Libya | - Part 3

OPEC Under Pressure to Act in Algiers as Surplus Triples

LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

Libya Crude Output Rises as Oil Fields Restart, Ports Reopen

Posted on by The Editorial Team

TRIPOLI, Capital Markets in Africa: Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The North African nation’s 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. Armed conflicts…

Oil Rebounds as Libyan Fighting Thwarts Resumption of Exports

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LAGOS, Capital Markets in Africa: Oil rebounded from the lowest close in more than a month after clashes halted what would have been the first crude shipment from Libya’s Ras Lanuf export terminal since 2014. Crude rose as much as 2.6 percent in New York. The tanker Seadelta suspended loading after fighting on Sunday between local Petroleum Facilities Guard units and forces loyal to eastern-based military commander Khalifa Haftar. OPEC may call an extraordinary meeting if ministers reach consensus at…

Oil Falls to 1-Month Low as Nigeria, Libya Poised to Swell Glut

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LAGOS, Capital Markets in Africa: Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria may add to the global surplus. Futures dropped as much as 2.7 percent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. A tanker that’s supposed to collect crude from a key Libyan terminal for the first time in…

Oil Holds Below $44 as Libya, Nigeria Seen Adding to Oversupply

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LAGOS, Capital Markets in Africa: Oil held below $44 a barrel amid speculation the global crude glut will expand as OPEC members Libya and Nigeria prepare to boost exports within weeks. Futures fell as much as 0.6 percent in New York after losing 5.9 percent the previous two sessions. Libya’s state oil company on Wednesday lifted curbs on sales from three ports, potentially unlocking 300,000 barrels a day. Exxon Mobil Corp. was said to be ready to resume…

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was…

Libya Bids to Resume Oil Exports From Key Ports Within Weeks

Posted on by The Editorial Team

LIBYA, Capital Markets in Africa: Libya’s National Oil Co. plans to restart oil exports from key ports “immediately” after reaching a deal with Khalifa Haftar, commander of the military forces who took control of the facilities on Sunday. The resumption of shipments from ports including Ras Lanuf, Es Sider and Zueitina would allow Libya to double crude output to 600,000 barrels a day within four weeks, NOC Chairman Mustafa Sanalla said Tuesday in a statementon the company’s website. The…

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