Archive | Oil & Gas

OPEC Oil Output Rose in October on Libya, Saudi Arabia, IEA Says

OPEC crude production rose in October as Libyan output recovered quicker than expected and Saudi Arabia pumped more, the International Energy Agency said. Daily supply from the Organization of Petroleum Exporting Countries’ 12 members increased to 30.01 million barrels a day in October from 29.91 million in September, the Paris-based agency said today in its […]

Huge Obstacles Impeding Libya's Stability

A new study has pointed to lack of political stability and security as Libya's main hurdles on the road to post-conflict reconstruction and economic recovery. Though officially declared as "liberated", Libya is considered an "extreme risk" country. Prior to the uprisings, Libya's hydrocarbon industry accounted for over 95% of export earnings and between 85% and 90% […]

Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output

 Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]

Conoco earnings fall on Libyan instability

ConocoPhillips, the third-biggest US oil company by market capitalisation, reported a 16 per cent drop in third-quarter earnings, citing a range of factors, including suspended operations in Libya and offshore China. The company, which next year will split its exploration and production and its refining operations into two separate companies, on Wednesday reported earnings of […]