Tag: Libya

Libya oil revenue reaches $24.4 billion in 2018

Libya oil revenue reaches $24.4 billion in 2018

Libya’s oil revenue has risen to $24.4 billion in 2018, according to a statement from the country’s National Oil Corporation (NOC). The statement also said NOC had recorded an average of 1.107 million barrels per day last year, up 78% from that of 2017. This comes as OPEC introduce cuts […]

OPEC agrees on 1.2m bpd cut

OPEC agrees on 1.2m bpd cut

OPEC has defied US President Donald Trump’s calls to maintain low prices by agreeing to a 1.2 million barrel per day cut to production over six months, sending crude prices higher. The deal was pushed forward in Vienna after two days of discussions, where the bloc’s de facto leader Saudi […]

Libya’s National Oil suffers ‘catastrophic damage’

Libya’s National Oil suffers ‘catastrophic damage’

Libya’s National Oil Corporation (NOC) has said that its storage facilities at Ras Lanuf port terminal have suffered ‘catastrophic damage’ following conflict in the region. Two storage tanks have been lost – the equivalent of 400,000 barrels oil and half of the capacity at the port, according to NOC. Fears […]

Libya’s output oil output worries OPEC

Libya’s output oil output worries OPEC

Libya’s oil output is still a worry for OPEC. Libya’s oil production per day is currently over 950,000 barrels per day, down from 1.1 million in August but still a point of worry for OPEC. Iran’s oil minister, Bijan Namdar Zanganeh, said that the group’s focus must shift to “the […]

Libya spurns OPEC production cuts

Libya spurns OPEC production cuts

Libya is producing a quarter more than its agreed share of cuts under the latest OPEC agreement. Production has risen to a four year high of 1.1 million bpd. The Chairman of the National Oil Corporation, Mustafa Sanalla, is understood to wield significant influence in the beleaguered country. According to […]