LIBYA'S OIL PRODUCTION: 300 TBD
According to WSJ, fighting resumed over the weekend for control of Libya's key Eastern crude-oil ports, Libyan officials said, delaying a shipment of petroleum and highlighting the fragile nature of the country's planned ramp up of exports.
The Petroleum Facilities Guards, a militia that until this month had controlled Libya's oil ports for years after the 2011 ouster and death of dictator Moammar Gadhafi, briefly retook two oil ports, Sidra and Ras Lanuf, in the country's central coast on Saturday night, militia members said.
The guards were forced out again on Sunday by the Libyan National Army, a militia that had pledged to reopen the ports for exports.
Oil traders have closely watched the situation in Libya, where production now stands at about 300,000 barrels a day—a level that Libyan officials say they could quickly ramp up again if oil ports remained open and secure for an extended period.
U.S. oil prices fell to a one-month low on Friday of $43.03 on worries about a flood of oil supplies from Organization of the Petroleum Exporting Countries members like Libya. The prices are down more than half from levels of over $100 a barrel last seen in mid- 2014.
The fighting has delayed the loading of a tanker that was to be the first oil shipped from Ras Lanuf since late 2014, Libyan oil officials said.
Muftah Mgerief, a Libyan National Army commander, said that his forces had fought back and that the multiple air raids were carried out to take back Ras Lanuf and Sidra from the Petroleum Facilities Guards.
Since Gadhafi's ouster, militia have divided Libya between the east and west and sought to exploit its oil riches. A unity government in Tripoli and the country's National Oil Co. are now working with the Libyan National Army to secure the ports and restart oil exports.
At its peak, Libya produced 1.6 million barrels a day, over five times as much oil as now.
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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.