Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses.
Libya’s Petroleum Facilities Guard halted crude shipments from Zueitina port indefinitely amid the escalating conflict between the divided country’s two rival administrations, putting the OPEC member’s oil exports at risk.
The North Sea, first tapped in the 1960s, has seen production fall by more than half from a peak 15 years ago as fields age and an increase in costs make it one of the world’s most expensive places to operate.
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