crude | Egypt Oil & Gas - Part 2
OPEC Oil Output to Reach Record High in July
The Organization of the Petroleum Exporting Countries' (OPEC) oil output is likely to reach its record in July. Supply from OPEC has risen to 33.41mb/d in July.
US Shale Oil Producers Restart Rigs
Rigs targeting crude in the US rose by 9 to 325 in the last week of May and demand come closer into balance, Baker Hughes said adding that explorers have idled more than 1,000 oil rigs since the start of last year.
Indian ONGC Videsh to Trade Crude Jointly with SOCAR
Indian OVL signed a Memorandum of Understanding (MoU) with SOCAR Trading, the trading arm of Azerbaijan's government-owned energy firm SOCAR, for foraying into oil trading business.
Militant Group Blows Up Major Pipeline in Nigeria
The Niger Delta Avengers (NDA) attacked the Nembe pipeline carrying crude exports in the Niger Delta region. In its Twitter account the militant group said that "something big is about to happen".
CNPC to Construct Second China-Russia Oil Pipeline
China National Petroleum Corp. (CNPC) will start laying a second domestic oil pipeline in June to allow for increased Russian crude supplies to flow to China’s northeastern city of Daqing.
Libya to Resume Oil Shipment
Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country
Tanzania, Uganda to Accelerate Oil Pipeline Project
Tanzania has agreed with Uganda to accelerate the implementation of a crude oil pipeline project between the two east African nations, and award the construction contract to multiple contractors.
Crude Prices Jumped to 2016 Highs Ahead of Oil Majors’ Meeting
Crude oil prices jumped on 12th April and closed at 2016 highs after reports that Saudi Arabia and Russia have reached an agreement on an oil-production freeze.
