In recent news, oil prices experienced a decline on Friday but managed to record a third consecutive weekly gain, which hasn't been seen since April. Brent, considered the benchmark for a significant portion of global oil, concluded the week 1.83 percent lower at $79.87 per barrel. Jain, the chairman of the Petroleum and Natural Gas Regulatory Board, said that, “India should establish storage facilities for natural gas to promote the use of cleaner fuel within the country. Jain emphasized the importance of having natural gas storage capabilities that enable suppliers to accumulate stocks during periods of low prices. The protests caused a significant drop in Libya's oil production.

Source: Libya Today July 16, 2023 18:47 UTC