Tag Archives | Production

Libya sees return to pre-war oil output in October

Deputy Oil Minister Omar Shakmak said that Libya expects to be back to pre-war oil production in October, which is later than previously forecast due to interruptions and the slow return of oil services firms. Shakmak said current output was 1.56 million bpd, climbing back up after three major oil exporting terminals in the east, […]

Protest-hit Libyan oil terminals reopen: NOC

Three major oil exporting terminals in eastern Libya shut down by political protests have restarted, and production blocked by the move has resumed, the chairman of Libya’s National Oil Corporation (NOC) said on Sunday. Local militia on Thursday enforced a 48-hour stoppage to protest against Saturday’s election of a national assembly they complain does not […]

OPEC says oil plentiful, supply above market needs

OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk, the oil producing group said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) said its own production had risen in April to 31.62 million barrels per day (bpd) as Iraq […]

Libyan oil corp. denies its Agoco unit cut output

Libya’s National Oil Corporation (NOC) has denied its eastern subsidiary has reduced oil production due to protests that have closed off its headquarters for nearly two weeks but the unit maintained on Sunday that it had cut output. A spokesman for Benghazi-based Arabian Gulf Oil Company (Agoco) said on Saturday it had cut output by […]

Libya’s NOC Says Arabian Gulf Oil Co. Hasn’t Cut Crude Output

Libya’s Arabian Gulf Oil Co. has not reduced crude production, its parent National Oil Corp. said on its website, refuting an earlier statement from the company known also as Agoco. Abdul Jalil Mayuf, an Agoco spokesman, said yesterday by telephone from the eastern city of Benghazi that the company had reduced output by 30,000 barrels […]

Libya’s Agoco cuts oil output further due to protests

Libya’s Arabian Gulf Oil Company (Agoco) has cut oil production by another 10,000 barrels per day (bpd) due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday. Protesters have prevented employees from entering Agoco’s office since April 23, calling for more transparency over how Libya’s new rulers […]

Libya’s Agoco to Cut Oil Production If Protest Mediation Fails

Libya’s Arabian Gulf Oil Co. will press ahead with plan to halt crude oil production by the end of today unless a week-long protest blocking the entrance to its headquarters is cleared, a company official said. “Today is the deadline, it is May 3,” Abdul Jalil Mayuf, the state-run company’s information department manager said in […]

Opec output hits four-year high at 31.75m bpd

Opec output in April has hit its highest since 2008 as extra crude from Iraq, Saudi Arabia and Libya more than compensates for the lowest Iranian supply in two decades ahead of a European Union (EU) embargo, a Reuters survey found yesterday. Supply from the 12-member Organisation of Petroleum Exporting Countries (Opec) averaged 31.75 million […]