Libya Oil Output Set to Recover Following Sharara Brief Halt

By Salma El Wardany and Saleh Sarrar Libya’s oil production is set to recover from a five-month low as the North African supplier’s biggest field restarts following a brief halt. The OPEC member’s output is expected to rise to 1 million barrels a day from 800,000 within 2-3 days as the Sharara oil field restarts […]

Libya Faces Renewed Calls to Join OPEC Cut

By  Salma El Wardany Libya’s oil output is rising again after disruptions ended at its biggest field, with production reaching about 950,000 barrels a day even as OPEC and allied suppliers step up efforts to contain a global glut. Output at the North African nation’s Sharara field has recovered to 230,000 barrels a day, according to […]

Libyan premier, rival eastern commander to meet in Paris: source

Patrick Markey CAIRO (Reuters) – The head of Libya’s U.N.-backed government will hold talks in Paris this week with a powerful military commander who has so far rejected his authority, a diplomatic source said. The talks between Prime Minister Fayez al-Serraj and commander Khalifa Haftar are aimed at stabilizing the oil-producing country, which has been […]

OPEC to ask Nigeria, Libya to cut oil production

Oladeinde Olawoyin and Agency Report Indications have emerged that Libya and Nigeria, both oil producing nations exempted from production cut agreement reached by the Organisation of Petroleum Exporting Countries, OPEC, may be asked to cap their crude output soon. Kuwait Oil Minister, Issam Almarzooq, said the decision would be in an effort to help rebalance the oil […]

Libya’s Oil Production Nears 4 Year High

By Tsvetana Paraskova It looks like Libya is right on track to reach its goal to raise crude output to 1 million bpd by the end of July, in what would be a boon for its crippled oil production and a headache for fellow OPEC members that are desperately trying to draw down the glut with […]

Nigeria’s Crude Oil Exports to Surpass One-year High in August

Ejiofor Alike with agency report Nigeria’s crude oil exports are set to surpass two million barrels per day (bpd) in August, the highest in 17 months, as the country’s oil and gas industry nears a full recovery from attacks by the Niger Delta militants that crippled production in 2016. It is expected that if the […]

Libya’s increased oil production thwarts OPEC’s reduction plans

By Clifford Krauss / The New York Times HOUSTON — The price of oil keeps sinking, and there is no shortage of reasons. American oil companies are producing too much petroleum. The Organization of the Petroleum Exporting Countries has not cut production enough. Motorists around the globe are not driving enough to shrink crude and […]

Crude oil price drops by 10%, threatens 2017 budget

By Udeme Akpan LAGOS— Crude oil price has dropped by 10 per cent in the international market as a result of excess supply and speculation, thus constituting a new threat to the generation of adequate funds for the implementation of Nigeria’s N7.28 trillion 2017 budget. Crude oil price, which stood at over $50 a fortnight […]

Will OPEC look to Nigeria for output cuts as its output recovers?

LONDON Nigeria’s last remaining shuttered oil terminal is resuming exports just days before the West African nation heads into OPEC talks – potentially awkward timing for a country that was exempt from the first round of output cuts. A second vessel, the Densa Orca, arrived on Monday at the Forcados terminal after the Astro Perseus […]

Boris Johnson throws weight behind Libya peace process

British foreign secretary makes trip to Tripoli to give personal support to peace process involving Fayez Aal-Serraj and Khalifa Haftar Patrick Wintour, Diplomatic editor The British foreign secretary, Boris Johnson, flew to Tripoli on Thursday to give his personal support for the fledgling peace process in Libya by meeting the Libyan prime minister, Fayez al-Serraj. […]