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Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited gains.
Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. Hariga is scheduled to load about 180,000 barrels per day (bpd) in April.
Tehran, 1943: Joseph Stalin, Franklin D. Roosevelt and Winston Churchill – hosted by the young Shah Reza Pahlavi – agree on plans for the two-front attack on Hitler while sketching out the east-west division of Europe. Holding the meeting in Iran, with separate consultations with the shah, was no mistake. Gulf oil was a critical resource to the Allied war effort. Oil has flowed under the surface of political conflicts ever since. Soviet leader Joseph Stalin, U.S. President Franklin D. Roosevelt and Britain’s Winston Churchill during the Tehran Conference. U.S. Army/Library of Congress
Fast-forward to today, and political antagonists and energy players are again forging a messy path forward, this time focused on long-term energy transitions as disparate countries try to slow and eventually stop climate change.
Saudi crude exports drop to eight-month low in February
Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world’s biggest oil exporter voluntarily capped output to support oil prices.
Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.
Exports had risen for a seventh straight month, to their highest since April 2020, in January.
Crude output for February also dropped to its lowest since June last year at 8.147 million bpd, from 9.103 million bpd in January.
LONDON -Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus. | April 20, 2021
By Reuters Staff
1 Min Read
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
LONDON (Reuters) -OPEC+ achieved a compliance level with its agreed oil production cuts of 113% in March, unchanged from levels in February, two sources from the producer group told Reuters on Tuesday.
Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) reached 124%, while non-OPEC participants achieved compliance of 93%, one of the sources said.
Reporting by Ahmad GhaddarEditing by David Goodman