Tankers carrying Iranian fuel begin entering Venezuelan waters
The first group of three tankers have entered south American waters carrying 270,000 barrels of gasoline for a starved Venezuela, which arrived in their waters at 8.05 EDT. The vessel arrived after crossing the Atlantic Ocean and Caribbean Sea without any disturbances, with 2 more vessel due to arrive early October. (Reuters)
Oil falls as virus count mounts, U.S. debate looms
Oil prices fell on Tuesday as European and US coronavirus cases increase, with investors cautious with the impending US election ahead of the first presidential debate tomorrow. A $2.2 trillion coronavirus relief bill was announced by the Democrats which offered a certain level of support to oil prices, given the restrictions and bans that could be imposed by a Biden win on Shale producers. (Reuters)
Libya’s Oil Production Soars After Blockade Ends
After having lost nearly $10 billion from the 8-month blockade on oil exports, production in the region is now at 250,000 bpd which has jumped nearly three-fold. The crude supply is now coming from 3 main fields in Hariga, Brega and Zueitina and are welcoming oil tankers to load but the country’s biggest port is still under force majeure. (Oilprice.com)