Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
Higher crude prices should encourage North Sea oil companies to dial down the caution and bring forward more new projects, a prominent petro-economist said yesterday.
Oil rose on renewed optimism that production cuts announced by the OPEC+ coalition will rebalance the market, while a giant Libyan field remained shut and U.S. inventories were estimated to have shrunk.
BP Plc and Eni SpA could re-start work on a project in Libya in the first quarter, setting the stage for the OPEC member to boost production by “hundreds of thousands of barrels” a day, the head of the country’s state oil company said.
Libyan security forces overcame gunmen who attacked the state oil company’s headquarters as militias and government-backed forces clashed in the North African country’s capital.
Libya’s National Oil Corporation (NOC) has reported a “catastrophic” damage at an oil terminal after an armed assault.
Oil loadings at two major terminals in Libya have been halted due to armed clashes in the area.
Things are looking up for Libya oil traders.
US firm Marathon Oil has completed the sale of its Libyan subsidiary to Total for $450million.
Libya’s oil exports from the Mellitah terminal will be “modified” after protests disrupted production at the key El-Feel deposit for the first time in two months, putting the OPEC nation’s crude production at risk of a decline again.
Libya's National Oil Corporation (NOC) has said oil fields in the Jikharra area have reopened for the first time since the beginning of November.
Shell and BP agreed to 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.
Oil traded above $59 a barrel as crude production in Libya fell below 1 million barrels a day after a pipeline explosion Tuesday.
Oil prices appear to be stuck in the $50s per barrel, but that doesn't mean there aren't serious supply risks to the market.
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 its allied suppliers step up efforts to contain a global glut.
Two more oil fields in Libya are being closed after an armed group took over pipelines to both deposits, further disrupting the OPEC nation’s plan to boost crude production.
Oil traded near $49 a barrel as Libyan output and exports declined amid security threats and tension among port workers.
Libya’s biggest oil field Sharara is “back to normal” after a disruption caused by protests in the politically fragmented country, the state National Oil Corp. said.
Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks.
Libya’s rebounding oil output is undermining the supply curbs masterminded by Saudi Arabia and Russia. But any pleas for the OPEC member to exercise restraint will probably be resisted by the technocrat overseeing the North African nation’s turnaround.
Oil traded near $46 a barrel after snapping a five-day gain on concern output in the US and Opec member Libya is growing just as demand shows signs of improvement.
Lawyer and Middle East business expert Hugh Fraser has been inducted into a global networking initiative set up to help Scottish firms break international markets.
Oil declined as rigs targeting crude in the U.S. rose for a fifteenth week and output from Libya rebounded.
Oil rose after a pipeline halt reduced output in OPEC member Libya, countering concerns that a U.S. surplus shows little sign of diminishing.
Rosneft signed investment and crude-purchasing agreements with Libya’s National Oil Corp. as more international companies return to the North African country to gain access to Africa’s largest reserves.