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2017-12-06 12:20:00

LIBYA - OPEC DEAL

LIBYA - OPEC DEAL

BLOOMBERG - Libya, which has been stepping up efforts to boost oil output, will maintain its current production level until the end of next year to stay in line with OPEC's agreement to trim global supplies.

The North African country will keep crude production stable at about 1 million barrels a day, in accordance with the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to extend output curbs until the end of 2018 to stem a glut, according to a person familiar with the matter, who asked not to be identified because the information isn't public. The country is currently pumping 1 million barrels a day, the person said.

Libya, along with Nigeria, had been exempt from oil output cuts that started in January due to internal strife in both nations. Neither was given a country-specific limit for its crude production in last week's agreement between OPEC and other producers, the person said. Instead, they were given a combined cap of 2.8 million barrels a day, the person said. Any increases in crude output will put pressure on OPEC and its allies in their effort to drain an oversupply, reduce inventories and prop up prices.

Output in Libya -- where oil fields have endured sporadic shutdowns and disruptions due to protests, power blackouts and security issues -- rose to about 1 million barrels a day this year, the highest level in four years. Iran and the United Arab Emirates were among OPEC nations that expressed concern about rising production in Libya and Nigeria.

Security, technical and financial challenges are hindering Libya's National Oil Corp. in its drive to reach a previously set production target of 1.25 million barrels a day this year, its chairman, Mustafa Sanalla, said in October. Production at Libya's biggest field, Sharara, is stable at 290,000 barrels a day, another person familiar with the situation said on Tuesday, asking not to be identified because the information isn't public.

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Earlier:

 LIBYAN OIL PRODUCTION 1 MBD
2017, October, 23, 11:15:00

LIBYAN OIL PRODUCTION 1 MBD

Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.

 

 LIBYAN OIL DOWN 360 TBD
2017, August, 31, 12:20:00

LIBYAN OIL DOWN 360 TBD

Three Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country’s NOC announced.

 

 LIBYA'S OIL UP TO  1.069 MBD
2017, July, 28, 09:55:00

LIBYA'S OIL UP TO 1.069 MBD

Libya's 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.

 

 OIL OUTPUT CONSENSUS
2017, July, 24, 13:55:00

OIL OUTPUT CONSENSUS

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-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members.

 

 LIBYA NEEDS $100 BLN
2017, January, 26, 18:45:00

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 Libya, and Eni SpA of Italy has found ways to keep pumping even as clashes among warring militias and Islamic State damaged the country’s oil infrastructure.

 

 LIBYAN OIL WILL UP
2016, December, 15, 18:55:00

LIBYAN OIL WILL UP

Operations have restarted at two key oil fields and a connected pipeline in Western Libya that have been shut down for over two years, Libyan officials said, following an agreement with local tribes.

 

 LIBYA WON'T CUT
2016, November, 28, 18:45:00

LIBYA WON'T 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 Vienna on Friday, according to an NOC statement.

Tags: LIBYA, OPEC, OIL, PRODUCTION

Chronicle:

LIBYA - OPEC DEAL
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

LIBYA - OPEC DEAL
2018, August, 13, 13:30:00

ANGOLA'S OIL EXPORTS UP TO 1.63 MBD

PLATTS - Angola's crude oil exports rebounded to a four-month high of 1.63 mil b/d in June even as the OPEC member struggles to arrest declines at some of its ageing deepwater oil fields, finance ministry data showed.

LIBYA - OPEC DEAL
2018, August, 13, 13:25:00

U.S. RIGS UP 13 TO 1,057

BAKER HUGHES A GE - U.S. Rig Count is up 13 rigs from last week to 1,057, with oil rigs up 10 to 869, gas rigs up 3 to 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is down 14 rigs from last week to 209, with oil rigs down 12 to 140 and gas rigs down 2 to 69.

LIBYA - OPEC DEAL
2018, August, 10, 10:55:00

OIL PRICE: ABOVE $71

REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.

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