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2017-08-31 12:20:00

LIBYAN OIL DOWN 360 TBD

LIBYAN OIL DOWN 360 TBD

TOGYThree Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country's NOC announced on Wednesday.

The Rayayina Patrols Brigade armed group cut off two pipelines and took over the control room of the El Feel oilfield, shutting it down alongside the Sharara and Hamada oilfields.

"This is a national tragedy," the National Oil Corporation's chairman, Mustafa Sanalla, said in a statement. "Our production was recovering, not quite enough to balance the budget, but enough to give us hope that our financial position could stabilize.... Now we are sliding backwards. Everybody in the country will suffer because of this criminal act."

Recent surges in Libya's crude production, which surpassed 1 million bopd in June, have contributed to the continuing supply glut, cancelling out some of the global curbs which OPEC and non-OPEC producers extended in May by a further nine months. Alongside Nigeria, which has also so far been exempted from the deal due to violence that has decimated its output, the country has faced mounting international pressure to cap its production.

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Earlier:

LIBYA'S OIL UP TO 1.069 MBD

LIBYAS OIL UP TO 1.069 MBD LIBYAS OIL UP TO 1.069 MBD Libyas oil production is 1.069 million b/d, and the country hopes to grow its output to as much as 1.25 million b/d this year, a source close to production said Monday. Libyas oil production is 1. ...
2017-07-28
 
 

OIL OUTPUT CONSENSUS

... make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members. With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC and its non-O ...
2017-07-24
 

LIBYA NEEDS $100 BLN

LIBYA NEEDS $100 BLN LIBYA NEEDS $100 BLN Libya froze all new foreign investment in 2011 after the civil war that toppled strongman Moammar Gadhafi. International oil companies such as Total SA of France and ConocoPhillips have long had operations in ...
2017-01-26
 

LIBYA WON'T CUT

LIBYA WONT CUT LIBYA WONT CUT Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future, NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in V ...
2016-11-28
 

LIBYA RISES PRODUCTION

LIBYA RISES PRODUCTION LIBYA RISES PRODUCTION Lybian crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Arm ...
2016-09-21
 

LIBYA HAS STARTED

LIBYA HAS STARTED LIBYA HAS STARTED Libya is seeking to boost crude production after rival leaders agreed last month to unify the state National Oil Corp. under a single management. The bulk of the country’s oil infrastructure is either damaged or st ...
2016-08-09
 

LIBYA: KEY TERMINALS REOPENS

LIBYA: KEY TERMINALS REOPENS LIBYA: KEY TERMINALS REOPENS Key Libyan oil terminals set to reopen Key Libyan oil terminals set to reopen
2014-07-07

 

 

Tags: LIBYA, OIL, PRODUCTION

Chronicle:

LIBYAN OIL DOWN 360 TBD
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

LIBYAN OIL DOWN 360 TBD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

LIBYAN OIL DOWN 360 TBD
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

LIBYAN OIL DOWN 360 TBD
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

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