- Oil prices rise Friday morning while a majority of Gulf of Mexico oil production remains offline
- Nearly three-fourths of U.S. Gulf oil output was still offline as of Thursday
- Havard University will cease investing in fossil fuels and instead use its endowment to support the green economy (Bloomberg)
- Endowment managers said it does not have any investments in companies that seek or develop fossil fuels and “does not intend to make such investments in the future,” President Larry Bocow said in a letter
- U.S. crude inventories fell last week as offshore production shut-ins continue following Ida
- Crude stocks fell by 1.5 MMBbl to 423.9 MMBbl in the week ended September 3 (EIA)
- U.S. refinery utilization dipped 10% to 14.3 MMBbl/d of crude processed last week
- Total gasoline inventories tumbled by 7.2 MMBbl to 220 MMBbl compared wit the previous week
- Political strife in Libya is putting the OPEC nation’s oil output at risk (Bloomberg)
- Libya’s Oil Ministry is fighting with National Oil Corp. for influence
- Protesters have disrupted shipments from important oil ports
- AEGIS notes that Libya’s oil production has been steady at 1.2 MMBbl/d