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Libya’s Oil Blockade Will Help Clear The Global Supply Glut

Libya’s port blockade is set to keep the North African country’s oil off the market until at least the fourth quarter of 2020, which, as devastating as it will be for Libyan oil revenues, could help reduce the expected global production glut by 65 percent, Rystad Energy said on Friday. Currently, oil production in Libya is around […]

August 10, 2020/0 Comments/by Deane Bruner

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Saudi Aramco: Asian Oil Demand Recovery Almost At Pre-Crisis Levels

The world’s biggest oil-producing and oil-exporting company, state oil giant Saudi Aramco, is optimistic about the pace of oil demand recovery in Asia, chief executive Amin Nasser said on Sunday, helping oil prices rise on Monday. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and […]

August 10, 2020/0 Comments/by Deane Bruner

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Trump Vows To Revive U.S. Oil Industry

U.S. President Donald Trump touted America’s energy independence and vowed that the oil industry will never again be reliant on hostile foreign suppliers in a speech in Midland, Texas. “We’re also here to send a clear message to the zealots, radicals, and extremists trying to shut down your industry and to make America subservient to foreign producers. […]

July 30, 2020/0 Comments/by Deane Bruner

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Oil Rallies On Promises Of Economic Stimulus

Oil prices hit a four-month high on Tuesday as the promise of major stimulus packages in the EU and the U.S. counter-balanced an increase in COVID cases. Chart of the Week – U.S. liquid fuels consumption is expected to continue to rise in the second half of 2020, but will remain below pre-pandemic levels […]

July 22, 2020/0 Comments/by Deane Bruner

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Saudi Arabia Set To Burn Record Crude Oil Volumes For Electricity

Saudi Arabia could use this summer record amounts of crude oil for producing electricity as more Saudis would stay at home rather than travel on vacation abroad because of the pandemic, according to Bloomberg estimates of analysts. Saudi Arabia burns crude oil for power generation and this summer it could be on track to burn record volumes […]

July 22, 2020/0 Comments/by Deane Bruner