Libya
News
April 20, 2021
Libya鈥檚 oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC member鈥檚 ability to fix war-damaged infrastructure.
News
March 23, 2021
Covid-19 cases are surging in India and threatening the economy鈥檚 recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later.
News
March 15, 2021
Libya鈥檚 back in the oil game after years of false starts and setbacks. Energy facilities shut or damaged during its civil war were reopened last year and the OPEC member has managed to keep its production above 1 million barrels a day since November.
News
February 26, 2021
The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that鈥檚 dependent on petroleum revenue.
News
February 01, 2021
OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
News
January 25, 2021
Iraq pledged to cut output in January and February after pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. Crude was also buoyed by a renewed climb in global equity markets as investors focused on the prospect of additional stimulus.
News
January 21, 2021
Libya is seeking funding from foreign oil companies to fix its ailing infrastructure after years of war and neglect, the nation鈥檚 top energy official said.
News
January 15, 2021
The OPEC member鈥檚 output has fallen to around 1 million barrels daily in the wake of Waha Oil Co.鈥檚 decision to shut a key pipeline taking crude to Libya's largest oil port, Es Sider.
News
November 27, 2020
The speed of their recovery is causing anxiety for OPEC and allies such as Russia as they restrict global output to prop up crude prices. Libya is exempt from the cuts and currently supplies more oil than several of its OPEC peers.
News
November 19, 2020
Total has been active in Libya for decades and holds shares in key oil fields, including the nation鈥檚 biggest -- Sharara -- and the offshore Al Jurf deposit. The Paris-based company also has a share in the Mabruk field, which has been closed for years because of political upheaval.
News
November 11, 2020
The nation was producing about 1.2 million barrels a day before its energy sector was mostly shuttered in January when Khalifa Haftar, a Russian-backed commander based in the east, blockaded ports and fields.
News
October 30, 2020
The reopening of the last of Libya鈥檚 oil fields and ports has prompted a resurgence of the energy industry, with the OPEC nation鈥檚 daily production jumping from less than 100,000 barrels in early September.
News
October 26, 2020
Worsening demand outlook is coinciding with Libya鈥檚 push to almost double crude output, as it reopened its last major oil field. The nation鈥檚 production could top 1 million barrels a day within weeks.
News
October 23, 2020
鈥淭he 5+5 Joint Military Commission talks in Geneva today culminated in a historic achievement where Libyan parties reached a permanent ceasefire agreement,鈥 according to a statement by the UN Support Mission in Libya. 鈥淭his achievement marks an important turning point towards achieving peace and stability in Libya.鈥
News
October 16, 2020
The halt in Libya鈥檚 civil war led to many fields and ports in the east reopening last month, after an almost total shutdown of energy facilities since January. Before then, Libya was producing 1.2 million barrels a day.
News
October 12, 2020
Libya鈥檚 state energy company lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday. The field will initially pump 40,000 bpd, before reaching its capacity of almost 300,000 bpd next week, a person with knowledge of the situation said.
News
October 02, 2020
Libya鈥檚 oil output has risen to 295,000 barrels following a truce in the OPEC nation鈥檚 civil war and the lifting of a blockade on energy facilities.
News
September 30, 2020
The potential for extra Libyan supplies is putting pressure on oil prices just as traders fret about the outlook for energy demand with the coronavirus pandemic still raging. Brent crude is down 3.6% this week to around $40.50 a barrel, increasing its loss this year to almost 40%.
News
September 28, 2020
Production in Libya, home to Africa鈥檚 largest crude reserves, plummeted to less than 100,000 barrels a day in January from 1.2 million after Khalifa Haftar, a Russian-backed commander who controls the nation鈥檚 eastern region, blockaded energy infrastructure.
News
September 23, 2020
The National Oil Corp. is ending force majeure -- a legal status protecting a party that can鈥檛 fulfill a contract for reasons beyond its control -- at Zueitina in eastern Libya after a 鈥渟ignificant improvement鈥 in security there, it said Tuesday. The NOC allowed exports to resume days earlier from the Hariga and Brega terminals.
News
September 22, 2020
Greece, Italy, Egypt, Israel and two other countries will form a permanent organization to promote co-operation over natural gas in the Eastern Mediterranean. Turkey, which has raised tensions by exploring for the fuel in contested waters, is not as yet included.