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Libya's oil production has fallen to 527,000 bpd from the 1.28 mil bpd achieved in February, as a result of recent port closures, the head of Libya’s National Oil Corporation (NOC) said on Monday. Mustafa Sanalla, chairman of Tripoli-based NOC, said in a statement that "our production today is 527,000 bpd.
Refineries in Asia are seeking alternatives to Iranian oil and looking to source this from Saudi Arabia, Kuwait, the UAE and Iraq, the CEO of Kuwait Petroleum Corp (KPC) said on Monday. On the sidelines of an event in Beijing, Nizar al-Adsani told reporters that "there is demand now ... as sanctions are implemented on Iran ... Some of the companies are trying to find other options other than Iran, be it the kingdom (Saudi Arabia), Emirates, Iraq or Kuwait." Al-Adsani added that KPC has increased its output by 85,000 bpd, as part of last month's agreement with other OPEC+ producers.
The Syncrude oil sands facility in Western Canada will resume some production in July – sooner than previously expected – and ramp up to maximum capacity in September, Suncor Energy Inc. said on Monday. Syncrude is able to produce up to 360,000 bpd of crude oil and had been expected to remain shut through all of July.
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