WorldOil Libyan oil exports expand to third port as truce takes hold The National Oil Corp. is ending force majeure -- a legal status protecting a party that can’t fulfill a contract for reasons beyond its control -- at Zueitina in eastern Libya after a “significant improvement” in security there, it said Tuesday. The NOC allowed exports to resume days earlier from the Hariga and Brega terminals. Suddenly-cheap jet fuel being blended for ships as aviation craters Straight-run kerosene, usually processed into jet fuel, is now being used to make very low-sulfur fuel oil for the maritime industry amid a plunge in consumption by airlines. Higher than normal amounts of diesel and vacuum gasoil are also finding their way into shipping fuel. Oil prices slide on Libyan export talks, surging European virus cases Oil declined as Libya signaled the resumption of some crude exports, while surging coronavirus cases clouded the outlook for demand and weighed on risky assets. BP makes its peak oil demand prediction amid historic drilling trends in the U.S. BP has boldly claimed that global oil demand will peak in the next ten years in its 2020 Energy Outlook. Some emerging trends in the upcoming World Oil 2020 Drilling Forecast reveal how future production capacity may make that possible. Libyan general to end oil blockade, adding more barrels to a glutted market General Khalifa Haftar said on television that he has decided to allow the reopening of Libya’s oil ports “as per conditions and guarantees that ensure a fair distribution of wealth and spare it being plundered or used in terrorism financing.” Saudi oil minister admonishes OPEC+ quota cheaters In recent months, the UAE has become one of the worst quota-breakers among the Organization of Petroleum Exporting Countries and its allies. The UAE made just 10% of its pledged cuts in August, according to the International Energy Agency. Oil levels off near $40 as OPEC+ meets to discuss weakening demand Oil steadied after its biggest surge since June as the OPEC cartel and its partners prepared to assess a downbeat outlook for the crude market. BP’s annual energy outlook calls oil demand peaking by 2030 BP's 2020 Energy Outlook sees oil consumption topping out not much higher than it is now: around 100 million barrels of oil per day, the same level as last year. In scenarios involving dramatic action by governments to limit climate change, BP determines that demand has already peaked. BP reveals profitability of its oil trading activities BP offered a glimpse of the profitability of its huge and secretive trading arm, suggesting it makes annual returns of as much as $2.5 billion. Oil prices continue gains on surprise U.S. crude stock decline The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. While the global economy is still expected to shrink this year, the slump won’t be as sharp as previously feared, according to the OECD.