Tag Archives: Libya

Libya and Nigeria have seen a significant increase in oil production in May and June.

Supply and demand now ``show us we are on the right course`` to achieving OPEC’s goal of reducing stockpiles to their five-year average

The ministerial meeting will be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members currently participating in the oil output cutting deal.

The two African countries. together with resurgent U.S. shale plays. could raise oil production by 1.6 million barrels a day this year.

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.