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2014-09-18 18:00:00

LIBYAN OIL OUTPUT: DOWN

LIBYAN OIL OUTPUT: DOWN

Libya's energy recovery has suffered its first major setback, with output falling below 700,000 barrels a day after insecurity forced the country's largest oil field to shut down, oil officials said Wednesday.

The North African nation's oil production had risen to 870,000 barrels a day on Sunday—nearly six times the level of late May—after deals with militants and protesters allowed fields and ports to reopen.

Production has been temporarily shut down at the 340,000-barrels-a-day Sharara field after a rocket hit a tank at the terminal it supplies, the Libyan oil officials said.

The port's area in the city of Zawiya has been embroiled in clashes between Islamists-backed militias and their nationalist rivals. During a previous battle that ended up with the Islamists seizing Tripoli last month, several fuel tanks caught fire after being hit by shells.

Libya's internationally recognized government and parliament are now rivalled by Islamist ones in Tripoli and were forced to relocate to the Eastern city of Tobruk.

Abdelmajid Shagan, a former engineer with Waha Oil Co., a Libyan oil joint-venture with U.S. companies, has been proposed to parliament as energy minister, according to lawmaker Musab Elabed.

Libyan officials have said the position of oil minister would be discontinued.

wsj.com

Tags: LIBYA, OIL,

Chronicle:

LIBYAN OIL OUTPUT: DOWN
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

LIBYAN OIL OUTPUT: DOWN
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

LIBYAN OIL OUTPUT: DOWN
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

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LIBYAN OIL OUTPUT: DOWN
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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