OPEC fails to reduce oil production, registers highest output of the year

11/08/2017 14:38 Oil Market

news

OPEC oil output for July skyrocketed by 173,000 barrels a day to almost 32.9 million barrels, which once again proves that major oil producers can’t keep up with their plan to pump less oil.

This is the highest level of oil production that the organization has put out since their agreement from last December aiming to limit its output so as to rebalance the market after three years of surplus.


OPEC has partnered with non-member Russia to keep 1.8 million barrels a day off the market and diminish global crude stockpiles, but rising output from the US, Libya and Nigeria has made the effort futile.


Libya’s daily output rose by 150,000 barrels a day last month to surpass a million barrels in July. Nigeria oil production reached nearly 1.75 million barrels per day, or a daily hike of around 34,000 barrels.

 

Saudi Arabia, the group’s major producer, exceeded the production limit it agreed to last winter, producing around 10,07 million barrels a day.
 

The number of nuclear newbuild projects significantly dropped to a decade low

13/09/2017 17:01:00

A significant decrease in the number of nuclear newbuild projects around the world has been registered by the World Nuclear Industry Status Report (WNISR), hitting a decade low, mainly after the 2011 Fukushima disaster and due to the increasing costs of the atomic energy.

<READ MORE

Trafigura signals LNG business expansion in Pakistan

13/09/2017 16:14:00

An LNG import terminal is likely to be opened by the commodities trader Trafigura in Pakistan to satisfy the higher demand for gas in the emerging economies.

READ MORE

Cyprus: New gas discovery offshore considered non-profitable

13/09/2017 15:40:00

Eni and Total have found gas while drilling offshore Cyprus near the giant Zohr gas field discovery in Egypt waters, but the anticipated quantity of the recently discovered field is too small to develop on its own, as stated by Cypriot Energy Minister Yiorgos Lakkotrypis on Tuesday.

READ MORE