by Daniel J. Graeber
Washington (UPI) Aug 8, 2017
Matters that led to a disruption at Libya's largest oil field have been resolved and the situation is improving, a spokesperson for an energy company said.
A worker protest during the weekend led to halt in production from the Sharara field, the nation's largest. According to Bloomberg News, which first reported the disruption, the field was pumping around 275,000 barrels per day by the latest count from July.
A spokesperson from Austrian energy company OMV, which has a stake in those operations in the country, told UPI in response to emailed questions that "the issue is solved and production is ramping up."
Libya holds, by OMV's estimate, around 47 billion barrels of oil. Onshore areas are considered mature, though OMV said that's where it's positioned best. Conflict in Libya has limited production, though the company said the country remains an attractive place to do business.
Libya is exempt from an arrangement organized by the Organization of Petroleum Exporting Countries to limit production in an effort to balance an over-supplied market because it needs the revenue to support national security efforts. The situation in Libya has improved and the country has shown the ability to recover from disruptions in oil production quicker than in the past.
Libya is moving closer to its target rate of 1.25 million barrels per day and made considerable strides after rival powers in the country agreed to a ceasefire. As recently as late July, however, the U.N. human rights agency said it was considered by unlawful killing and other security-related crises.
A survey of output from OPEC members from S&P Global Platts found Libya and Nigeria, which is also exempt from the production deal, combined to produce enough that they "threaten to undo a large portion of the group's collective cuts."
Parties to the OPEC agreement are meeting in Abu Dhabi to review compliance and production shares.
Washington (UPI) Aug 7, 2017
With demand pressures from seasonal factors starting to fade, crude oil prices lost ground early Monday as questions about balance start to resurface. Crude oil prices broke out of the mid-$40 range in mid June as demand factors started to show up as declining oil and gasoline inventories. Brent, the global benchmark for the price of oil, and West Texas Intermediate, the U.S. benchmark, ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|