• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 17 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 hours NordStream2
  • 1 hour Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 8 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
Oil Nations Are Selling Billions In Green Bonds

Oil Nations Are Selling Billions In Green Bonds

Environmental, social, and governance investing…

Could Greenflation Derail The Commodity Supercycle?

Could Greenflation Derail The Commodity Supercycle?

The global energy transition is…

Libya Enjoys Windfall From Oil Price Rally

Libya's National Oil Corporation has reported monthly revenues of $1.796 billion for September from oil and related product sales. The amount is a record for the company, the result of the latest oil price rally.

"Everyone is happy," NOC's chairman, Mustafa Sanalla, said. "Production rates are wonderful, and the price boom is an important and encouraging sign. We expect a significant reduction in the deficit that the public budget has suffered for the last years, and we are optimistic that financial stability will contribute to creating an investment environment, especially in the infrastructure of the national oil sector."

The troubled North African country has struggled with a challenging political situation that has affected its oil sector, but it has managed to boost production to over 1 million bpd. The latest political trouble has come from a spat between NOC and the new government, which led to the suspension of Sanalla from his post not once, but twice.

The latest suspension was announced yesterday, per a Reuters report, which cited the Libyan oil minister as saying the suspension came on allegations of administrative offenses, including "non-compliance with procedures and controls for obtaining prior permission when undertaking an official mission."

Sanalla has also acknowledged the troubled relations between NOC and the ministry.

"Despite all these good news, it must be admitted that the relationship of the National Oil Corporation with the Ministry of Oil and Gas has been marred by many problems, and these gains cannot be preserved without cooperation that is based on respect for the role of the National Oil Corporation," he said in the news release detailing the September revenues.

"We will not allow for this role to regress or for NOC's image to be distorted in the world. We adhere to the directives made by His Excellency the Prime Minister, which concluded the importance of cooperation and integration without overstepping one side on the expense of the other and predominating the public interest without selectivity or personalization of public affairs". 

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News