Libya’s NOC lifts force majeure on last oilfield after blockade
Libya’s National Oil Corp (NOC) on Monday ended force majeure on the last facilities closed by an eight-month blockade of oil exports by eastern forces as it pushes to restore production of one million barrels per day within four weeks.
Ending force majeure – which suspended contract obligations due to circumstances beyond its control – on El-Feel oilfield means the NOC can theoretically bring all facilities back on stream. It points to the gradual resumption of production towards the levels before January when Khalifa Haftar’s eastern-based Libyan National Army (LNA) stopped exports.
Shippers seek early contract commitments
One of the big trucking stories of late summer and early autumn is how much low inventories led to a need to restock well before the holiday season, yielding a quick recovery from the market lows caused by the initial onset of the pandemic in the spring. Capacity is so tight, and inventories so low, that shippers are coming to Knight-Swift to start talks about higher contract rates for service in 2021.
Top Energy Stories
Joe Biden’s remarks Thursday that he would seek to phase out oil were well-received by the renewables industry but stoked concerns among some oil and gas executives that a Democratic administration would further weigh down an industry hard hit by the coronavirus pandemic.
Mexican President Andres Manuel Lopez Obrador on Saturday pushed back against 43 U.S. lawmakers who this week complained in a letter to U.S. President Donald Trump that Mexico’s energy policies were hurting U.S. companies.
Cenovus Energy Inc. and Husky Energy Inc. on October 25 announced an all-stock agreement to combine their operations and create Canada’s third largest oil and natural gas producer with output of about 750,000 barrels per day of oil equivalent as the merger wave in North America sweeps into Alberta.
Top Freight Transportation Stories
Daimler AG reported higher net income on lower revenue in the third quarter as core markets began to recover from the impact earlier this year of the coronavirus pandemic.
COVID-19 does not seem to have slowed down the staff at the Federal Motor Carrier Safety Administration, which is juggling multiple rulemakings and research projects as it approaches the last months of the current administration’s term, from younger drivers to additional hours-of-service flexibility.
Union Pacific’s intermodal trip plan compliance fell 4 percent year-over-year in Q3 as volume came back to the railroad nearly as quickly as it dropped in Q2, Chief Operating Officer Jim Vena said on a Thursday earnings call.
Top Economic Stories
The Dow Jones Industrial Average fell slightly on Friday to end a downbeat week as investors weighed the potential for additional fiscal stimulus.
U.S. business activity increased to a 20-month high in October, but the pace of new business growth and new orders eased slightly amid the lingering COVID-19 pandemic and caution ahead of the November 3 presidential election.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin Oct. 23 put the onus on each other to re-energize flagging stimulus talks as prospects for action on virus relief legislation before the election are fading fast.
Three Group of Seven interest-rate decisions along with data accounting for 40 percent of global gross domestic product will provide a temperature check for the crisis-disfigured world economy this week during its most traumatic year for generations.