Dec 6 (Reuters) – Oil prices were steady on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts, Reuters reported.
The Libyan National Oil Corporation (NOC) has announced exporting an inaugural shipment of 600,000 barrels of Erawin’s crude oil.
Libyan Prime Minister Osama Hammad confirmed that the seizure of oil revenues came to stop wastage, and that oil money was placed under guard until the general budget is structured and arranged and the rights of all cities are fulfilled.
Oil prices jumped more than 4% on Friday, rebounding from a four-month low hit in the previous session, according to Reuters.
A technical team from the Sirte Oil Company has managed to resume production from the C258H-6 well, which stopped since 2013 in the Zaltan field, located in the Libyan oil crescent close to the Gulf of Sidra, announced Libya’s National Oil Corporation (NOC).
Libya’s net revenue from the sale of crude oil, natural gas, condensates and petrochemicals exceeded $17 billion in the first ten months of 2023, the country’s state-owned National Oil Corporation (NOC) said in a statement on its official page on Facebook.
Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, according to Reuters.
The National Oil Corporation (Noc), the Libyan state energy company, declared that crude oil production has reached 1,210,000 barrels per day, while condensate production has reached 52,000 barrels per day in the last 24 hours.
Libya is set to increase its oil production to two million barrels a day, according to its government.
Libya’s National Oil Corporation (NOC) on Sunday said that the country’s daily oil production is currently 1.204 million barrels.