The U.S. has sanctioned five Turkish companies and one Turkish individual involved is sanctions busting for Russia, a move that will heighten tensions between Ankara and Washington.
While production was unaffected when Storm Daniel out of the Mediterranean hit land in eastern Libya, the country’s key oil export terminals were all temporarily closed last weekend amid a state of emergency. Though reopened by Tuesday and Wednesday, the closures helped put upward pressure on oil prices in combination with OPEC+ voluntary production cut extensions and indications of tighter supply and excess demand for the fourth quarter of this year.
OPEC’s MOMR showed that production rose in August for the group by 113,000 bpd, although Saudi Arabia made good on its promise to cut production. Saudi Arabia’s production fell by 88,000 bpd, but Nigeria and Iran saw their production climb. TotalEnergies will commence drilling operations at its Fenix field in Argentina in March of next year, with production set to begin in November 2024. The project is estimated to cost $700 million, with targeted production of 10 million cm/d of gas–or 8% of the country’s total gas production. The project will help Argentina decrease the amount of gas it currently must import. FID was taken last September.
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