Tag Archives: Libya

Last month. Libya’s average daily production was 730000 bpd as per OPEC secondary sources. up by 178.200 bpd compared to April.

NOC said the deal would allow production to begin immediately in Wintershall'.s concession areas in eastern Libya. NC 96 and NC 97.

Geopolitical consequences aside. market experts believe that the situation around Qatar may serve to become a positive factor for rising oil prices.

Traders covered short positions ahead of OPEC and some of these have now been re-established.

Production at Sharara had dropped earlier this month due to technical problems.

Non-shale non-OPEC production. which has been resilient so far. is likely to require material reinvestment in new and existing projects over the coming years.

Libya. along with Nigeria and Iran. was exempted from the original agreement.

Equatorial Guinea has been accepted as a new member of the Organization of the Petroleum Exporting Countries (OPEC).

The price of OPEC’s basket of 13 crudes stood at $51.50 per barrel on May 22.

Over the next two months. the UAE will cut another 278000 bpd. demonstrating its compliance with its quota under the agreement.