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.
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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.
OPEC production rose last month after a recovery in crisis-torn Libya and a symbolic increase pledged by other members.
Angola and Libya overtook Nigeria as Africa’s largest crude oil producers, according to the Organization of the Petroleum Exporting Countries (OPEC).
The National Oil Corporation (NOC) announced Monday that Libya’s production of crude oil amounted to one 1.220 million barrels on Sunday, with an increase of 1,000 barrels compared to the production of the day before.
Libya’s oil production decreased by about 1,000 barrels, as the National Oil Corporation (NOC) announced Thursday that the production of crude oil amounted to 1.223 million barrels, while the production of condensate reached 53,000 barrels during the past 24 hours.
Oil prices fell in Asia on Thursday, after rising more than $1 in the previous session, as concerns about supply disruptions eased and markets looked for evidence of improving fuel demand.
Oil prices fell, during Thursday’s trading, after US data indicated weak demand for fuel.
The price of OPEC basket of thirteen crudes stood at US$109.35 a barrel on Tuesday, compared with US$106.27 the previous day, according to OPEC Secretariat calculations.
Organization of Petroleum Exporting Countries (OPEC) revealed that Libya’s oil production declined by 78,000 barrels per day during June, compared to May, making the country among the 4 countries that led the decline in OPEC production during the past month.