Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia, according to Reuters.
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The National Oil Corporation (NOC), Libya’s state-owned oil company, declared on Thursday force majeure in Sidra, Ras Lanuf and El-Feel oilfields due to shutdowns which caused $3 billion loss (16 billion Libyan dinars).
Libya’s National Oil Corporation (NOC) said on Thursday that it plans to reopen the Mabruk oilfield in the first quarter of 2023 with production up to 25,000 barrels per day.
Egyptian Prime Minister Mostafa Madbouly stressed Wednesday the importance of charting new trade routes to facilitate the transfer of goods between Egypt and Algeria other than the land route passing through Libya due to the current tensions there, according to a statement released by the Egyptian cabinet following Madbouly’s meeting with his Algerian counterpart.
U.S. Ambassador and special Envoy to Libya, Richard Norland said he and National Oil Corporation Chairman, Mustafa Sanalla, discussed in Tripoli “the critical importance to Libya and the global economy of restoring Libyan oil production immediately.”
U.S. Ambassador to Libya, Richard Norland, held talks on Tuesday with outgoing prime minister, Abdul Hamid Dbeibeh, at Libyan government headquarters in Tripoli.
Libya’s outgoing prime minister, Abdul Hamid Dbeibeh, suspended the board of directors of the state-owned General Electricity Company of Libya (GECOL) over the country’s electricity crisis, Dbeibeh’s government announced on Sunday.
Chairman of the Libyan National Oil Corporation (NOC), Mustafa Sanalla, said they are considering the declaration of the state of force majeure within the next 72 hours unless production and shipping is resumed at the oil ports in the Gulf of Sirte.
Abu Dhabi-based W Solar Investment announced a plan to invest in the green energy sector in Libya by building solar photovoltaic power generation plants.
The Energy Committee of the House of Representatives has cautioned against any step that could obstruct the work of the National Oil Corporation (NOC) and called for keeping the state-owned oil company away from the ongoing political strife and conflicts.