How the downside risks for oil prices have shifted from the demand-side to the supply side.
As global economic growth picks up practically everywhere, oil producers are becoming increasingly hopeful that the recent impressive price recovery will continue. But, if those hopes are to be fulfilled, not only will producers have to control what they can (by maintaining production discipline); what lies beyond their control (output…
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JanLibyan crude oil production close to the new normal.
Libya was one of the most watched producing countries in 2017, as reviving production meant it was considered one of the countries most likely to undermine industry-wide efforts to tackle bloated inventory levels. However, when it signed up on 30 November to the accord to extend the OPEC-led production cut…
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JanLibya’s oil recovery helped oil prices soar to new highs.
Libya’s crude oil production has risen 400% since August 2016 as the country plans to increase its oil production in 2018 despite production cuts. Market Realist reported that any increase in Libya’s crude oil production could weigh on oil (BNO) (USO) prices. This comes as the National Oil…
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JanLibya’s NOC announces reopening of 50,000 barrels per day As-Sarah fields.
Libya’s National Oil Corporation, NOC, announced on Sunday the reopening of the eastern As-Sarah oil fields, where more than 50,000 barrels per day (bpd) in a Wintershall WINT.UL concession had been shut in by a blockade since November. Two wells started pumping on Sunday and production was expected to…
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JanShell, BP strike deals to buy Libyan oil.
Shell and BP agreed annual deals to buy Libyan crude, underscoring how the North African country’s recovering production and improving security are enticing some of the world’s largest oil companies. Shell’s deal with Libya’s National Oil Corp. was the first of its kind since 2013 and Europe’s biggest oil…
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