Arab Today, arab today energy body ends strategic oil reserves release
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

Energy body ends strategic oil reserves release

Arab Today, arab today

Arab Today, arab today Energy body ends strategic oil reserves release

Paris - AFP

The IEA said on Thursday that it ended its release of oil from strategic reserves begun in June to compensate for a cut in supplies from Libya, just days after forecasting resumed production in the country.The International Energy Agency said its 28-member countries \"concluded that the interrupted Libyan supplies have been successfully addressed by a combination of the IEA collective action and increased production from producer countries,\" the body said in a statement. The IEA, which represents the major oil consuming nations, launched the collective drawdown on June 23 as the loss of the 1.6 million barrels per day of Libyan oil production had begun to affect the markets.The price of North Sea Brent quality crude had ranged between $105 and $120 per barrel since May, with the June announcement of the IEA releasing stocks causing a plunge by about $10 dollars a barrel that soon evaporated. On Thursday, Brent North Sea crude for delivery in October jumped $2.78 to $115.18 a barrel in late London deals after the IEA said it was halting the stocks release. New York\'s main contract, light sweet crude for delivery in October, climbed 75 cents to $89.66. The IEA also noted the end to the collective action, which was renewable every thirty days, comes \"against a backdrop now of weakening expectations for global oil demand growth.\" But while the IEA and OPEC cartel have both trimmed their forecasts for growth in oil demand, US banking titan Goldman Sachs said Thursday that crude should hit about $130 a barrel within a year as strong Asian demand offsets an economic slowdown in the West. In the IEA action member countries agreed to make available to the market 60 million barrels of crude oil and oil products, of which 38 million barrels were released from government stocks and 22 million barrels via relaxation of obligatory stock rules on private companies. The agency said uptake from public stocks had been 97 percent compared to 73 percent during the last collective IEA action in 2005 and that member countries will exercise flexibility in re-establishing their emergency stock levels through 2011 and 2012. The IEA noted that the collective action required none of the involved IEA countries to go below the 90-day reserve requirement. In its monthly review of the oil market released on Tuesday, the IEA said Libya could recover a quarter of the oil production by the end of the year and two-thirds by the end of next year. But the agency said that the view of many in the oil industry was that a return to the pre-conflict production level of 1.6 million barrels a day could take two to three years. \"Indeed the twin challenges of creating political stability and security on the ground... are formidable,\" the IEA said.In the review, the agency revised its expectations of crude production capacity from zero to between 350,000 and 400,000 barrels per day by the end of 2011, rising to 1.1 mbd by the fourth quarter of 2012. This differed with far more ambitious projections of 500,000 barrels a day by mid-September and 1.6 mbd in a year were made by the the state run Arabian Gulf Oil Company, based in Benghazi.To the IEA, security and infrastructure remain key challenges that limit any real ability to forecast a return to pre-conflict levels of production.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today energy body ends strategic oil reserves release Arab Today, arab today energy body ends strategic oil reserves release

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today energy body ends strategic oil reserves release Arab Today, arab today energy body ends strategic oil reserves release

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday