** Oil steady as U.S. storm eases but demand recovery fears persist**
Little changes in oil prices on Tuesday after heavy overnight loses but demand woes still linger in the market with the US tropical storm easing over the week. Crude prices fell 4% on Monday with experts alluding to how the oil market is looking to recalibrate after the global economy is stalling in its recovery from the pandemic as cases continue to rise. (Reuters)
** Texas refineries, including largest, to keep running during weakened storm Beta**
Texas Gulf Coast refineries, inclusive of the nations largest is planning to maintain normal operations across the week as storm Beta is expected to weaken throughout the course as it hit land on Tuesday. Motiva Enterprises will continue to monitor the course of the storm, but its 607,000-bpd facility will continue operating as normal. (Reuters)
** U.S. drilling total for 2020 will be lowest in more than 80 years**
Production and drilling forecasts US activities will be the lowest since 1940 and potentially even since the 1930s as producers and IOC look to change path and look at investments into the green and renewable energy spaces. This is also partly triggered by the fact that oil prices have collapsed since the start of the year and supply gluts are the new norm. (World Oil)
** Libya’s NOC expects oil output to rise to 260,000 b/d in week starting Sept. 27**
The end of the 8-month blockade on oil infrastructure will see Libyan output at an expected 260,000 bpd by week beginning 27th Sept as it ramps up production to its maximum capacity of 1.2 million bpd. The first 2 ports to resume operations will be Marsa el Hariga and Brega, with Tankers arriving on 23rd to ship stored crude, the NOC said. (S&P Global Platts)