Protesters shut down oil distribution valves in response to the kidnapping of a senior intelligence officer, for which they blame the government in Tripoli.
OPEC member Libya plans to offer blocks both onshore and offshore in the tender expected by the end of 2024 or in early 2025, the official told Bloomberg.
After engaging major oil companies in the domestic market, such as Eni Spa, Libya’s national oil company Noc announced that production has risen back above 1.3 million barrels per day.
Libya’s eastern-based government and Tripoli-based National Oil Corp (NOC) announced on Thursday the reopening of all oil fields and export terminals after a dispute over leadership of the central bank was resolved.
Crude oil exports from Libya’s major ports have been shut for a week in the latest case of major unrest in the country, an OPEC member that pumps about 1% of world oil output
A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector.
But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices rallied on Monday on the Libyan reports, but had already surrendered much of these gains during the Tuesday session.
Crude oil prices ticked higher earlier today, after posting two daily losses, as the shutdown of oil fields in Libya took precedence over demand worry.
Oil advanced after Libya’s eastern government said it will halt exports, building on tensions in the Middle East after Israeli strikes on Hezbollah targets in southern Lebanon raised concerns of a broader conflict.
Africa’s largest refinery, the Dangote facility in Nigeria, is actively seeking crude oil supplies from Libya and Angola. This move comes as the refinery faces difficulties obtaining adequate domestic crude due to theft, pipeline vandalism, and low investment in Nigeria’s oil sector.
Libya’s Petroleum Facilities Guards (PFG) threatened on Sunday to close all oil and gas facilities in the country’s western region after the end of a 10-day deadline to authorities to meet their demands, including a 67% salary rise.