts of Libya including the capital, a tanker has arrived in Brega and should leave next week bound for Genoa loaded with 750,000 barrels of crude, the port said on its Facebook page, according to The Wall Street Journal.

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