Oil futures: Crude extends gains on Libya outages, Red Sea turmoil
Oil futures: Crude extends gains on Libya outages, Red Sea turmoilQuantum Commodity Intelligence – Crude oil futures in European trading hours Thursday were climbing higher as markets consolidated the previous session's firm gains of over 3%, which came after protests in Libya shut in output at the county's largest oil field. Front-month Mar24 ICE Brent futures were trading at $78.96/b (1230 GMT), compared to Wednesday's settle of $78.25/b. The threats to Libyan output add to the wider Middle East turmoil, with the security situation in and around the Red Sea deteriorating and forcing many ships, including oil and LNG tankers, to divert around the southern African coast. InventoriesCrude prices were neutral after data from the American Petroleum Institute revealed that crude inventories tumbled by 7.4 million barrels last week, beating forecasts for a drop of 3 million barrels. But the drop in crude stocks was more than offset by the products sector, with gasoline inventories up 6.9 million barrels and distillate stocks adding 6.7 million barrels to deliver a net build.
Source:Libya Today
January 04, 2024 02:23 UTC
Oil prices extend gains amid Libya disruptions, mixed US inventory data
Investing.com-- Oil prices rose slightly in Asian trade on Thursday, extending strong gains from the prior session as the shutdown of Libya’s biggest oilfield fueled more concerns over tight supplies. The shutdown came amid continued disruptions to shipping activity in the Red Sea, which markets feared could disrupt global oil supplies. Disruptions to Middle Eastern crude supply were a key point of support for oil prices in recent sessions, particularly on the grounds that they could result in tighter global oil markets in 2024. But the data also showed an outsized build in gasoline and distillate stocks, indicating that U.S. fuel demand remained weak. Protests over high fuel prices caused Libya’s El Sahara oil field to halt production, with the field producing about 300,000 barrels per day.
Source:Libya Today
January 04, 2024 02:22 UTC
Libya oil protests force partial reduction in production at Sharara oilfield - engineers
Jan 3 (Reuters) - Libya's oil protests forced a partial reduction in the oil production at Libya's Sharara oilfield, which produces 300,000 barrels per day, two engineers told Reuters on Wednesday. (Reporting by Ayman Werfalli in Benghazi, writing by Yomna Ehab and Louise Heavens)((yomna.ehab@thomsonreuters.com;))The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Source:Libya Today
January 04, 2024 01:14 UTC
Oil prices rise more than 3% as U.S. warns Houthis against Red Sea attacks, OPEC pledges unity
Oil rose more than 3% on Wednesday as the U.S. warned Houthi militants against further attacks in the Red Sea and OPEC pledged to remain united in supporting prices. This comes a day after Danish shipping giant Maersk halted all shipping through the Red Sea until further notice due to repeated Houthi attacks on vessels. German shipping company Hapag-Lloyd confirmed Wednesday that it would continue to avoid the Red Sea. Oil prices have been volatile this week, with U.S. crude and the global benchmark settling more than 1% lower on Tuesday despite Maersk's decision to continue avoiding the Red Sea due to attacks by the Houthis. OPEC and its allies issued a statement Wednesday pledging to remain united in the group's "efforts to maintain oil market stability going forward."
Source:Libya Today
January 03, 2024 23:59 UTC
Qatar's Ambassador participates in meeting of Head of Libyan Government of National Unity with Ambassadors of Arab, African, Islamic States
QNATripoli: Ambassador of the State of Qatar to Libya HE Khalid Mohammed Al Dosari took part in the meeting of Head of the Government of National Unity in the State of Libya HE Abdul Hamid Muhammad Al Dbeiba with Their Excellencies ambassadors of the Arab, African and Islamic States accredited to Libya. During the meeting, Their Excellencies ambassadors were apprised of the latest political developments in Libya.
Source:Libya Today
January 03, 2024 23:14 UTC
Protesters Force Shutdown at Libya's 300,000 b/d Sharara Oilfield, Reports Say -- OPIS
Local protesters have halted production at the Libya's Sharara oilfield, according to Reuters and other media reports on Wednesday. The Sharara oilfield is one of the largest in Libya and can produce up to 300,000 bbl/day. It is operated by a joint venture between Libya's National Oil Company and Spain's Repsol, France's TotalEnergies, Austria's OMV and Norway's Equinor.
Source:Libya Today
January 03, 2024 22:47 UTC
Protests shut down Libya's Sharara oilfield
An engineer had earlier told Reuters a partial reduction in production had taken place and said that protesters were in front of the gate of the oilfield. The Sharara field, one of Libya's largest, has been a frequent target for local and broader political protests. It is run by state oil firm NOC via the Acacus company, with Spain's Repsol, France's Total, Austria's OMV, and Norway's Equinor. In July, production at the Sharara, Elfeel and 108 fields was stopped by tribal protesters over the abduction of a former finance minister. Libya's oil output has been disrupted repeatedly in the chaotic decade since the 2011 NATO-backed uprising against Muammar Gaddafi.
Source:Libya Today
January 03, 2024 20:57 UTC
Libya’s largest oil field halts production followings protests
Libya’s largest oil field halts production followings protests(Bloomberg) – Libya’s largest oil field halted production after protesters entered the facility, according to a person with direct knowledge of the operations. The Sharara oil field was producing roughly 270,000 bpd on Tuesday before the protests began. Libya’s energy facilities have been the focus of conflict since the fall of dictator Moammar Al Qaddafi in 2011, with armed factions shutting down oil production to press their political and economic demands. Continuing agitation will result in “a tumbling of exports, in addition to shaking the confidence of foreign partners and impeding efforts to stabilize production,” according to the NOC letter. OPEC member Libya kept production stable at around 1.2 MMbpd for most of the last year.
Source:Libya Today
January 03, 2024 20:53 UTC
Benghazi Chamber visits Tunisia – meets with several chambers of commerce
The Benghazi Chamber of Commerce reported today that the Commercial Attache of the Tunisian Embassy in Libya organized for it a working visit to Tunisia from 17 to 23 December 2023. The visit included meetings with active commercial actors, including the Tunisian Export Promotion Centre, Tunis Chamber of Commerce and Industry, Bizerte Chamber of Commerce, Industry and Agriculture, the Chamber of Commerce and Industry Sousse, and Sfax Chamber of Commerce and Industry. The meetings, Benghazi Chamber reported, dealt with signing memorandums of understanding to enhance joint work opportunities, discussing increasing the volume of trade and investment opportunities, and organising bilateral visits for business leaders associated with economic, trade and investment forums between the two countries.
Source:Libya Today
January 03, 2024 20:45 UTC
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/72UF6LNMBZ5PCTXKI72MKTGUKE.jpg)
Oil prices surge on Libya disruption and Red Sea attacks
Oil prices rose by nearly 3 per cent on Wednesday on the back of supply concerns after reports of disruption in Libya's largest oilfield as well as the continuing attacks in the Red Sea. "Strong supply growth was one factor dragging fossil-fuel prices lower in 2023," UBS strategists said in a note on Wednesday. "Looking back at 2023, oil prices ended lower than we had expected. However, despite Opec+ removing output from May onwards, the oil market was "less undersupplied in the second half of 2023 than we had expected". Supply growth outside Opec+ was also strong, with total production up by about 1.8 million bpd in 2023.
Source:Libya Today
January 03, 2024 18:18 UTC
Indonesia vs Libya Prediction and Betting Tips | January 5th 2024
Indonesia will face Libya at the Titanic Mardan Stadium on Thursday in another friendly clash between the two sides. They were thrashed 4-0 by their midweek opponents in a friendly clash on Tuesday and will now aim to put out a much better showing in Thursday's rematch. Indonesia vs Libya Head-to-Head and Key NumbersThere have been three meetings between the two teams, with the African nation winning all three matchups by an aggregate scoreline of 10-1. Indonesia are without a clean sheet in their last three matches after recording four in their five games prior. Indonesia vs Libya PredictionIndonesia are on a three-game winless streak, with two of those games ending in defeat after losing just one of their seven games prior.
Source:Libya Today
January 03, 2024 18:08 UTC
Libya's 300,000 b/d Sharara oil field shut by protesters: sources
Libya's Sharara oil field, the country's largest, has been shut down by protesters from the southern Ubari region amid anger over high fuel prices and a lack of economic opportunity, sources said Jan. 3. Register NowProtests at the field, which were entering their third day, initially prompted workers at Sharara to shut some wells before the 300,000 b/d field was taken completely offline. Fuel prices in southern Libya have skyrocketed in recent months, sources said. The onshore Sharara field -- once thought to contain Africa's largest proven oil reserves -- has been a frequent target for protesters and armed groups since the fall of Muammar Gaddafi in 2011. A security source told S&P Global the Sharara shut down was caused by "local grievances" rather than any LNA involvement, adding: "Protesters do not represent a major threat."
Source:Libya Today
January 03, 2024 17:01 UTC
Oil prices gain 3% on supply concerns after oilfield shutdown in Libya By Reuters
Protests forced a full shutdown of production at OPEC member Libya's 300,000 barrel per day (bpd) Sharara oilfield. Oil prices also climbed due to continued attacks on vessels in the Red Sea by Houthi fighters. The Organization of the Petroleum Exporting Countries (OPEC) said cooperation and dialogue within the wider OPEC+ oil producer alliance will continue, after OPEC member Angola last month announced it would leave the group. UPCOMING U.S. REPORTSLooking ahead, the energy market is waiting for key U.S. interest rate and oil inventory data over the next couple of days. Analysts forecast U.S. energy firms pulled about 3.0 million barrels of oil from storage during the week ended Dec. 29.
Source:Libya Today
January 03, 2024 16:47 UTC
Protests force full production shutdown at Libya’s Sharara oil field, engineers say
Local protests have forced a full shutdown of production at Libya’s Sharara oil field, which can produce up to 300,000 barrels per day, two engineers told Reuters on Wednesday. A video circulating on the internet showed a number of local protesters from Fezzan region in southern Libya announcing the closure of the Sharara field until their demands are met. Libya’s National Oil Company (NOC) did not immediately respond to a request for comment. An engineer had earlier told Reuters a partial reduction in production had taken place and said that protesters were in front of the gate of the oil field. Libya’s oil output has been disrupted repeatedly in the chaotic decade since the 2011 NATO-backed uprising against Muammar Gaddafi.
Source:Libya Today
January 03, 2024 16:20 UTC
Libya’s Top Oil Field Halts Production Following Protests
(Bloomberg) -- Libya’s largest oil field halted production after protesters entered the facility, according to a person with direct knowledge of the operations. The field was pumping roughly 270,000 barrels a day on Tuesday before the protests began. Continuing agitation will result in “a tumbling of exports, in addition to shaking the confidence of foreign partners and impeding efforts to stabilize production,” according to the NOC letter. OPEC member Libya kept production stable at around 1.2 million barrels a day for most of the last year. Most Read from Bloomberg Businessweek©2024 Bloomberg L.P.
Source:Libya Today
January 03, 2024 15:46 UTC