Libya Oil Production

Libya said it would have to halt exports from the Gulf of Sirte due to unrest in the region while Ecuador said it would need to suspend production amid anti-government protests

Crude oil prices recovered some of their losses during a volatile trading session on Wednesday after crashing over 5 per cent previously.

The ebb and flow in investors' sentiment on global crude's demand-supply dynamics pushed futures down over 1 per cent on Tuesday; with the Russia-Ukraine war intensifying, supply concerns limited losses.

Crude oil prices fell on Tuesday by nearly $1 per barrel as the dollar strengthened to a two-year high, even as supply concerns remain after Libya shut its oil fields due to political protests.

Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

North Korea has resorted to a "massive increase" of illegal ship-to-ship transfers of oil products at sea to evade UN sanctions and enlisted a Syrian arms broker to sell weapons to Yemen and Libya, a UN report said Friday.

A tanker carrying the first freshly produced cargo of Libyan crude to be exported since the Ras Lanuf terminal reopened in September left the port on Monday. Libya's oil production has almost doubled to around 600,000 bpd in recent weeks.

Oil prices rose by 2 per cent on Monday after Venezuela hinted that OPEC (Organization of Petroleum Exporting Countries) and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports.

Libya will fall further into chaos if its political factions don't quickly form a unity government, the head of the state oil company warned Monday, noting country has already lost some $68 billion lost oil sales because of attacks by Islamic extremists.

Brent crude oil prices lost ground on Tuesday, trading at their lowest level since early February, as concerns over a growing supply glut mounted.

Libya's rival government wants to send its oil minister to the OPEC summit in Vienna this week and will refuse to comply with any production decisions if it is denied access, the minister said.

Brent crude slipped near $81 a barrel on Wednesday, just above a four-year low hit in the previous session with prices under pressure from the growing oil glut created by the US shale boom and the restart of Libya's largest operational oilfield.

Brent crude traded close to $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.

While output surges in the United States owing to oil shale extraction, exports are on the rise in Russia, Libya and Kurdistan. Also, Saudi Arabia cut prices for the fourth straight month last week to defend its market share, suggesting it is unlikely to cut production any time soon.

Libya said it would have to halt exports from the Gulf of Sirte due to unrest in the region while Ecuador said it would need to suspend production amid anti-government protests

Crude oil prices recovered some of their losses during a volatile trading session on Wednesday after crashing over 5 per cent previously.

The ebb and flow in investors' sentiment on global crude's demand-supply dynamics pushed futures down over 1 per cent on Tuesday; with the Russia-Ukraine war intensifying, supply concerns limited losses.

Crude oil prices fell on Tuesday by nearly $1 per barrel as the dollar strengthened to a two-year high, even as supply concerns remain after Libya shut its oil fields due to political protests.

Crude prices eased to around $112 per barrel on Monday after rising sharply in early trade, with oil contracts trading within a $3 range - between about $111 and $114 a barrel.

Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.

North Korea has resorted to a "massive increase" of illegal ship-to-ship transfers of oil products at sea to evade UN sanctions and enlisted a Syrian arms broker to sell weapons to Yemen and Libya, a UN report said Friday.

A tanker carrying the first freshly produced cargo of Libyan crude to be exported since the Ras Lanuf terminal reopened in September left the port on Monday. Libya's oil production has almost doubled to around 600,000 bpd in recent weeks.

Oil prices rose by 2 per cent on Monday after Venezuela hinted that OPEC (Organization of Petroleum Exporting Countries) and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports.

Libya will fall further into chaos if its political factions don't quickly form a unity government, the head of the state oil company warned Monday, noting country has already lost some $68 billion lost oil sales because of attacks by Islamic extremists.

Brent crude oil prices lost ground on Tuesday, trading at their lowest level since early February, as concerns over a growing supply glut mounted.

Libya's rival government wants to send its oil minister to the OPEC summit in Vienna this week and will refuse to comply with any production decisions if it is denied access, the minister said.

Brent crude slipped near $81 a barrel on Wednesday, just above a four-year low hit in the previous session with prices under pressure from the growing oil glut created by the US shale boom and the restart of Libya's largest operational oilfield.

Brent crude traded close to $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.

While output surges in the United States owing to oil shale extraction, exports are on the rise in Russia, Libya and Kurdistan. Also, Saudi Arabia cut prices for the fourth straight month last week to defend its market share, suggesting it is unlikely to cut production any time soon.