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Saudis pump more oil for Trump, then doubt if it's needed

Under pressure from U.S. President Donald Trump, Saudi Arabia has rushed to boost oil production -- only to discover that global markets might not yet need it.

Crude advances as Saudi Arabia dismisses oversupply speculation

Crude pushed higher after Saudi Arabia pledged not to flood world markets with oil.

Kidnappings in Libya pose risk to oil-supply growth

Just as Libya resumes oil exports from recently shuttered ports, an attack on its largest field is setting back progress yet again.

Iraq just exported most crude oil since November 2016

Iraq exported oil at the fastest pace since late 2016 during the first half of July, indicating OPEC’s second-largest producer is pumping more after the group eased production limits.

DNO announces a production increase at Peshkabir field, in Iraq's Kurdistan

DNO ASA, the Norwegian oil and gas operator, today announced a two-thirds increase in production from Peshkabir field--which is in the Tawke license, in the Kurdistan region of Iraq--to 25,000 bopd, following completion of the Peshkabir-4 well testing program.

SDX Energy announces production test results for South Disouq appraisal well

SDX Energy Inc., the North Africa focused oil and gas company, has announced that a successful production test has been conducted at its SD-4X appraisal well at South Disouq, Egypt.

Iraq says oil production remains stable amid protests

Iraq is pumping oil at normal levels even as protests spread across the southern region from where OPEC’s second-biggest producer exports most of its crude, according to a government spokesman.

Libya's biggest oil field set to cut output after kidnappings

Oil output at Libya’s biggest field is set to drop by about half after authorities evacuated staff and shut wells for safety following the armed abduction of several workers at the Sharara deposit, according to the state National Oil Corp.

Iranian official urges Trump not to use U.S. strategic oil reserve

A senior Iranian oil official urged U.S. President Donald Trump not to use the nation’s Strategic Petroleum Reserve to push prices lower, and instead drop sanctions on Iran’s crude exports.

Saudis offer extra oil in Asia as OPEC leader pumps more

Evidence is mounting that Saudi Arabia is heeding U.S. President Donald Trump’s call for OPEC to keep the oil market amply supplied and rein in prices.

Iran touts Russia's plan to invest in its oil with sanctions looming

Iran said Russia is ready to invest as much as $50 billion in its oil industry even as Western majors are pulling out of deals with the republic amid the threat of U.S. sanctions.

Russia says OPEC+ could boost oil supply more than pledged

OPEC and its allies could boost oil production by more than the 1 MMbpd agreed last month if needed.

ADES International acquires onshore drilling operations from Weatherford

ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has announced that it has signed a definitive agreement with Weatherford International for the acquisition of 31 onshore drilling rigs for a purchase price of $287.5 million.

Eni announces second oil discovery in Egypt's Faghur basin

Eni announces a second light oil discovery on the B1-X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, some 130 km North of the oasis of Siwa.

Companies in the news

Michele Cowart, World Oil

Akofs Offshore has been awarded a contract for light well intervention services, using its 156-m vessel, Akofs Seafarer, for all Equinor-operated licenses, in the period 2020 to 2025.

Saudis tell OPEC June output jumped to 10.5 MMbopd

Saudi Arabia told OPEC it pumped about 10.5 MMbopd last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter.

Eni completes development of the largest producing offshore gas field in Libya

National Oil Corporation (NOC) and Eni announce that Mellitah Oil & Gas, Eni and NOC joint venture company (50/50), has started production from the first well of the offshore Bahr Essalam Phase 2 project. This comes just three years after the final investment decision.

Iran threatens to stop exports from the Strait of Hormuz

Iran will stop oil exports from the Strait of Hormuz, the world’s most important oil chokepoint, if the U.S. succeeds in halting crude sales from the Persian Gulf nation, a Revolutionary Guards official said.

Iran resorts to barter for crude again as sanctions loom

Iran said it’s open to resuming barter payments for oil as U.S. sanctions threaten its access to the global financial system, reviving a method used during a previous wave of sanctions earlier this decade.

Pakistani envoy says boosting U.S. gas imports key to trade ties

Pakistan Ambassador Ali Jehangir Siddiqui said importing more U.S. natural gas is key to diversifying his nation’s energy supply while expanding trade relations.