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.
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.
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.
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.
The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in the Ukraine and the Middle East.
Benchmark U.S. crude for September delivery was down 10 cents to $101.97 at 0555 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.05 to close at $102.07 a barrel on Thursday.
Brent crude, a benchmark for international oils, rose 13 cents to $107.20 in trading on the ICE exchange in London.
The price of oil fell Thursday, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange. The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
Brent crude for September delivery, a benchmark for international oils, was down 14 cents to $107.89 on the ICE Futures exchange in London.
The price of oil rose Wednesday after the government reported that U.S. oil supplies rose more than expected.
The benchmark U.S. oil contract for September delivery gained 73 cents to $103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to $108.03 on the ICE Futures exchange in London.
The Energy Department reported that U.S. oil supplies fell by 4 million barrels last week, a sharper decline than the 2.6 million barrels expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial.
A spokesman for Libya’s National Oil Corporation said the country’s output dropped from around 555,000 barrels per day Thursday to 450,000 barrels per day Monday as fighting in Tripoli was continuing and conflict in Benghazi escalating, Reuters reports.
Environmental Protection Agency proposals to limit carbon emissions from power plants envisions generating more electricity from natural gas, but to do so would require substantial improvements in infrastructure like pipelines, according to Oglethorpe Power CEO Mike Smith, Platts reports.
Ethanol production increased 6,000 barrels a day in the week ending Aug. 15 to 937,000 barrels a day, pushing stocks in the country up to 8.251 million barrels, according to Energy Information Administration data released Wednesday, Platts reports.
Out of more than 100,000 people eligible, only around 160 living near the troubled Exide battery recycling facility in suburban LA have taken advantage of free blood testing that would determine lead levels in their blood, and the mailing sent to households about the testing made no mention of the plant, the Los Angeles Times reports.
As part of its attempt to get more out of shale, BP has tapped industry veteran David Lawler, who’d worked most recently at Oklahoma-based Sandridge Energy Inc., to run a new unit devoted to its onshore business in the Lower 48 states, The Hill reports.
Obama administration policies – particularly those involving the environment – would be the target of major spending restrictions in a Republican-controlled Congress, Sen. Mitch McConnell, R-Ky. and the man who could lead a GOP-majority Senate, told Politico in an interview on his campaign bus.
Data from the Energy Information Administration showing a 4.5 million barrel decline in U.S. crude stocks last week fuelled a rise in prices as the front month contract expired. West Texas Intermediate crude for September delivery jumped $1.59 to settle at $96.07 a barrel on the New York Mercantile Exchange, the October contract gained 59 cents to close at $93.45 and in London October Brent ended 72 cents higher at $102.28, Reuters reports.