Oil rose to more than $83 a barrel on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery, Reuters reported.
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Browsing: Oil & Gas
The Libyan government confirmed on Monday that production would resume at a number of oilfields which were recently shut down by a western faction of the Petroleum Facilities Guard (PFG).
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Production in the Libyan oilfields Wafa, El Feel, Sharara and Hamada would be restored after Prime Minister Abdul Hamid Dbeibeh met with representatives of a faction of the Petroleum Facilities Guard (PFG) which is active in the west of the country, Italian news agency Nova reports.
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Libya’s daily oil production rose to 900,000 barrels, Oil Minister Mohamed Aoun told Libya 218 news.
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Libyan oil output is 729,000 barrels per day, the National Oil Corporation (NOC) media office said on Thursday, down from a high of more than 1.3 million bpd last year.
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Oil prices rose sharply on Thursday, extending a rally from the previous session, on escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya, Reuters reported.
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Libya expects its oil production to drop by another 200,000 barrels a day over the next week as workers try to fix a damaged pipeline.
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Algeria’s national oil company Sonatrach is preparing to resume suspended oil projects in Libya, the state news agency APS reported on Monday.
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Board of Directors of the Libyan National Oil Corporation (NOC) directed a letter to the Corporation’s Chairman, Mustafa Sanalla, absolving itself of responsibility for his decisions taken individually.
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Oil prices edged towards $80 per barrel on Wednesday, Reuters reported.
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