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Entertainment Oil drops, Libya's production ramps up

15:55  12 october  2020
15:55  12 october  2020 Source:   parismatch.com

Fayez al-Sarraj, an architect who struggled to rebuild Libya

  Fayez al-Sarraj, an architect who struggled to rebuild Libya The head of Libya's unity government, Fayez al-Sarraj, who plans to resign as part of peace efforts, has held his post through five years of economic crisis and deadly infighting that has drawn in foreign powers. An architect by trade, Sarraj was elected to Libya's parliament in June 2014.A political novice when his Government of National Accord was established with UN support in 2015, Sarraj successfully faced down his rival Khalifa Haftar, an eastern-based military leader accused of seeking to re-establish a dictatorship.

Libya is ramping up oil production after a two-week halt due to the closure of certain crucial oil ports in the East of the country. 5 days Surprise Crude Oil Build Thwarts Price Rally. 5 days Libya ’ s State Oil Firm: War Ship Treathens Vital Oil Facilities. 5 days Russia's Gazprom Boosts Natural Gas

Libya ’ s crude- oil production has more than tripled in the past six months, imposing an obstacle to the Organization of the Petroleum Exporting Countries’ plans to raise petroleum prices by collectively lowering output. Oil prices have surged 19% to more than a barrel since OPEC’s Nov.

Le pétrole chute, la production de la Libye monte en puissance © Pixabay Oil drops, Libya's production ramps up As Hurricane Delta finally passed "without causing serious damage" in the Gulf from Mexico, oil is falling again, especially as the resumption of production is accelerating in Libya.

oil prices are struggling at the start of the week. The barrels of Brent and WTI fell 2%, to 42 and 40 dollars, while investors "are now in expectation that the (bullish) engines have stopped," said Jeffrey Halley, analyst at Oanda. Prices decline "because of the resumption of work by American employees and Norway , after the passage of hurricane Delta and the wage agreement" which occurred Friday evening in Norway after an eight-hour negotiation between the companies and the Lederne union, said Avtar Sandu, of Phillip Futures. This agreement ended the shutdown since last Monday of six oil fields representing 8% of the production of the largest hydrocarbon producer in Western Europe.

Russia Welcomes Libya Deal on Oil Exports, Revenue Distribution

  Russia Welcomes Libya Deal on Oil Exports, Revenue Distribution (Bloomberg) -- Russia said it welcomed a contested deal that would allow Libya to resume oil exports halted by a blockade at the start of the year, with revenue distributed across the divided nation. Deputy Prime Minister Ahmed Maiteeq reached the accord last week at a meeting in Sochi, Russia, with military commander Khalifa Haftar’s son and representatives from oil-rich eastern Libya. They also agreed to form a special commission to resolve conflicts. Haftar’s forces locked down fields and ports in January.

Libya is preparing to increase oil production in its largest field as bullish sentiment sweeps the oil markets. 2 days Value Of Russia' s Oil Reserves Drops By 9 Billion. 2 days Stronger U. S . Dollar Weighs On Gold Prices. 3 days Three Libyan Oil Ports Open For Shipping Crude.

Libya ’ s National Oil Corporation (NOC) confirmed on Tuesday that pipelines leading from Sharara and El Feel fields had reopened, saying it hoped to add “The big question is what will OPEC do about the Libyan increase. With Libya excluded from the production cut agreement, I anticipate the Saudis will

And the hurricane "which interrupted production of approximately 1.7 million barrels per day" in the Gulf of Mexico finally passed "without causing serious damage", said Tamas Varga of PVM. The resumption of production in Libya also weighed on crude prices, after the announcement Sunday by the Libyan National Oil Company (NOC) of the lifting of the state of force majeure allowing the resumption of oil production al-Charara, a major oil field, after more than 9 months of shutdown.

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Country , which has the most abundant reserves in Africa, is torn by a long conflict between rival powers, the GNA on one side, and on the other, Marshal Khalifa Haftar who reigns over the East and part of the South, particularly in areas where the main oil installations are located.

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