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With the recovery of Libyan production and Iraq’s southern exports creating records, the output of OPEC oil has hit a high of this fiscal year, the analysis of Reuters revealed. The production hiked in the month of August and 32.79 million barrels per day were pumped, which is 220,000 bpd more than the July numbers. The progress got restricted due to the US sanction resulting in halt on Iranian shipments.
JV of PetroCanada and Libya’s National Oil Corporation, Harouge Oil Operations recently elevated production at the Amal oilfield to 25,000 bpd. According to sources, this increase led to the slight overall oil production hike of Libya. From past few weeks the almost 1 million bpd of production was held up. After the attack in June, both Amal and As-Sarah oilfields storage tanks were damaged.
With the restoration of export activities on Libyan ports and improved supply from Russia and other oil producers, oil prices dropped down on Monday. While Brent went down by 0.6%, priced at $74.85 a barrel, WTI went down by 0.6%, traded at $70.62 a barrel. Last week witnessed the hike in prices mainly due to supply disruptions in Libya and strikes in Norway.
With the slow revival of Libyan ports and amidst hopes of continued export from Iranian crude despite U.S. sanctions, oil prices fell today by 1%. Brent crude LCOc1 was down by 1.3%, traded at $73.45 a barrel, directed towards a weekly fall of around 4%. WTI crude CLc1 was priced at $70.11 a barrel, set for a weekly decline of around 5%.
Failed wage talks have led to workers strike in Norway, adding to the existing oil crisis. Tuesday experienced hike in oil prices where Brent crude added 0.3%, to $78.32 per barrel while U.S light crude rose by 0.2% at $74.02. While Libya’s national oil production has fallen to 527,000 bpd, the power outage at Syncrude is leading to a loss of 360,000 bpd, reducing supply at U.S delivery points.
Mellitah Oil & Gas, which is a joint venture of oil majors Eni and NOC, has commenced production from the first well of the offshore Bahr Essalam Phase 2 project. Libya’s largest offshore producing gas field will have an increased production potential of 400 MMscfd, post-completion of Phase 2 of the project. Total field production from Bahr Essalam will reach to 1,100 MMscfd by October of this year.
Libya’s National Oil Corporation (NOC) enforced force majeure on loadings from Zueitina and Hariga ports yesterday, resulting in supply loss of 850,000 bpd. Oil prices climbed on the back of Libyan crisis with Brent crude oil futures trading at $77.87 per barrel, up 0.7%. WTI crude futures were 1% higher from their last close, at $74.71 a barrel.
The surge in crude rates continued today with ongoing risks to oil supply in Libya, Iran, and North America. Brent crude was measured at $78.61/barrel, up 1.2%. WTI futures, on the other hand, were trading at $73.57/barrel, up 0.2%. Crude prices have been rising since the start of the week, with WTI and Brent climbing by more than 7% and 5%, respectively.
Oil prices fell on Thursday amidst high output from Russia, the United States, and Saudi Arabia. WTI crude futures traded at $72.42 a barrel, down by 0.5, before hitting $73.06 per barrel in the previous session, highest since 2014. Brent crude futures were priced at $77.40 per barrel, down by 0.3%. Unplanned supply disruptions from Canada to Libya and Venezuela have added to the fluctuating crude rates this week.
Oil prices climbed on Tuesday, owing to Canadian production losses and ambiguity over Libyan exports. Brent crude was priced at $75.08 a barrel, while WTI was traded at $68.43 a barrel. Oil markets have tightened significantly since 2017 when OPEC and other major oil-producing countries started withholding supply to counter the oil price plummet at the time.
Libya’s worsening political turmoil has started affecting its oil industry, which was staging a partial recovery over the past couple of years. Libya’s National Oil Corporation (NOC) reported that a fight between rival factions to have control over two key export terminals resulted in a second crude oil tank catching fire. This forced NOC to cut 400,000 barrels in the storage capacity at Ras Lanuf port.
Reuters revealed in a report that Libya’s National Oil Corporation (NOC) has signed a contract with Artelia, the French consultancy and engineering group. The agreement has been signed to manage the development of the firm’s new headquarters in the eastern city of Benghazi.