Global Oil Market - Feb 8

[dan_s]

Unplanned Supply Outage #1

CAIRO, Feb 7 (Reuters) - Libya’s oil production dropped to 181,576 barrels per day, NOC said on Friday. Oil output in Libya has been plunging since Jan. 18 due to a blockade of ports and fields by groups loyal to eastern-based commander Khalifa Haftar, falling to current levels from about 1.2 million bpd before the stoppage.
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Russia Supports Deeper OPEC+ Output Cuts
By Irina Slav - Feb 07, 2020, 11:00 AM CST
"Russia will support deeper oil production cuts across OPEC and its partners, Foreign Minister Sergey Lavrov told media at an event in Mexico. Currently, the OPEC+ production cuts are around 2.1 million bpd after Saudi Arabia willingly cut its production more than it had committed to, adding 400,000 bpd to its cut quota. This means that with another 600,000 bpd off the market, the effective cuts could reach 2.7 million bpd at full compliance. They could also last until the end of the year if the group agrees to extend them beyond March – something that would be easier to agree on with Russia."

[ChuckGeb]

Hard to believe this didn’t move the needle on oil price.

[dan_s]

Listen to this podcast interview with Marshall Atkins: http://www.enorthstar.com/northstar-podcast.html