Dec 6 (Reuters) – Oil prices were steady on Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts, Reuters reported.
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Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022, Reuters reported.
The Libyan Oil Minister, Mohamed Aoun today had the first working meeting with the organizers of the Libya Energy and Economy Summit 2023 to inform them of upcoming initiatives in the energy sector.
Oil prices rose on Friday and notched a fifth straight week of gains as investors were optimistic that healthy demand and supply cuts will keep prices buoyant, according to Reuters.
OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq’s exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.
The Organization of Petroleum Exporting Countries (OPEC) has agreed to write off Libya’s accumulated debts, estimated at 20 million Libyan dinars, Libya’s Ministry of Oil and Gas announced on Monday.
Libyan Oil Minister, Mohamed Aoun, attended the 185th meeting of the Organization of Petroleum Exporting Countries (OPEC) Ministerial Council via Zoom, according to Oil Ministry.
Libya was ranked first among African oil producers for the month of October, with its daily production growing by about 6 thousand barrels per day to around to 1.163 million barrels of oil per day, according to the Organization of the Petroleum Exporting Countries (OPEC).
U.S. President Joe Biden is once again tapping into the country’s emergency stockpile of oil as the White House tries to prevent gasoline prices from spiking again, reducing the petroleum reserve to its lowest level in four decades, according to a report by Fox News.
Oil prices stabilized near a three-week high Thursday after OPEC+ agreed to reduce global crude supplies by reducing production by about two million barrels per day, in the largest reduction since 2020.