Circle Oil completes Moroccan pipeline repairs

Cork-based oil exploration firm Circle Oil has re-opened a major pipeline after carrying out important repair work that has was completed “without incident”.

The company said repairs on the Office National des Hydrocarbures et des Mines- owned and operated gas pipeline spur in northern Morocco were finished on schedule and slightly under budget.

The pipeline spur is used to transport approximately 30% of gas produced in the Sebou field which is 75% owned by Circle Oil.

Meanwhile, global crude oil prices fell more than 1% to multi-week lows yesterday as swelling Iranian exports reinforced fears of a global glut, while petrol rallied on refinery and pipeline outages.

Falling US equity prices and a rising dollar also weighed on crude futures and other industrial commodities denominated in the greenback.

Oil slumped after a source familiar with Iran’s tanker loading schedules said the third-biggest OPEC producer has raised its crude exports to more than 2m barrels per day in August, nearing pre-sanctions levels.

Iran and OPEC kingpin Saudi Arabia have been raising exports despite being weeks away from a September 26 to 28 meeting in Algeria, where the Organization of the Petroleum Exporting Countries and other major producers are to discuss an oil production freeze. Most market participants are sceptical of a deal.

There are also signs of a returning of output from Nigeria and Libya, two countries whose crude exports have been hampered in the past by conflict and unrest.

US oil output has also grown more than that of any producer in recent years, data shows.