• 1 hour UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 5 hours LNG Glut To Continue Into 2020s, IEA Says
  • 7 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 10 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 12 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 14 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Half A Million Bpd At Risk From Geopolitical Firestorm

Half A Million Bpd At Risk From Geopolitical Firestorm

Geopolitical tensions are once again…

Libyan Oil Production Reaches Highest Point Since December 2014

Libya

Libyan oil production has now topped 760,000 barrels – the highest level since December 2014, according to the country’s National Oil Corporation (NOC), which made the announcement on Monday, Mining Weekly reported.

NOC Chairman Mustafa Sanalla said the company planned to increase production further. Previous goals have Libya producing 1.1 million barrels by this August.

The lack of a unified governing body in Libya has made the North African nation a haven for smugglers and traffickers who bring boatloads of people to Europe via the Mediterranean Sea. Fighting between the two rival governments and related militant groups has affected the recovery of Libya’s oil sector since the overthrow of dictator Muammar Gaddafi in 2011.

Still, there is tangible progress in the oil sector, which has caused the jump in output from 622,000 barrels per day in March.

The El-Feel oil field in western Libya—operated by a joint venture between Italy’s Eni and Libya’s National Oil Corporation (NOC)—reopened last week after two years, and expects to start pumping oil as soon as a power outage is fixed, Bloomberg reported, citing a person familiar with the matter.

Other oil facilities that had been closed due to militant activities have also become operational again. In late April, the Wafa oilfield reopened oil and gas pipelines to its nearby port after local elders negotiated an agreement with an armed group that had caused NOC to enact a force majeure. The shutdown had started on March 26.

Related: Saudis Further Discount Crude To Asia

Libya is exempt from the terms of the Organization of Petroleum Exporting Countries’ (OPEC) deal to cut production by 1.2 million barrels per day to limit supply glut that has plagued oil markets for 2.5 years. Six years of domestic strife has caused the nation to lose its former status as one of the most prolific oil producers in Africa.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News