TOKYO: Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels.U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.2%, at $37.42 a barrel by around 0050 GMT. Brent crude was down 3 cents at $39.80 a barrel.Both contracts ended last week lower, a second consecutive week of declines.Tropical Storm Sally gained in strength in the Gulf of Mexico west of Florida on Sunday and was poised to become a category 2 hurricane. The storm is disrupting oil production for the second time in less than a month after hurricane Laura swept through the region.Typically oil rises when production is shut but with the coronavirus pandemic getting worse demand concerns are to the fore, while global supplies continue to rise. "A lacklustre driving season in the U.S. has seen the market reassess its view of U.S. demand," ANZ … [Read more...] about Oil mixed as storm threatens U.S. gulf production
Oil fields libya
"OPEC is significant primarily as a political club. It fails economically as a cartel, but it does boost the prestige and standing of its members, most of whom would not otherwise have a seat at the table in world affairs," said Jeff Colgan, a professor at Brown University. "A functional cartel needs to set tough limits to production and stick to them. OPEC sets easy targets and still often fails to meet them," the author of "Petro-Aggression: When Oil Causes War," told DW. … [Read more...] about OPEC at 60 — an oil cartel on life support
It came after the United States had led efforts to end the oil shutdown amid a wider diplomatic push to cement a cease-fire and a political agreement between rival factions based in the east and west of the country. … [Read more...] about US: Libya’s Haftar Committed to Ending Oil Blockade
The find follows other significant gas discoveries in the Mediterranean in recent years. They are expected to have a major impact on the region’s economy and potentially offer Europe new supply options, allowing it to reduce its dependence on Russian gas imports. It also represents a major boost for Egypt, where power cuts caused by gas and oil shortages have often fuelled unrest. … [Read more...] about Eni discovers largest known gas field in Mediterranean
Protests, which are rare in areas under the control of Haftar, also erupted in the eastern town of Al-Marj and police opened fire after demonstrators forced their way into the police station. … [Read more...] about Libyan protestors burn eastern government offices
- Maritime tensions are a microcosm of other politics. Turkey's behavior may also reflect Erdoğan's desire to boost his flagging popularity, reflected by his AK party's losses in local elections in March 2019. During the past 17 years, Erdoğan oversaw significant economic growth driven by current account deficits, which facilitated his hold on power as either prime minister or president. But an economic slowdown in 2018, and then the broader pandemic and global downturn saw the already weak Turkish lira tumble to a historic low in August. … [Read more...] about Greek and Turkish ships are playing chicken at sea. There’s already been one crash.