Libyan oil output hits 1.3 million bpd
Before the uprising against Kadhafi's regime erupted in February 2011, Libya was producing 1.6 million b/d of crude, of which 1.3 million b/d were exported.
The state-owned National Oil Corporation said on its website that oil production in Libya has reached 1.3 million b/d, in a "record time" despite the "difficulties,"
In the meantime, Paolo Scaroni the Chief Executive of Italian group Eni said that their oil output from Libya is touching 260,000 barrels per day, which is almost their pre-conflict level of 270,000 bpd.

India considers rupee for Iranian oil
Iran, the world's fourth-largest oil producer, is the major oil supplier to India. A senior official in the Indian government expressed their desire to pay for Iranian crude oil in "rupee" the Indian national currency. India is paying nearly $1 billion a month for the estimated 370,000 b/d of Iranian crude.

Aramco Aims to raise its Refining Capacity to 8 Million B/D
After signing a $10 billion refinery deal with China's Sinopec Group, Khaled Al Faleh, Aramco CEO, has declared that Aramco aims to raise its refining capacity to 8 million barrels per day.
"While other companies are reducing exposure to the refining business, Aramco sees it as a growth industry, and the downstream remains an attractive and profitable business" he added.
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Oil Prices
The outcome of confrontation between Iran and the West over the nuclear issue was the EU ban on Iranian oil imports and the threats from Tehran to close Hormuz Strait, through which flows roughly one-third of world oil exports.
Oil prices jumped $4-5/bbl to reach $112/bbl for Brent and $100.50/bbl for WTI on worries over supply disruptions.

Alternative sources to Iranian oil
Leaders of top Asian buyers of Iranian oil including China, Japan and South Korea have visited alternative Middle East suppliers while the United States pushing countries to stop importing Iranian oil.
Saudi Oil Minister Ali al-Naimi was ready and able to meet any increase in demand. Saudi Arabia is the world's No. 1 oil exporter and the only OPEC member with significant surplus oil capacity.

Nigeria Strikes
Thousands of people have taken to the streets in Nigeria protesting a sudden removal of a fuel subsidy. A meeting late between President Goodluck Jonathan and the labour unions failed to reach a compromise, raising fears of a shutdown of the country's oil industry.

Oil Markets
Global oil demand growth is expected to be only 1.1 mb/d for 2012, comparing to 1.3 mb/d previously.
Non-OPEC supply is expected to rise 1.0 million b/d for 2012 to reach an average of 53.7 mb/d.
December OPEC crude output rose by 240,000 b/d to 30.89 million b/d, the highest in more than three years, on a rapid recovery in supplies from Libya, and lesser increases from Saudi Arabia and the UAE. OPEC in December raised its output target to 30 million b/d for 2012, close to OMR projections for the ‘call on OPEC crude and stock change’.

The International Energy Agency expects Libya production back to normal in 2013
The International Energy Agency is considered the energy body in charge in the Organization of Economic Cooperation and Development which includes the richest countries in the world and the most fuel consumers. Maria van der Hoeven, the new Executive Director of the International Energy Agency which began her work in early September 2011, has announced "the agency does not expect the return of the Libyan oil exports to their levels previous the Libyan uprising before 2013.
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Kuwait Energy Hits Oil and gas in Gulf of Suez
Kuwait Energy Egypt (KEE) made a recent oil discovery in its Area (A concession) in the Gulf of Suez with the drilling of the Ahmad-1X well. The Ahmad-1X discovery well was drilled to more than 2000 meters depth. The initial test recorded a flow rate of about 900 barrels of oil equivalent per day.
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An Upstream deal between ADNOC and CNPC
Abu Dhabi National Oil Company (ADNOC) has signed a deal with China National Petroleum Corporation (CNPC) to collaborate in upstream projects in undeveloped areas.
CNPC will conduct technical and economic studies in order to evaluate areas put forward for development by the UAE’s Supreme Petroleum Council (SPC).
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Kurdistan exports tumble
The Iraqi Oil Minister Abdul-Karim Luaibi declared lately that the government of Kurdistan has stopped exporting crude oil from its territories as of September 11, 2011 without giving reasons. He added that "this is a great loss for the Iraqi economy, and the Kurds and Iraqis in general".
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