12092016Fri
Last update: Fri, 09 Dec 2016 08pm

Markets - Energy

Markets - Energy - Middle East & Africa

Libyan oil output down about 70,000 barrels to 523,000 bpd TRIPOLI: Libya's oil production has dropped about 70,000 barrels to 523,000 barrels per day (bpd), mainly due to a power problem that is now fixed, the National Oil Corporation (NOC) said on Wednesday. NOC Chairman Mustafa Sanalla told Reuters that about 60,000 bpd had been lost temporarily because of power faults in the Waha and Dafa fields. "Today we repaired the electrical problem and resumed production gradually," he said. It was not clear when the power problem started. A blast in a control room at Al-Lahib field early on Tuesday, thought to be caused by a technical fault, led to a drop of 9,000 million to 10,000 barrels, as well as a loss of 15 million and 17 million cubic feet of gas, the NOC said. Production at Al-Lahib was due to resume as soon as an investigation into the blast and a safety and security assessment were concluded, the ...

Markets - Energy - Europe

Oil prices capped by doubts OPEC-led cut will end glut LONDON: Oil prices edged higher on Wednesday but gains were capped by investors' doubts that oil cartel OPEC would agree to a large enough production cut to significantly reduce the global surplus when it meets next week. A strong dollar, trading near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the US Thanksgiving holiday on Thursday.International Brent crude oil futures rose 11 cents to $49.23 a barrel ...

Markets - Energy - Asia

Thailand ups long-term LNG imports due to coal plant delays BANGKOK: Thailand is increasing its planned long-term imports of liquefied natural gas (LNG) to meet rising demand after delays to the construction of coal-fired power plants, a senior official at energy ministry said on Wednesday. Energy policy makers have revised their target of LNG imports to 17.4 million tonnes in 2022 and reaching 34 million tonnes a year by 2036, up from earlier planned 23 million tonnes, Twarath Sutabutr, Director-General of the ministry's Energy Policy ...

Markets - Energy - Asia

Oil prices fall on renewed doubts over OPEC-led production cut SINGAPORE: Oil prices fell in Asian trade on Wednesday, reversing earlier gains, as doubts re-emerged over whether OPEC would agree to a crude oil production cut at a ministerial meeting next week.A strong dollar, which traded near the 13 1/2-year peak hit last week, also weighed on prices amid thin trading ahead of the U.S. Thanksgiving holiday on Thursday.International Brent crude oil futures fell 13 cents to $48.99 a barrel at 0657 GMT after climbing ...

Markets - Energy - Middle East & Africa

OPEC to debate oil output cut next week but Iraq, Iran hesitate VIENNA/DUBAI: OPEC will debate an oil output cut of 4.0-4.5 percent for all of its members except Libya and Nigeria next week but the deal's success hinges on an agreement from Iraq and Iran, which are far from certain to give full backing. Three OPEC sources told Reuters a gathering of experts from the oil producer group in Vienna had decided on Tuesday to recommend that a ministerial meeting on Nov. 30 debate a proposal ...

Markets - Energy - Americas

Oil prices little changed after early gains on OPEC deal hopes NEW YORK: Oil prices were little changed on Tuesday after earlier rising to their highest levels this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and strike a deal to reduce crude output.But the market remained sensitive to comments from officials attending a technical meeting of the Organization of the Petroleum Exporting Countries (OPEC) which was trying to hammer out the details of an agreement before the formal ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha down despite buying interest SINGAPORE: Asia's naphtha crack for first-half January was at a four-session low of $79.70 a tonne on Tuesday, as higher Brent crude prices weighed on the market.South Korea's LG Chem emerged to buy naphtha from the spot market for first-half January delivery at a $2 a tonne premium to Japan quotes on a cost-and-freight (C&F) basis, traders said.They added that the petrochemical maker could have bought two cargoes of the fuel, but this could not ...