*Vitol CEO Sees Oil Prices Heading Towards $50 A Barrel*
Russell Hardy, CEO of Vitol has announced this morning that he believes oil prices will hover around the $50 per barrel mark into the new year and over the next few months as inventories start to report draws which he sees accelerating into 2021. (Reuters)
*Iraqi Gharraf Oil Field Faces Delays in Achieving 230,000 B/D Output Target: Japex*
The Iraqi oil field of Gharraf is expected to achieve its output target of 230,000 bpd, albeit later that initially expected of the end of 2020. The field restarted production in July at 50,000 bpd because of the coronavirus pandemic which suspended operations in mid-March. (S&P Global Platts)
*UAE’s Adnoc To Launch Products Trading Arm in Weeks*
State-owned Adnoc is set to launch a new oil products trading arm to be named Adnoc Global Trading (AGT). The venture was scheduled to launch in Q2 of this year, but due to COVID-19, this has been pushed back, with the joint venture between ENI, OMV and Adnoc focusing on trading refined products from Adnoc’s 817,000 barrel per day Ruwais refinery. (Argus Media)