Browsing: Oil

Oil prices were steady on Monday after hitting their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from one of the world’s top oil producers.

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Libya’s National Oil Corporation (NOC) and British Petroleum (BP) have agreed to resume exploration activities in line with a 2018 deal between the two companies and Italy’s ENI, the Libyan company said on Friday.

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The state-owned Libyan National Oil Corporation (NOC) announced on Friday that the country’s daily oil production has dropped by 100,000 barrels per day due to its inability to maintain oil tanks damaged by armed conflicts.

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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.

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Libya plans to keep oil output at 1.2 million barrels per day (bpd) in 2022, Mustafa Sanalla, the chairman of the state-owned National Oil Corporation (NOC) told a news conference on Wednesday in Tripoli.

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Libya’s oil production is rising gradually after a blockade of its western fields ended and ports in the east re-opened, according to Oil Minister Mohamed Aoun.

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The Libyan government confirmed on Monday that production would resume at a number of oilfields which were recently shut down by a western faction of the Petroleum Facilities Guard (PFG).

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Production in the Libyan oilfields Wafa, El Feel, Sharara and Hamada would be restored after Prime Minister Abdul Hamid Dbeibeh met with representatives of a faction of the Petroleum Facilities Guard (PFG) which is active in the west of the country, Italian news agency Nova reports.

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Libya expects its oil production to drop by another 200,000 barrels a day over the next week as workers try to fix a damaged pipeline.

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Algeria’s national oil company Sonatrach is preparing to resume suspended oil projects in Libya, the state news agency APS reported on Monday.

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