U.S. diplomats, led by Ambassador Richard Norland, on Tuesday discussed the Libyan National Oil Corporation (NOC) production increase strategy with its Chairman Farhat Bengdara.
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Oil prices settled slipped on Tuesday as traders focused on rebounding crude output in parts of the U.S., along with rising supply in Libya and Norway, rather than risks to supply posed by conflict in Europe and the Middle East, according to Reuters.
Libya’s state National Oil Corporation (NOC) revealed today that Libya’s total exports of crude oil during 2023 exceeded 432 million barrels, or an average of 1.184 million barrels per day.
Oil steadied on Wednesday, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth, according to Reuters.
Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses.
Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, according to Reuters.
The Central Bank of Libya said Sunday that the country’s oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars).
Oil prices rose on Friday by over $1 on Friday, where Brent crude futures were up $1.10, or 1.42%, at $78.69 a barrel, while U.S. West Texas Intermediate crude futures rose $1.45, or 2.01%, to $73.64, according to Reuters.
Oil prices were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea, according to Reuters.
International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support.