LIBYA RISES PRODUCTION
BOE wrote, Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years.
The North African nation's crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Armed conflicts and political disputes have hurt the country's production, which was 260,000 barrels a day in August.
The tanker Seadelta returned to take on crude at the port of Ras Lanuf after interrupting loading and sailing away to safety due to the fighting earlier this week, Nasser Delaab, petroleum operations inspector at Harouge Oil Operations, said by phone. The shipment would be the first from Ras Lanuf since 2014. Harouge started to pump oil at the eastern Amal field at a rate of 3,500 barrels a day, and the crude will be shipped to Zueitina port, he said.
Libya is seeking to ramp up crude exports after fighting among rival militias crushed oil production following the 2011 ouster of former dictator Moammar Al Qaddafi. Earlier this month, the National Oil Corp. ended measures that had curbed exports from the nation's main oil ports of Es Sider, Zueitina and Ras Lanuf amid the country's struggle to form a unified national government.
Libya, if it succeeds in shipping the Seadelta cargo from Ras Lanuf, will be selling into an oversupplied market in which crude is trading at about half its 2014 levels. The country holds Africa's largest oil reserves and pumped 1.6 million barrels of crude a day before Qaddafi's ouster.
Another tanker, the Syra, would arrive in Ras Lanuf to ship 600,000 barrels of crude to Italy, Delaab said. The Syra was at sea near the port on Tuesday, according to tanker tracking data available on Bloomberg.
Libya's Arabian Gulf Oil Co. boosted output to 215,000 barrels a day from 145,000 barrels a day after the removal of force majeure on exports from Zueitina, Agoco spokesman Omran al-Zwai said by phone. Force majeure is a legal status protecting a party from liability if it can't fulfill a contract for reasons beyond its control.
Harouge Oil pumped about 100,000 barrels a day through the end of 2014 but halted operations due to fighting in the country, Delaab said. The company has production rights to at least five oil fields around Ras Lanuf, according to its website.
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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.