Libyan energy revenue dips to $2.4 bn

Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October. (AP)
Updated 29 December 2018
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Libyan energy revenue dips to $2.4 bn

REUTERS DUBAI: Libya’s oil and gas revenue dipped to $2.4 billion in November from $2.87 billion in October, but full-year revenue is expected to surge by 76 percent to $24.2 billion, state oil firm NOC said on Friday.
Although lower than the previous month, November revenue was the third-highest monthly figure in 2018, NOC said.
Despite security problems that have affected output from Libyan oilfields, NOC’s revenue has been boosted this year by higher oil prices and production.
Libya currently produces about 1.15 million barrels per day of oil.
“NOC will continue to drive the economic recovery and provide the funds necessary to ensure a fair distribution of wealth and economic justice across the country,” Mustafa Sanalla, NOC chairman, said in a statement.
Last week, NOC declared force majeure at its biggest oil field after it was taken over on Dec. 8 by tribesmen, armed protesters and state guards demanding salary payments and development funds.
NOC and the internationally recognized government agreed on a security plan this week to protect the Sharara field, including setting up green zones to stop anyone entering without a permit.
“We are also working hard to implement agreed security measures at Sharara so operations and production can resume as soon as possible,” Sanalla said.


Oil prices edge up as OPEC says its crude output fell sharply in December

Updated 18 January 2019
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Oil prices edge up as OPEC says its crude output fell sharply in December

  • OPEC cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1

SYDNEY, Australia: US oil prices inched higher on Friday after a report from the Organization of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.
US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 percent, from their last settlement. WTI futures closed down 0.4 percent on Thursday.
International Brent crude oil futures had yet to trade, after closing up 1.1 percent in the previous session.
OPEC cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.
“The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices,” ANZ said in a research note. The body is making cuts along with other major producers such as Russia.
OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.
But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.