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).
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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…
The Libyan National Oil Corporation (NOC) announced Tuesday that its subsidiary Mellitah Oil and Gas Company completed re-drilling the Fourth Well in the El Feel field, with a production capacity of about 3,500 barrels of oil per day.
Libya natural gas production has decreased by 8 percent due to the progressive depletion of existing wells, according to the country’s Audit Bureau.