Libya’s Oil Exports Are Set To Fall Even Further

Libya is set to export even less crude oil in July than it did in June, while its state oil firm continues negotiations to end the blockade that has been stifling exports since January.   According to a preliminary loading program seen by Bloomberg, Libya is expected to export this month just two tankers full of 600,000 barrels of crude each, ...

Source: Oilprice.com

Delphi Energy Corp. announces proposed plan of compromise and arrangement and $22.9 million capital investment by Kiwetinohk Resources Corp.

CALGARY, AB – Delphi Energy Corp. (“Delphi” or the “Company“) announces a recapitalization and financing transaction (the “Restructuring Transaction“), to be implemented as a plan of compromise and arrangement (the “Plan“) under the Companies’ Creditors Arrangement Act (“CCAA“) and the Canada Business Corporations Act, that will allow the Company to substantially reduce its debt and associated interest costs, [Read more]

Source: BOE Report

Will Argentina’s Oil Industry Survive This Crisis?

Throughout the 2010s Argentina’s shale deposits were universally listed alongside the US shale gale, denoting the many similarities Vaca Muerta shares with Eagle Ford in particular and Texas’ shale deposits in general. Providing another layer to the juxtaposition, Argentina’s shale-rich Neuquen Province has historically been the main production hub of the Latin American country and has witnessed its first production flow as early ...

Source: Oilprice.com

Court Deals Deadly Blow To Dakota Access Pipeline

In the second major win for the anti-pipeline movement in the United States on Monday, a district court ruled that the beleaguered Dakota Access Pipeline must shut down by August 5, according to court documents cited by BloombergLaw. The 570,000 bpd Dakota Access pipeline has been transporting oil since 2017, but resistance to the pipeline did not end with the project's approval ...

Source: Oilprice.com

Saudi Arabia Hikes Oil Prices For The Third Consecutive Month

Brent oil prices rose early on Monday after Saudi Arabia raised its oil price for a third consecutive month, signaling recovering demand. As of 9:26 a.m. EDT on Monday, Brent Crude was up 0.61 at $43.06, but WTI Crude was down 0.52 percent at $40.46. The U.S. benchmark traded down for most of the morning as surging coronavirus ...

Source: Oilprice.com

Oil Price Crash Causes Major Recession In Russia

The oil price crash that Russia helped create, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by the most in 11 years, the World Bank said in its latest economic report on Russia. Russia’s economy will suffer from the global recession and local efforts to contain the pandemic and the low price of oil—Russia’s largest export—the ...

Source: Oilprice.com