Connect with us

World

Explained: Oil supply disruptions boost prices


A series of oil supply disruptions across the globe has helped push Brent crude prices above $81 a barrel for the first time since April.

Forecasters expect OPEC+ supply cuts and ramped up demand from China to tighten markets despite some macroeconomic headwinds.

For all the latest headlines follow our Google News channel online or via the app.

Below are details on recent disruptions:

Nigeria

Shell on July 13 said it had suspended loadings of Nigeria’s Forcados crude oil due to a potential leak at the export terminal.

Exports of the medium sweet grade, which was scheduled to ship 220,000 barrels per day (bpd) in July, were scuttled on Wednesday after workers saw fumes near the single buoy mooring that was loading oil onto a vessel, sources told Reuters.

Technical problems have beset Forcados, one of the largest crude oil streams from Africa’s top exporter, on and off for several months.

Nigeria is expected to supply 1.23 million bpd of roughly 102.1 million bpd of pro-jected global oil demand in 2023, according to the latest International Energy Agency (IEA) figures.

Libya

Production at three Libyan oilfields ceased on July 13 in protest against the ab-duction of a former finance minister, a tribal leader, oil engineers and a protester told Reuters.

One of the inactive fields, Sharara, is one of country’s largest production areas with capacity of 300,000 bpd. It has been a frequent target of political strife.

Libya is expected to supply 1.16 million bpd of projected global oil demand in 2023.

Kazakhstan

Production plummeted by around a fifth in early July due to a widespread power outage in the region.

The Caspian Pipeline Consortium (CPC), the main export pipeline for Kazakh crude oil, stopped three pumping stations in western Kazakhstan as a result, but continued pumping oil from Tengiz, the country’s biggest field by output

Recovery from the outage is now underway, but output so far remains below June’s average of 1.8 million bpd.

Kazakhstan is expected to supply 1.57 million bpd of projected global oil demand in 2023.

Mexico

Mexico’s state oil company Petroleos Mexicanos (Pemex) is set to lose 100,000 bpd of crude output until the beginning of August after a massive fire on July 7 at an offshore platform, a top company source said.

Pemex, which produces in total about 1.6 million bpd of oil, will lose at least 2 mil-lion barrels of crude through the end of July, according to Reuters estimates.
Mexico is expected to supply 1.67 million bpd of projected global oil demand in 2023.

Kurdistan

Turkey halted Iraq’s 450,000 bpd of exports through a crude oil pipeline from the semi-autonomous Kurdistan region in northern Iraq to the Turkish port of Ceyhan on March 25.

Turkey’s decision followed an arbitration ruling by the International Chamber of Commerce (ICC), which ordered Turkey to pay Baghdad damages of $1.5 billion for unauthorized exports by the Kurdistan Regional Government (KRG) between 2014 and 2018.

Sources told Reuters in June that talks to discuss the halted exports had resumed.

Iraq as a whole is expected to supply 4.24 million bpd of projected global oil de-mand in 2023.

Read more:
Production at Libya’s El Feel oilfield comes to halt: Tribal chief, oil engineer

OPEC sees 2.2 percent oil demand growth in 2024 despite headwinds

Russia, Gulf top diplomats praise OPEC+ efforts

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

Continue Reading

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

Continue Reading

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

Continue Reading

Trending