Libya’s output was said to fall to about 500,000 barrels a day after a pipeline carrying crude from the Sharara field -- its biggest -- stopped operating. Clashes between armed groups in the nation have previously led to market disruptions, and the latest news drove New York oil futures up as much as 1 percent after boosting them 1.3 percent on Tuesday. Prices are headed for two straight days of gains for the first time in more than a month. The production drop in Libya, which was pumping 700,000 barrels a day before the pipeline halt, is at least temporarily easing concern that rising U.S. supply is offsetting the effect of curbs by the Organization of Petroleum Exporting Countries and its allies. U.S. industry data on Tuesday was said to show crude inventories climbed last week, and a government report Wednesday is also forecast to show stockpiles expanded. Six OPEC nations have joined with non-member Oman to voice support for prolonging their output cuts past June. click Read More below for more of the story
National Average Price for Regular – Current: $2.255; Month Ago: $2.324; Year Ago: $2.217.
National Average Price for Diesel – Current: $2.444; Month Ago: $2.488; Year Ago: $2.360.
Now that summer is officially over, I can declare a winner of the “Most popular sales question” contest which I unofficially manage every year. For the second year in a row, it was (drumroll, please) … “How do I handle the disappearing client?” This issue came up in one-on-one coaching calls as well as group calls held in my various sales training programs. Everyone wants to know how hard to push the pursuit when going after a prospect or customer with whom you have had previous communication and positive vibes.
Iran, OPEC’s third-biggest member, plans to boost its oil output to 4 million barrels a day this year, potentially complicating the producer group’s plan to cut supply in an effort to prop up prices. Oil Minister Bijan Namdar Zanganeh said he hopes the Organization of Petroleum Exporting Countries will agree next month at a meeting in Vienna to limit output. Iran is seeking about $200 billion of investment in its oil, natural gas and petrochemicals industries to raise production and sales, according to figures Zanganeh presented Monday at a conference in Tehran. The country is targeting an average daily output of 4.28 million barrels of crude and 1 million barrels of condensate within four years, he said. click Read More below for more of the story