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Libya declares force majeure on four oil ports LONDON: Libya's state oil company National Oil Corp (NOC) has declared force majeure on crude oil and oil product exports from their Zueitina, Marsa al Brega, Ras Lanuf and Es Sider terminals, NOC document showed on Monday"(They) are closed due to Oil Security Guards who are on strike at these locations since the end of July 2013," the document said, "Therefore, NOC declares the Force Majeure situation at the above mentioned ports including all its facilities."Force majeure is a legal term to cover the suspension of contractural obligations.Copyright Reuters, 2013 ...

Statoil Troll field to see reduced capacity this winter STAVANGER: Ongoing technical problems at the giant Troll gas field in the North Sea will reduce Statoil's capacity to produce gas there during the coming winter, when demand peaks, a senior company executive said on Monday.The company said in January it had a problem with the motor on a compressor at Troll. A start-up on the compressor has been delayed several times and it has been unclear when it would restart."We are talking (about) through ...
Speculators' Brent longs hit record high: ICE LONDON: Large speculators raised their net long positions in Brent crude oil futures and options to a record high in the week to Aug. 13 as oil supplies from Libya fell, tightening the global crude market.Data from the IntercontinentalExchange (ICE) showed on Monday that money managers increased their net long positions in the North Sea benchmark by 4,738 contracts to 193,527, the highest recorded since ICE position data became available in 2011.The previous high for ...
Oil prices drop ahead of US stockpiles data LONDON: Oil prices fell on Wednesday as the dollar firmed and caution set into the market ahead of a US crude inventory report that would offer clues about demand.Brent North Sea crude for delivery in September shed 47 cents to stand at $109.35 a barrel in London afternoon deals.New York's main contract, West Texas Intermediate for September, dropped 55 cents at $106.28 a barrel."Crude oil prices snapped a three-day rally, retreating on Wednesday amid concerns ...
Oil prices rise on Libya supply strains LONDON: World oil prices rose on Tuesday on reports of fresh supply disruptions in crude exporter Libya, analysts said.Brent North Sea crude for delivery in September climbed 69 cents to stand at $109.66 a barrel in London midday deals.New York's main contract, West Texas Intermediate for September, grew 25 cents to $106.36 a barrel. "The supply outages in Libya are lending buoyancy," said Commerzbank analyst Carsten Fritsch."The situation in Libya remains fraught. After just a ...
Brent falls below $108 after rally, US data in focus LONDON: Brent crude oil dropped below $108 per barrel on Monday after a sharp rally in the previous session as investors awaited US data this week for hints on when the Federal Reserve will scale back its stimulus.Losses were checked, however, by supply outages in major producers Libya and Iraq.Brent slipped 39 cents to $107.83 a barrel by 1338 GMT after sinking as low as $107.43 earlier. US crude was off 54 cents at $105.43.On ...
UK prompt gas prices slip on oversupply LONDON: British prompt gas prices fell slightly on Thursday as ample supplies and mild weather reduced price volatility and trading activity.Gas for day-ahead delivery fell 0.55 pence to 66.25 pence per therm while gas for instant delivery fell 0.85 pence to 66.50 pence.Gas flows through the Langeled pipeline from Norway to Britain dropped slightly to 24 million cubic metres (mcm/day), while flows from the Netherlands ramped up to 18 mcm from zero overnight.The transmission network ...


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