ENERGY

Authored by Charles Kennedy via OilPrice.com,

Just days after similar protests shut down the country’s largest oilfield, Sharara, new protests against corruption and distribution of oil wealth have erupted again in Libya, threatening to shut down two oil and gas facilities within 72 hours. 

The two facilities, at the Zawiya refinery, west of Tripoli, pump gas from the Mellitah complex, owned by Italian Eni and the Libyan National Oil Company (NOC), and halting operations (more…)

Authored by Charles Kennedy via OilPrice.com,

• The government of Cuba has announced a 500% increase in fuel prices beginning on February 1.

• The Cuban government can no longer afford its massive subsidy campaign for nearly all essential goods.

• Officials confirmed on Monday that the cost of one liter of regular gasoline would increase from the current 20 cents to $1.10.

The government of Cuba has announced a 500% increase in fuel prices beginning on February 1, as the (more…)

Oil prices extended their recent gains, as traders weighed escalating violence in the Red Sea and tighter US inventories (following last night's API report showing a big crude draw, but product builds) against a fragile market demand backdrop.

As Bloomberg notes, crude has seesawed in a roughly $5 range for the past month as traders attempt to gauge the outlook for coming quarters.

Turmoil in the Middle East, a shutdown of Libya’s biggest oil field and production cuts (more…)