Oil prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.
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Browsing: Oil & Gas
Oil futures fell nearly one percent during the Asian session after jumping to their highest level since October 2014.
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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.
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Oil slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
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Libya plans to keep oil output at 1.2 million barrels per day (bpd) in 2022, Mustafa Sanalla, the chairman of the state-owned National Oil Corporation (NOC) told a news conference on Wednesday in Tripoli.
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Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, directed a letter to the Acting Head of the Audit Bureau, asking him to immediately stop addressing oil companies regarding the issue of prior control over their contracts.
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Libya’s National Oil Corporation (NOC) had net revenue of $21.6 billion in 2021, with $4.3 billion in net revenue during November and December, it said in a statement on Friday.
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Libya’s oil production is rising gradually after a blockade of its western fields ended and ports in the east re-opened, according to Oil Minister Mohamed Aoun.
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The Libyan National Oil Corporation (NOC) announced the suspension of exports from the Sidra port, for its inability to compensate for reservoirs destroyed in the past due to wars.
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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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