A new wave of coronavirus lockdowns is already slowing oil’s price recovery. Now, commodity traders have a new headache: Libya. The civil-war-torn country’s oil industry has been all but shut down since January. But it looks as if exports will restart imminently thanks to a truce and an agreement between …
Read More »Libya’s NOC Expects Oil Output to Rise to 260,000 b/d in Week Starting Sept. 27
Libya’s state-owned National Oil Corp. expects its production to rise to 260,000 b/d during the week starting Sept. 27 following the lifting of force majeure and the end of an eight-month blockade on its oil infrastructure imposed by the self-styled Libyan National Army. The first two ports to resume operations …
Read More »Oil Prices Fall after Libya Lifts Force Majeure on some Fields
Oil prices have slipped after Libyan commander Khalifa Haftar said his forces would lift the eight-month blockade of oil exports. Furthermore, rising Covid-19 cases added to the concerns regarding fuel demand. However, a tropical storm passing towards the US Gulf of Mexico restricted further losses. Brent crude LCOc1 fell by …
Read More »Libya to Resume Oil Exports from Secure Fields, Ports
Libya is expected to resume production from fields and export crude from ports that are secure, said the country’s state oil company. The National Oil Corporation said a force majeure in place will be eased across “oilfields and ports that are secure”. Force majeure refers to an unforeseen event outside …
Read More »Some Libyan Oil Facilities Restart Operations
Workers at Libya’s major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation (NOC) announced a partial lifting of force majeure. They said flaring had restarted at the field and shared a video of it, and added that engineers had been returning to the area …
Read More »Libya to Export only Oil Accumulated in Terminals
Libya, following the resumption of the operation of oil facilities, will export only oil accumulated in port terminals, crude produced at deposits will not be exported, Libyan National Army spokesman Major General Ahmad al-Mismari said. “The opening of oil facilities means exportation of only what is in the tanks, the …
Read More »UAE Wants Libya to Return to Oil Production amid War
The United Arab Emirates wants Libya to “return to oil production” as soon as possible, a top Emirati official said Monday, after officials with Libya’s U.N.-supported government in Tripoli accused the UAE of ordering rival Libyan forces to block oil sales. Anwar Gargash, the Emirates’ minister of state for foreign …
Read More »Libya Declares Force Majeure on Oil Exports
The state-owned National Oil Corporation (NOC) of the UN-backed Libyan government on Sunday declared force majeure on oil exports again due to renewed oil blockade by the east-based army. The NOC said in a statement that it “condemns unreservedly the renewed blockade on Libyan oil exports and calls for the …
Read More »Libya to Resume Oil Exports after Months-Long Shutdown
The head of Libya’s state energy company said the war-torn country would resume crude oil exports for the first time in six months, state-run Anadolu news agency said. Since the beginning of the year, forces of rebel General Khalifa Hasftar’s self-styled Libyan National Army (LNA) have blocked oil production and …
Read More »Libyan Crude Exports Drop again as Port Blockade Drags on
Libya will export two oil cargoes totaling 1.2 million barrels in July — a third less than in June — as forces opposed to the Tripoli-based government continue to block shipments from most of the OPEC member’s ports. The Bouri and Farwah terminals will each ship one cargo of 600,000 …
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