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Tag Archives: OPEC

Brent Crude Climbs 4.5 Percent To $ 62.35 A Barrel

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 …

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Shell to buy Libyan oil for first time since 2013

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 …

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NOC Says Libya Cannot Abide By OPEC Oil Production Cuts

(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 …

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OPEC Gives Libya Green Light to Double Oil Production

(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) …

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Libyan Economy Strengthens as Oil Production Resume

(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 …

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