Month: January 2020

The outbreak of a coronavirus in China that is now an international threat could cut oil demand by 260,000 bpd, which would translate into a price drop of almost $3 per barrel, Goldman Sachs has said.close [x]PauseUnmuteLoaded: 0%Progress: 0%Remaining Time -0:21Fullscreen Most of the demand loss will come from jet fuel as the risk of disease discourages travelers from getting on a plane, according to the investment bank, whose analysts qualified the outbreak’s effect on oil prices as modest, Bloomberg reports. Coronaviruses are common among animals but some of them can jump…

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Libya’s National Oil Company has confirmed that is has lost virtually all of its oil production, at 1.2 million barrels per day of oil production, and $77 million in daily financial loss, according to the Libya Herald. NOC has confirmed that the ports of Hariga, Brega, Sidra, and Ras Lanuf ports are closed and under force majeure. The US Embassy in Libya today announced that the NOC should be allowed to immediately resume oil operations that have been offline since this weekend, after groups loyal to General Khalifa Haftar blocked all major oil ports.…

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The world’s newest oil frontier, Guyana, has officially shipped its very first batch of crude oil on Monday, according to TankerTrackers.com—a major oil-first for the South American country. The first batch of oil—a million barrels of Liza sweet crude oil—is currently on a Suezmax tanker Yannis P headed for the United States, Tanker Trackers said. The Liza field is co-owned by Hess Corp (NYSE: HES), China’s CNOOC, and operator ExxonMobil (NYSE: XOM)—who is the envy of all oil companies at the moment for 15 mouthwatering finds offshore Guyana. The project…

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Saudi Arabia’s economy is expected to grow by 1.9 percent this year, the International Monetary Fund (IMF) said on Monday, revising down its forecast of 2.2-percent growth from just three months ago, due to expected lower Saudi oil production as the Kingdom has pledged to overcomply with the OPEC+ oil production cuts. In its January update of the World Economic Outlook (WEO) from October, the IMF cut on Monday its economic growth projections for the global economy and that in the Middle East and Central Asia region. Economic growth in the Middle…

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Tough times are continuing for Alberta’s oil and gas country, with the amount of unpaid property taxes that oil and gas companies owe to Alberta towns has more than doubled over the course of just a year. The total tax debt outstanding? $173 million—a 114% increase from this time last year as the industry comes up short thanks to patches of huge gaps between the price of West Texas Intermediate and Western Canadian Select oil benchmarks, and production curtailments to producers in an attempt to keep that gap in check.…

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