The International Energy Agency (IEA) released its Oil Market Report on 10 February 2017 stating that global oil supplies plunged by nearly 15 mn bpd in January 2017, with both OPEC and non-OPEC countries producing less oil
Jadwa Research have released its February 2017 Chartbook to show the rise in OPEC oil prices and the slowly down of exports to Middle Eastern countries
Lukoil look to the Middle East for growing oil projects while Baker Hughes are not slowing up in the Middle East despite OPEC production cuts
Libya froze all new foreign investment after the 2011 civil war, but today, they are producing over 700,000bpd with the hope the produce 1.25mnbpd by end-2017
Chairman of Libya's National Oil Company, Mustafa Sanalla, spoke this week in London, stating that Libyan oil production could jump 70 per cent if more money can be attracted from new investors. This is important for the entire country as this move could defend one of Libya's remaining independent industries.
“We need more money than we get from the central bank,” Mr Sanalla said. “We are the only institution that can work across this difficult environment.”
“Every single major oil-export route is now open, although some are operating at significantly reduced levels due to damage suffered in conflicts,” Sanalla said, according to the text of his speech. “For the moment the oil is flowing. This can be an important foundation of stability in Libya, if we build on it.”
Libya, with Africa’s largest crude reserves, is trying to revive its oil production and exports, despite the political uncertainty. In December, it re-opened its biggest oil field, Sharara. The production figures Sanalla announced represent a 23 percent increase from the 580,000 barrels a day that Libya pumped in November, according to Bloomberg.
Iraq remains committed to OPEC production cuts while standing ready to satisfy global demand growth when the stock overhang disappears, said HE Jabar Ali Al-Luaibi, Iraq’s Minister for Oil, at a recent conference in London