Day: November 16, 2020

Libya’s Oil Production Exceeds 1.2 Million Bpd

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Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January. Libya’s oil production has now reached 1.215 million bpd, the source told Reuters. Production in Libya started to rise in the middle of September after the self-styled Libyan National Army (LNA) of General Khalifa Haftar lifted the eight-month-long blockade on…

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Michigan Order Enbridge To Shut Down Line 5

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Michigan’s Governor Gretchen Whitmer and the director of the state’s Department of Natural Resources have revoked Enbridge’s easement for the operation of the twin Line 5 pipeline, citing repeated violations of the easement and the need to protect the Great Lakes. “The state is revoking the easement for violation of the public trust doctrine, given the unreasonable risk that continued operation of the dual pipelines poses to the Great Lakes,” an official statement said. “Moreover, the state is terminating the easement based on Enbridge’s persistent and incurable violations of the…

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U.S. Natural Gas Stocks Close To Record-High At Refill Season End

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Natural gas inventories in the United States ended the injection season between April and October 2020 close to the all-time high from 2016, the Energy Information Administration (EIA) said on Monday. At the end of the refill season—which is April 1 to October 31—the amount of working natural gas in storage stood at 3,920 billion cubic feet (Bcf), close to the record of 4,047 Bcf from the middle of November 2016, according to EIA data from its latest weekly natural gas inventory report last week. The injection season this year…

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Saudi Aramco Plans Multi-Billion-Dollar Bond Issue

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Saudi Arabia’s oil giant Aramco plans to issue U.S.-denominated bonds, with the exact amount subject to market conditions, the world’s largest oil-producing company said on Monday, as it has doubled down on paying huge dividends amid profit slumps. Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and NCB Capital will be underwriters of the upcoming bond issue, which will be in several tranches with a maturity of 3, 5, 10, 30 and/or 50 years, subject to market conditions, Aramco said in a filing with the Saudi stock exchange Tadawul.…

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OPEC+ Compliance With Cuts At 101% Ahead Of Crucial Meetings

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The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook. The compliance last month has been estimated at 101 percent, three sources at OPEC+ told Reuters on Friday. This assessment is subject to official review by the Joint Technical Committee (JTC) of OPEC+, which is meeting on Monday, November 16, a day before…

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