Business

Oil prices rise over Libya exports’ cuts

  • 12 December 2018 - 18:42
Oil prices rise over Libya exports’ cuts

Oil prices rose on Wednesday, supported by a report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. U.S. commercial crude inventories fell by 1.2 million barrels in the week through Dec. 7, the U.S. Energy Information Administration...

Libya’s state oil firm declared force majeure at Sharara oilfield

  • 10 December 2018 - 19:56
Libya’s state oil firm declared force majeure at Sharara oilfield

Libya’s National Oil Company (NOC) said on Monday it had declared force majeure on exports from Sharara oilfield - Libya's largest - after the facility was seized by local protesters identifying themselves as Fezzan Rage Movement. NOC said in a statement the shutdown of its biggest oilfield...

Libya’s Sharara oilfield closed by Fezzan Rage Movement protesters

  • 8 December 2018 - 16:50
Libya’s Sharara oilfield closed by Fezzan Rage Movement protesters

The Libyan biggest oilfield, Sharara, has been shut down by a number of protesters from the Fezzan Rage Movement, the movement said on is social media pages. The movement said the shutdown also included El Feel oilfield. The closure is because of the inaction of the National Oil cooperation...

Qatar to pull out of OPEC by next January

  • 3 December 2018 - 11:40
Qatar to pull out of OPEC by next January

Qatar announced on Monday it would withdraw from OPEC, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha. The surprise announcement from Qatar’s minister of state for...

Libya’s oil terminals resume exports after brief closure over bad weather

  • 2 December 2018 - 16:17
Libya’s oil terminals resume exports after brief closure over bad weather

Four Libyan oil export ports that were closed last week because of bad weather have reopened, a Libyan shipping source and port engineers told Reuters on Sunday. Tankers were docking at the eastern Ras Lanuf, Es Sider, Zueitina and Brega ports as well as the western Zawiya terminal linked to the...

Libya’s oil output falls by 150.000 bpd, NOC says

  • 1 December 2018 - 14:02
Libya’s oil output falls by 150.000 bpd, NOC says

The Libyan National Oil Corporation (NOC) said Friday that operations at four oil terminals in the country had been temporarily halted due to bad weather conditions. “Ras Lanuf, Zueitina, Zawiya and Es Sider terminals have all been temporarily shut due to persistent bad weather,” the NOC said...

Libya’s oil exports to China doubled since last year

  • 29 November 2018 - 23:11
Libya’s oil exports to China doubled since last year

Libya’s oil exports to China this year, totalling $3.5 billion so far, are already more than double last year’s, Libya’s National Oil Corporation (NOC) said on Thursday. NOC Chairman Mustafa Sanallah said during a meeting with China’s Chargé d’Affaires in Libya that he was “rightly...

Oil Libya makes a re-brand into OLA Energy in Kenya

  • 28 November 2018 - 15:31
Oil Libya makes a re-brand into OLA Energy in Kenya

Libya Oil Kenya Limited unveiled a new visual identity Wednesday, under the brand OLA Energy, the new brand for its extensive network of retail outlets and petroleum products, Capital Business reported.  “This new brand captures the essence of our company as a modern energy player across our...

Algeria’s state oil firm abandons Libya drilling work

  • 27 November 2018 - 13:29
Algeria’s state oil firm abandons Libya drilling work

Algeria’s state oil and gas company has pulled out of Libya citing deteriorating security conditions. Sonatrach said it had first evacuated its personnel from Libya and then transported production equipment across the border. Algeria's Sonatrach had partnered with the Libyan National...

Libya’s cash shortage crisis to end by early 2019, official says

  • 21 November 2018 - 18:26
Libya’s cash shortage crisis to end by early 2019, official says

The deputy head of the Presidential Council, Ahmed Meiteeg, Libya expects to end a long-running liquidity crisis by early 2019 as a foreign currency tax helps the official and black market exchange rates converge at less than 3 dinars to the dollar. Asked when the liquidity situation in the...