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The National Oil Corporation of Libya NOC lost two out of five reservoirs as a result of the attack by militants in the third largest port of Ra's Lanuf. Their destruction led to a reduction in storage capacity of oil by 400,000 barrels. As a result of the destruction of one of the tanks, there was a danger of oil leakage and flame spread to the three remaining storage facilities. According to NOC estimates, in connection with unsafe conditions in the region, the reconstruction of reservoirs can take years. Libya in the past 3 months produced an average of 990,000 barrels per day, compared with 550 thousand barrels per day in April 2017.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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