A recent report by Oil Price pointed to the continued impact of Libya’s political and security turmoil on the country’s…
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Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, according to Reuters.
The Central Bank of Libya said Sunday that the country’s oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars).
Libya’s National Oil Corporation (NOC) declared force majeure at the country’s largest oilfield, Al-Sharara, on Sunday, citing production shutdown by protesters.
The closure of Libya’s El Sharara oilfield by local protesters entered its fifth day on Saturday, as the interim unity…
Oil prices rose on Friday by over $1 on Friday, where Brent crude futures were up $1.10, or 1.42%, at $78.69 a barrel, while U.S. West Texas Intermediate crude futures rose $1.45, or 2.01%, to $73.64, according to Reuters.
An official security source in the El-Feel oilfield, located in the Murzuq basin, confirmed the the oil site is still open and that the production proceeds regularly, despite the protests that led to the closure of the nearby Sharara fiel in Ubari, reports Italian news agency Nova.
Oil prices were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea, according to Reuters.
International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support.
Libya’s top financial auditor has sounded alarms over a tentative deal between the state-owned National Oil Corporation (NOC) and foreign…