LIBYA CAN INCREASE
BLOOMBERG wrote, Libya's largest oil export terminal may re-open as early as next week in a move that would provide relief for the cash-strapped country holding Africa's largest crude reserves.
Tankers may be able to load at Es Sider port by next week as maintenance work at the terminal is almost complete, a National Oil Corp. official said by phone on Tuesday, asking not to be identified because he's not authorized to speak with news media. Es Sider hasn't exported crude since force majeure, a legal status protecting a party from liability if it can't fulfill a contract for reasons beyond its control, was declared on loadings almost two years ago.
Libya currently produces 660,000 barrels a day of oil, the official said. This compares with production of about 1.6 million barrels a day before the 2011 uprising that ousted longtime leader Moammar Al Qaddafi. Output withered after international oil companies withdrew amid the conflict between rival governments and armed groups over the nation's oil fields, ports and pipelines.
Libya, a member of the Organization of Petroleum Exporting Countries, is struggling to boost crude production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of forces controlling important oil ports. As a result of the deal, the country was able to ship 781,000 barrels from the port of Ras Lanuf on Sept. 21, the first international cargo from that terminal since force majeure was declared in December 2014.
The North African producer plans to ship nine cargoes this month from the eastern port of Brega, according to a loading program obtained by Bloomberg. The shipments will total 6.87 million barrels, or the equivalent of 229,000 barrels a day, the plan showed.
Es Sider is ready to export as much as 1.5 million barrels and has storage capacity of 2.5 million, the NOC official said. The terminal has yet to receive formal instructions from NOC to re-start, Ghaith Abdul Qader, an official in Es Sider's control department, said in a phone interview.
Al-Waha Oil Corp., which operates Es Sider, resumed production last month and currently pumps 65,000 barrels a day, Abdul Qader said. Al Waha is storing its crude in storage tanks belonging to Harouge Oil Operations Co., he said.
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IEA - For the third consecutive year, global energy investment declined, to USD 1.8 trillion (United States dollars) in 2017 – a fall of 2% in real terms. The power generation sector accounted for most of this decline, due to fewer additions of coal, hydro and nuclear power capacity, which more than offset increased investment in solar photovoltaics.
EIA - Crude oil production from the major US onshore regions is forecast to increase 143,000 b/d month-over-month in July from 7,327 to 7,470 thousand barrels/day , gas production to increase 1,066 million cubic feet/day from 69,466 to 70,532 million cubic feet/day .
U.S. FRB - Industrial production rose 0.6 percent in June after declining 0.5 percent in May. For the second quarter as a whole, industrial production advanced at an annual rate of 6.0 percent, its third consecutive quarterly increase. Manufacturing output moved up 0.8 percent in June.
U.S. DT - The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion. Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.