April 22nd, 2014
· Libyan output still only 220 000 bpd
Despite hopes of re-opening of the Eastern oil ports, Libyan oil production is still only 220 000 bpd according to the state-run National Oil Corp. The 350 000 bpd El Sharara field remains shut as does the Wafa condensate field.
· No output at Kashagan in 2014
The giant Kashagan oil field, dubbed the world’s moste expensive energy project ever, with cost estimates of up to 100 bn USD will not produce any oil in 2014 according to Total, the operator. The field was discovered in 2000 and was expected to produce 370 000 bpd by now. It started up for one month in late 2013 only to shut down due to a gas leak.
· US oil inventories seen up
According to a survey by Reuters, the US DoE report tomorrow is expected to show a build in crude oil inventories of 2.7mb, a draw in gasoline inventories of 1.6 mb and unchanged distillate inventories.
Crude prices ended roughly unchanged yesterday in thin volume due to Easter. Support came from continued instability in Ukraine, with three separatists killed at a checkpoint in Eastern Ukraine. The US and EU are considering more sanctions if Russia does not persuade the separatists that have occupied public buildings to leave.
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