Oil production in Libya reached over a million barrels per day after the reopening of the wells and export terminals, announced the Tripoli-based government on Thursday.
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Brent crude futures for September settlement fell 67 cents, or 0.7 percent, to $102.53 a barrel, down for a fourth day.
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.
Outgoing Libyan Prime minister Abdul Hamid Dbeibeh has admitted that he had made a deal to re-form the board of directors of the National Oil Corporation in exchange for solving the problem of the suspension of oil exports, in agreement with all the members of the new council who hail from different regions such as Zintan, Misrata, the South, Benghazi and the Oil Crescent region.
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.
The Libyan outgoing Prime Minister, Abdel Hamid Dbeibeh, said the appointment of the new board of directors for the National Oil Corporation (NOC) came in agreement with several political parties, denying that any deal was made to change the former board headed by Mustafa Sanalla.
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.