LIBYAN OIL: 300,000 BPD
Libya's oil output has risen to 300,000 barrels a day (bpd) after the El Feel field in the southwest increased production to 105,000 bpd, a spokesman for National Oil Corp (NOC) said on Thursday.
El Feel, operated by NOC and Italy's ENI, restarted work earlier this month after a protest there ended.
The eastern Hariga oil port has reopened and is preparing to receive a tanker after a deal was reached with a different group of protesting security guards, NOC spokesman Mohamed El Harrai said.
A tanker would load 600,000 barrels of oil within four hours, the port manager said. The protesters had blocked tankers since mid-May from docking at the port, located in Tobruk. They allowed the loading of one tanker on Saturday but closed it again to demand more salary payments.
Libya's oil industry has been hit by waves of protests from state security guards, militias and tribesmen pressing the weak government over financial and political demands.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.