Tag Archives: Libya

Oil prices surged on Friday after the shutdown of a key oilfield in Libya.

The field is operated by a joint venture between state-owned NOC and Italy’s Eni.

Libya boasts oil reserves of 41 billion barrels. perhaps the largest in Africa.

Libya. along with Nigeria. is formally excluded from an effort by the OPEC to balance an oversupplied market with coordinated production cuts.

Libya is politically divided between eastern and western authorities. including two oil corporations.

The damaged parts had been replaced and flows would start returning to previous levels.

It is estimated that the repair will take about one week from today.

The pipeline explosion in Libya is a lot more serious as it may take a long time to restore

Libya agreed its oil production would not exceed 1 mln bpd. and Libya said it would bring its output in line with the target next year.

OPEC was discussing ‘soft targets’ of around 1.8 million bpd for Nigeria and 1 million bpd for Libya.