Day: January 23, 2020

ISLAMABAD: Shares in Pakistan’s biggest firm Oil and Gas Development Company Limited (OGDCL) plunged maximum of 5 percent in an intraday trade on Wednesday due to apparent market manipulations that followed on rumors that the government plans to divest its 7 percent stake in the company at a discount rate, brokers said. They said investors went into stampede-selling and the OGDC share price hit the lower lock, but the day became even more interesting when an abnormally large buying of its shares was seen in the last hour. The company…

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Ten oil tankers capable of carrying some 8 million barrels of oil are idling near some of Libya’s oil export terminals, tanker-tracking data monitored by Bloomberg showed on Thursday, as the Libyan port blockade entered an ugly sixth day. Groups loyal to eastern strongman General Khalifa Haftar blocked virtually all exports from the African oil producer, and when storage reaches maximum capacity, it will result in a complete loss of all of Libya’s 1.2 million barrels per day of oil production and exports. “Shutdown of all affected oil fields will result in a loss…

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Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, Reuters reports, citing the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78 percent on 2018, ANP also said. More than half of the total oil production Brazil recorded in 2019 came from the prolific presalt zone off its coast. The contribution of the presalt zone stood at 633.98 million barrels, which was an annual improvement of 21.56 percent. Brazil’s crude oil production topped 3 million barrels per day for…

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The American Petroleum Institute (API) estimated on Wednesday a surprise crude oil inventory build of 1.57 million barrels for the week ending January 17, compared to analyst expectations of a 1.009-million-barrel draw in inventory. Last week saw a build in crude oil inventories of 1.1 million barrels, according to API data. The EIA’s estimates, however, were of a draw of 2.5 million barrels for that week. Oil prices were down earlier in the day prior to the afternoon data release, despite continued unrest in oil-rich Iraq and a near-complete oil production disruption in Libya, as…

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Crude oil prices were stubbornly down following the Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17 This compared with analyst expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel. For last week, the authority reported a build in gasoline, of 1.7 million barrels, and a 1.2-million-barrel decline in distillate fuel inventories. This compared with a…

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