Tag Archives: OPEC

Brent crude climbed 4.5 percent on Monday to $ 62.35 a barrel after Qatar withdrew from the Organization of the Petroleum Exporting Countries (OPEC) as of Jan. 1, 2019. Oil prices also rose 5 percent after the United States and China agreed not to impose any new tariffs for 90 …

The political risk consultation group “Eurasia” predicted that the oil production in Libya will continue to rise in the upcoming years as a result of the expected political agreement in the country. In a research note published by “CNBC”, on Tuesday, the group said that the political agreement in Libya …

Genscape, US Company that provides market insights and intelligence to global commodity and energy markets, said oil production in Libya reached 1.083 million barrels per day (bpd) of crude oil and 1.133 million barrels of oil liquids in January. The company said, on its official website on Wednesday, the current …

Royal Dutch Shell, the largest oil company in Europe, signed with the National Oil Corporation (NOC) its first contract since 2013 to buy crude oil from Libya. Shell and BP have agreed to a long-term contract with NOC to buy crude oil, Bloomberg said on Thursday, citing the recovery of …

  The chairman of Libya’s Arabian Gulf Oil Company (AGOCO) Mohamed Shatwan, said on Monday that many wells were shut because of ageing infrastructure and a lack of power in a number of fields, including Al-Sarir field. In an interview with Reuters on Monday, Shatwan said that Al-Sarir field needed …

The Organization of the Petroleum Exporting Countries (OPEC) excluded Libya and Nigeria from production cuts that is enforced on oil-producing countries next year. However, both were capped at the combined output of Nigeria and Libya at 2017 levels. On Thursday,OPEC and non-OPEC oil producers, mainly Russia, had agreed  to extend …

(Author: Libyan Gazette Editorial Staff) On Sunday, Libya’s state oil corporation announced that it will not get involved with the Organization of the Petroleum Exporting Countries (OPEC)’s oil production cuts in the the “foreseeable future”. According to the National Oil Corporation (NOC)’s Chairman Mustafa Sanalla, since Libya has only recently …

(Author: Libyan Gazette Editorial Staff) The Organization of the Petroleum Exporting Countries (OPEC) is allowing Libya to nearly double its crude oil export despite a deal being developed to cut production to manage the oversupply of crude oil. According in Mustafa Sanalla, the chairman of the National Oil Corporation (NOC) …

(Author: Libyan Gazette Editorial Staff) Oil exports from Libya have increased significantly since force majeure was lifted on three of the North African country’s major oil facilities. On Wednesday, Mustafa Sanalla, the chairman of Libya’s National Oil Corporation, said current oil production in Libya has reached 540,000 barrels of oil …

(Author: Libyan Gazette Editorial Staff) It has been five years since Libya’s oil industry was operating at full capacity and only recently were Libyans able to reopen the country’s major oil ports to resume oil production and exports. Before the 2011 uprising, Libya was producing around 1.6 million barrels per …