OPEC Cut Was Not Easy. The move to cut 1.2 million barrels per day from the market was not easy, Suhail Mohamed Al Mazrouei, UAE minister of energy and industry and president of the OPEC conference, has revealed in a television interview with Bloomberg.
Eni Makes New Oil Discovery. Eni announced Monday a new oil discovery in the Afoxe exploration prospect, located in Block 15/06 offshore Angola.The discovery, which was made through the Afoxe-1 NFW well, is estimated to contain between 170 and 200 million barrels of light oil in place, according to Eni.
Mexico to Build an $8 Billion Refinery. Mexico plans to start awarding the construction of its seventh refinery as soon as March 2019, President Andres Manuel Lopez Obrador said Sunday at an event at the Dos Bocas port in Tabasco, even as the nation´s refining system is operating at its lowest levels in three decades.
China ZhenHua Oil buys interest in onshore concession from ADNOC. Abu Dhabi National Oil Co. (ADNOC) reported that a 4% stake in its onshore concession has been acquired by North Petroleum International Co. Ltd., a subsidiary of China ZhenHua Oil Co. Ltd. Previously, the stake was held by CEFC China Energy Co. Ltd.
Libya Declares Force Majeure at Largest Field. Libya declared a state of force majeure at its largest oil field after an armed group forced a production halt, just days after OPEC exempted the country from global crude output cuts.
