Brent crude futures for September settlement fell 67 cents, or 0.7 percent, to $102.53 a barrel, down for a fourth day.
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Workers at Libyan oil and gas sector expressed their dissatisfaction and complete rejection of statements of US ambassador Richard Norland and UN advisor Stephanie Williams and “their blatant interference in the management of the oil sector in Libya,” pointing out that this is considered a violation of the state’s sovereignty and independence.
The Libyan National Oil Corporation (NOC) and its companies has achieved a relative increase in oil production, with current production reaching 860,000 barrels per day, while the pre-reopening production rate was 560,000 barrels per day, according to NOC.
A tanker carrying one million barrels of crude oil to Italy docked Wednesday at the Sidra oil port in Libya, according to the National Oil Corporation (NOC)
Oil prices fell on Thursday for the second consecutive session, as demand concerns overshadowed limited global supplies after US government data showed tepid gasoline consumption during the peak summer driving season.
One of the main challenges facing Libya’s oil sector is the lack of funding, said Farhat Binqadara, chairman of the National Oil Corporation (NOC).
Libya will resume exporting crude oil on July 20 following a prolonged closure which ended after a new board was picked for the The National Oil Corporation (NOC), announced the state-owned oil company on Monday.
Brent crude futures for September settlement rose 69 cents, or 0.7 percent, to $101.85 a barrel, after rising 2.1 percent on Friday.
Following the announcement of the lifting of force majeure on all fields and oil terminals in Libya by the National Oil Corporation (NOC), the oil tanker IBELA, carrying the Italian flag, entered to load and export a shipment through the Brega oil terminal of the Sirte Oil and Gas Company, according to NOC.
The Italian Embassy in Libya has welcomed the announcement of the resumption of oil production and export in Libya and the lifting of force majeure on all ports.