Tag Archives: Africa

OPEC and non-OPEC countries decided in late 2016 to cut output by 1.8 million barrels per day to boost oil prices.

Moscow and Riyadh recently announced their desire to pump more oil after a relative hike in prices.

Since July last year crude oil prices have gained 56%.

The NOC had warned of daily losses of $67.4 million and extensive disruption to oil. gas and power operations.

All of Libya’s natural resources and facilities should be returned to the recognized Libyan authorities as soon as possible.

Clashes had already forced the NOC to suspend operations at the two other ports. slashing output by 450.000 bpd.

The European Union said it is going to oppose any attempt to sell or purchase Libyan oil outside the official channels managed by NOC.

The move would cause an output loss of 350.000 barrels per day.

Egypt’s cabinet approved the $105 million deal to explore the North Sinai region of the Mediterranean Sea in March.

The U.S. oil and gas producer was ready to move forward with the Mozambique project after lining up enough customers for the LNG.