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Saudi Arabia is increasing its investments in global projects that convert oil into chemicals to secure buyers for its crude oil. The country is in talks to acquire stakes in Chinese companies and aims to expand its deals in the coming years. Saudi Aramco plans to increase its production of chemicals from crude oil and is focusing on upgrading existing facilities in Saudi Arabia. The push into China has led to the cancellation of some refinery and chemicals projects in the kingdom. [Extracted from the article]

The Nigerian national football team, the Super Eagles, faced mistreatment during a trip to Libya, prompting their withdrawal from a scheduled match. The team was stranded at an airport in Labraq without food, water, or internet access for almost 20 hours. Nigerian President Bola Tinubu expressed concern over the incident, while the Libyan Football Federation denied deliberate wrongdoing and cited challenging circumstances. The Confederation of African Football is investigating the matter and plans to take appropriate action. [Extracted from the article]

Libya's oil production has surpassed 1 million barrels per day for the first time in two months, following the resolution of a political standoff that had limited output and exports. The lifting of a blockade by the eastern government on October 3 allowed production to reach 1.067 million barrels on Sunday. The increase in output will contribute to the global oil market, which is currently facing weak demand. However, concerns over escalating conflicts in the Middle East have caused crude prices to rise. Libya typically produces over 1.2 million barrels per day, but this dropped to under 450,000 in August due to political tensions. The Sharara field, the country's largest oil field, is currently pumping 240,000 barrels per day, while Waha Oil Co. is pumping at half its normal level due to pipeline repairs. Other main grades of oil are also being produced at various levels. [Extracted from the article]

(Bloomberg) -- Libyan oil production has climbed above 1 million barrels a day for the first time in two months, after the resolution of a political standoff in the OPEC nation that had curbed output and exports.Production reached 1.067 million barrels on Sunday, following the lifting of the embargo on Oct. 3, according to two people with knowledge of the situation. They asked not to be identified because the information isn't public.©2024 Bloomberg L.P.By Salma El Wardany and Hatem MoharebReported by Author; Author [Extracted from the article]

Libya's oil production has surpassed 1 million barrels per day for the first time in two months, following the resolution of a political standoff in the country. The increase in production will contribute to the global oil market, which is currently facing weak demand. However, concerns over escalating conflicts in the Middle East have caused crude prices to rise. Libya typically produces over 1.2 million barrels per day, but output dropped to under 450,000 in August due to political tensions. [Extracted from the article]

(Bloomberg) -- Libyan oil production has climbed above 1 million barrels a day for the first time in two months, after the resolution of a political standoff in the OPEC nation that had curbed output and exports.Production reached 1.067 million barrels on Sunday, following the lifting of the embargo on Oct. 3, according to two people with knowledge of the situation. They asked not to be identified because the information isn't public.©2024 Bloomberg L.P.By Salma El Wardany and Hatem MoharebReported by Author; Author [Extracted from the article]

Libya is set to resume oil production, ending a political standoff that had halted output and caused a significant decrease in daily production. The eastern government, which initially ordered the halt, has lifted the force majeure order, allowing all fields and export terminals to resume operations. The country's largest field, Sharara, will also resume production. This increase in supply may put downward pressure on crude oil prices, which had recently risen due to escalating conflicts in the Middle East. However, the agreement between the dueling administrations in Libya remains fragile, and the country still faces challenges in achieving stability and nationwide elections. [Extracted from the article]

Libya has resumed oil production, ending a political standoff that had halted output and significantly impacted global markets. The eastern government, which initially ordered the halt, has lifted the embargo, allowing all fields and export terminals to resume operations. The largest field, Sharara, has also resumed production. This development will put downward pressure on crude prices, which have recently risen due to escalating conflicts in the Middle East. However, the situation in Libya remains fragile, as previous agreements have not led to long-term stability or resolved the country's political divisions. [Extracted from the article]

Libya is set to resume oil production, according to Oil Minister Khalifa Abul Sadeq. This move could potentially add hundreds of thousands of barrels per day to global markets after a political standoff in the OPEC nation. The eastern government, which initially ordered the halt to production, has lifted the "force majeure" order, allowing operations to resume at all fields and export terminals. The country's largest field, Sharara, which was producing 260,000 barrels per day before the closure, will also resume production. This increase in supply may further decrease crude oil prices, which have already been affected by weak global demand. Libya has been experiencing unrest since the overthrow of Moammar Qaddafi in 2011, with armed groups frequently shutting down key oil fields as they compete for power. While a recent agreement to appoint a new governor has been reached, the country still faces challenges in achieving stability and unity. [Extracted from the article]

(Bloomberg) -- Libya will resume oil production starting Thursday, the OPEC nation's oil minister, Khalifa Abul Sadeq, told Bloomberg in an interview. The move potentially returns hundreds of thousands of barrels a day to global markets after a political standoff in the country.©2024 Bloomberg L.P.By Salma El Wardany and Hatem MoharebReported by Author; Author [Extracted from the article]

This article discusses the potential impact of Israel's vow to retaliate against Iran for a recent missile attack. The focus is on the effect this could have on oil supplies from the Persian Gulf and the resulting impact on global oil prices. The article highlights the importance of the region, as it is the third-largest oil producer in OPEC and a significant amount of crude oil and liquefied natural gas passes through the Strait of Hormuz. The article also includes a map of Iran's major energy installations. [Extracted from the article]

OPEC+ has decided to stick to its original plans to gradually increase oil production by the end of the year, despite concerns of an impending surplus. Led by Saudi Arabia and Russia, the group intends to implement monthly increases starting in December. Oil prices have recently risen due to escalating tensions in the Middle East, but they remain lower than in July due to weak demand in China and increased supplies from the Americas. The meeting also addressed the failure of Iraq, Kazakhstan, and Russia to adhere to agreed-upon production cutbacks. OPEC+ has a few more weeks to decide whether to proceed with the December increase, and analysts are skeptical given the projected growth in supplies and limited consumption. [Extracted from the article]

An explosive-laden drone boat has struck an oil tanker off the coast of Yemen, indicating that Israeli airstrikes have not deterred Houthi militants from attacking commercial shipping. The attacked vessel, believed to be the Cordelia Moon, was hit while sailing back towards the Mediterranean after delivering Russian oil to India. This is the first attack on commercial ships by the Houthi rebels in weeks, and it comes as Israeli ground forces enter Lebanon, raising concerns of a wider regional conflict. The Houthis have stated that they are targeting Israeli- and Western-linked vessels in solidarity with Palestinians. [Extracted from the article]

Libya is preparing to resume oil production after resolving differences between two rival governments that had disrupted the flow of petroleum. Orders to restart output are expected in the coming hours, with production expected to begin tomorrow. The appointment of a new central bank governor, approved by parliament on Monday, is seen as a key factor in the decision to resume production. Libya, which normally produces 1.2 million barrels of crude oil per day, saw production drop to less than 450,000 barrels in late August due to internal conflicts. The country has been plagued by unrest since the overthrow of Moammar Al Qaddafi in 2011, with armed groups frequently shutting down oil fields as they vie for power. [Extracted from the article]

Libya's eastern-based parliament has approved the appointment of Naji Issa as the new central bank governor, resolving a dispute over control of the country's oil revenue. This development paves the way for a full resumption of oil production in Libya, which had dropped significantly due to the firing of the previous central bank chief and an oil shutdown ordered by the eastern rival government. The appointment of Issa comes as part of a United Nations-brokered agreement between Libya's competing administrations. [Extracted from the article]

Libya's eastern-based parliament has approved the appointment of Naji Issa as the new central bank governor, resolving a dispute over control of the country's oil revenue and paving the way for a full resumption of oil production. The House of Representatives in Benghazi unanimously supported Issa's appointment, and the bank's new board will be appointed in 10 days. This development comes after a period of reduced oil output due to the firing of the previous central bank chief and an oil shutdown ordered by the eastern rival government. The appointment of Issa is part of a United Nations-brokered agreement signed by Libya's competing administrations. [Extracted from the article]

Libyan factions have reached an agreement to appoint a new central bank governor, potentially resolving a dispute that has severely impacted the country's oil production. The appointment of a new governor could lead to a gradual increase in oil production, which had dropped to 450,000 barrels per day during the blockade. The agreement also includes the nomination of a deputy governor and the selection of the rest of the regulator's board within two weeks. While this is a significant step towards resolving the deadlock, Libya still faces challenges in achieving stability and holding nationwide elections. [Extracted from the article]

(Bloomberg) -- Libya's eastern-based government has promised to reopen the country's oil fields shortly, the United Nations' envoy to the OPEC state, Stephanie Koury, said Thursday in a televised press conference.©2024 Bloomberg L.P.By Tarek El-Tablawy and Salma El WardanyReported by Author; Author [Extracted from the article]

Libyan factions have reached an agreement to appoint a new central bank governor, potentially resolving a dispute that has significantly reduced the country's oil production. Naji Issa has been nominated to lead the regulator, and this breakthrough could lead to a quick resumption of oil production, which has dropped to 450,000 barrels per day from over 1 million due to the blockade. The UN envoy to Libya, Stephanie Koury, welcomed the reopening of oilfields by the eastern authorities. This development comes after months of mediation efforts to prevent further conflict in the country. [Extracted from the article]

United Nations-led talks have resumed in Libya to address the central bank crisis, while an ongoing oil blockade continues to severely impact the country's oil production. The crisis began in mid-August when the UN-recognized government in Tripoli attempted to replace the central bank governor, leading to a shutdown of production and exports in the eastern region. Despite the blockade, exports have still been reaching global markets. The crisis has prompted mediation efforts from various countries, including Turkey and Egypt, to prevent a return to civil war. Progress in appointing new central bank leadership has been slow. [Extracted from the article]

United Nations-led talks on Libya's central bank crisis are set to resume as the country's damaging oil blockade enters its second month. Representatives from Libya's eastern and western administrations are preparing to meet in Tripoli to discuss the crisis. The blockade, which was initiated by the eastern authorities in response to the UN-recognized government's attempt to replace the central bank governor, has caused a significant drop in oil production. Despite the crisis, exports are still reaching global markets. Mediation efforts are underway to prevent the country from descending into civil war, with Turkey and Egypt among those pushing for a resolution. The country's two legislative bodies have agreed in theory to jointly appoint new central bank leadership, but progress has been slow. [Extracted from the article]

Libya's Prime Minister, Abdul Hamid Dbeibah, has expressed his desire to quickly resolve the ongoing standoff over the country's central bank. Talks mediated by the United Nations are set to resume, aiming to address the crisis that has resulted in a significant reduction in Libya's oil output. The impasse began when Dbeibah attempted to replace the central bank governor, leading to a shutdown of crude production and exports by authorities in the east. As a result, Libya's daily oil output has fallen to about 450,000 barrels from over 1 million, causing oil prices to drop. The two sides have agreed to appoint a new bank governor and board of directors within 30 days, but there are differing opinions on whether the current governor should be replaced or retained. [Extracted from the article]

OPEC+ has decided to delay its planned increase in oil supply by two months in an effort to address falling crude prices and concerns about weak demand. While this delay may provide some relief to consumers, it leaves prices too low for countries like Saudi Arabia to cover their government spending. The decision to postpone the supply hike may prevent a surplus in the fourth quarter, but it could also defer the challenge for OPEC to next year. Additionally, OPEC+ is facing challenges with compliance, as some members have been slow to implement production cuts. [Extracted from the article]

OPEC+ has agreed to pause its planned oil output increase for two months due to a drop in prices and fragile demand. Key coalition members will not proceed with the scheduled hikes in October and November, but still plan to gradually revive idle supplies over the course of a year, completing the process in December 2025. The decision to delay the increase may only defer the challenge for OPEC to next year, as world surpluses are expected to grow in 2025. The United Arab Emirates has expressed a desire to pump more oil, which has caused tensions within the group in the past. [Extracted from the article]

OPEC+ has agreed to pause its planned oil output increase for two months due to a drop in prices and fragile demand. Key coalition members have decided not to proceed with the scheduled hikes in October and November. The decision comes after downbeat economic data from China and the US, which caused crude prices to fall below $73 a barrel. While the delay provides some relief to consumers, it leaves prices too low for countries like Saudi Arabia to cover their government spending. However, this delay may only postpone the challenge for OPEC to next year, as world surpluses are expected to increase in 2025. [Extracted from the article]

OPEC+ has decided to delay its planned increase in oil output for two months due to a drop in prices caused by weak demand and abundant supply. This decision comes after disappointing economic data from China and the US, which led to crude prices falling below $73 a barrel. The delay aims to provide relief to consumers, but it may not be enough to cover the government spending of countries like Saudi Arabia. The postponement could prevent an expected surplus in the fourth quarter, but opening the taps too soon could cause prices to slump further. [Extracted from the article]

(Bloomberg) -- OPEC+ has reached an agreement to pause its planned oil output hike for two months, according to a delegate familiar with the talks.Oil prices rose more than 1%.©2024 Bloomberg L.P.By Salma El WardanyReported by Author [Extracted from the article]

OPEC+ is considering postponing a planned increase in oil production due to a recent drop in prices and fragile demand. Key members of the coalition are likely to delay the scheduled hike of 180,000 barrels a day in October, and they are also discussing postponing similar monthly increases for the rest of the year. The decision comes after crude prices fell below $73 a barrel, the lowest since late 2023, due to weak economic data from China and the US. The postponement could prevent an expected surplus in the fourth quarter, but opening the taps could lead to a slump in prices. [Extracted from the article]

OPEC+ is considering delaying a planned increase in oil production due to low prices and weak demand. The coalition, led by Saudi Arabia and Russia, had agreed in June to gradually restore supplies, but is now leaning towards caution. Postponing the increase could prevent an expected surplus in the fourth quarter, while opening the taps could cause prices to slump. The group will need to decide on the next supply tranche in November. [Extracted from the article]

(Bloomberg) -- OPEC+ is discussing a possible delay to an oil output increase planned for October, delegates said, after prices crashed to the lowest since last year.The group led by Saudi Arabia and Russia is reconsidering whether to proceed with the scheduled hike of 180,000 barrels a day, according to officials involved in the talks, asking not to be identified as the discussions are private.Oil prices edged higher on the news.©2024 Bloomberg L.P.By Grant Smith and Salma El WardanyReported by Author; Author [Extracted from the article]

Libya's rival political factions have agreed to a road map to appoint a central bank governor, a move that could help resolve the deadlock that has halted much of the country's oil production. The Tripoli-based High State Council and the House of Representatives in Benghazi are expected to appoint a governor and board of directors within 30 days. However, disagreements remain about who should be the central bank governor, and many challenges lie ahead before a resolution can be fully reached. The appointment of a central bank governor is a major challenge in a country that has been divided since 2014 and has experienced ongoing fighting and unrest. [Extracted from the article]

Despite restrictions on exports during a political crisis, oil is still being exported from Libya. At least 11 tankers have loaded since August 26, when authorities in the eastern part of the country announced a shutdown of production and exports. However, loading was subsequently halted at several eastern ports. The situation has caused confusion for traders and has had an impact on the oil market, with Brent crude prices falling about 5%. Libya's daily oil output has more than halved in the past week, and the situation at export terminals remains ambiguous. [Extracted from the article]

OPEC+ is considering delaying a planned increase in oil production due to low demand and ample supplies. Key members of the coalition are likely to postpone the scheduled hike of 180,000 barrels per day in October. This decision comes after crude prices fell below $73 a barrel, the lowest since late 2023, following negative economic data from China and the US. By delaying the increase, OPEC+ hopes to avoid a surplus in the fourth quarter, but there is a risk of prices dropping to $50 a barrel if production is increased. [Extracted from the article]

A deal to resolve the power struggle between rival governments in Libya and restore oil production appears to be imminent, according to the Libyan central banker, Sadiq Al-Kabir. The detente between the feuding administrations would allow for over half a million barrels of oil per day to return to global markets. Al-Kabir, who fled Libya due to threats from armed groups, expressed confidence that he would be part of the solution and is ready to return. However, it is uncertain if Libya's western government would agree to his return, as he has previously been accused of mismanaging funds. [Extracted from the article]

A deal to resolve the power struggle between rival governments in Libya and restore oil production appears to be imminent, according to the Libyan central banker, Sadiq Al-Kabir. The detente between the feuding administrations would allow for the return of over half a million barrels of oil per day to global markets, potentially lowering oil prices. Al-Kabir, who fled Libya due to threats from armed groups, expressed confidence that he would be part of any solution and is ready to return. However, it is uncertain if Libya's western government would agree to his return, as he has previously been accused of mismanaging funds. [Extracted from the article]

The United Nations recently facilitated talks between Libya's rival governments in an effort to resolve a crisis at the country's central bank. The dispute revolves around the leadership of the bank, which holds billions of dollars in energy revenue. As a result of the conflict, oil production and exports have been blocked. The talks in Tripoli resulted in "significant understandings" between the two sides, and a draft agreement will be reviewed with the aim of finalizing and signing it on Tuesday. Libya, with Africa's largest proven oil reserves, has experienced political rivalries and disruptions in oil output since the overthrow of Moammar Al Qaddafi in 2011. The UN had previously helped broker a political agreement between the eastern and western governments in 2021. [Extracted from the article]

(Bloomberg) -- Libya's state oil firm declared force majeure on key oil field El-Feel amid a widening shutdown of production in the OPEC member.The force majeure, a legal clause allowing the firm to halt exports, came after authorities in the east announced a complete stop to all output and exports last week in a dispute over control of the central bank. The nation's oil output has more than halved since then.The El-Feel field in the southwest was pumping about 70,000 barrels a day.©2024 Bloomberg L.P.By Salma El Wardany and Hatem MoharebReported by Author; Author [Extracted from the article]

Libya's state oil firm, National Oil Corp, has declared force majeure on the El-Feel oil field due to a power struggle within the country. The eastern and western governments are in a dispute over control of the central bank, which has led to a halt in oil production and exports. Prior to the shutdown, Libya was producing about 1 million barrels of oil per day, but this has now dropped to around 450,000 barrels. The situation has caused oil prices to rise initially, but concerns about global demand have since caused them to decline. [Extracted from the article]

Libya's oil output is uncertain due to a feud between the country's rival governments. While three fields have been ordered to resume pumping, production at a major site has been significantly reduced. The resumption of pumping is expected to supply local refineries and power plants rather than for export. The conflict between the eastern and western governments has led to a halt in oil production, causing daily output to fall by more than half. The United Nations is working to negotiate an end to the confrontation, but the situation remains uncertain. [Extracted from the article]

Libya is set to restart production in three oil fields as the United Nations attempts to resolve a dispute between the country's rival governments. The Sarir field has already begun pumping, while the Messla and Nafoura fields have received similar instructions. The resumption of these fields could bring back around 300,000 barrels per day of output, which would help alleviate the significant decrease in Libya's daily oil production. The UN is working to negotiate an end to the standoff, but the situation remains uncertain. [Extracted from the article]

Libya's Sarir, Messla, and Nafoura oil fields have been instructed to gradually resume production amidst a dispute over control of the country's central bank. Sarir, which has the capacity to produce 145,000 barrels of oil per day, has already started pumping. The conflict over the central bank has resulted in a significant reduction in Libya's daily oil output, which was previously at 1 million barrels per day. The eastern authorities froze oil output and exports in response to the western government's decision to replace the central bank governor. [Extracted from the article]

Libya's political crisis is jeopardizing the country's oil production, potentially leading to a return of the chaos that plagued it after the fall of Moammar Al Qaddafi. The closure of eastern export terminals and the fight for control of the central bank have already cut crude output in half, with the disruption potentially reaching 1 million barrels a day. This threatens a 2021 political arrangement brokered by the United Nations and could make Libya's oil sector more volatile and prone to outages. The halt in production comes at a time when global oil prices are already fluctuating, and if the losses persist, prices may intensify. [Extracted from the article]

OPEC+ is likely to proceed with its planned increase in oil production in October, according to anonymous delegates involved in the discussions. Led by Saudi Arabia and Russia, the organization intends to add 180,000 barrels per day as part of a gradual restoration of output that has been halted since 2022. Despite concerns about China's economy and declining oil prices, the recent political crisis in Libya, which has reduced its output by half, may have provided an opportunity for OPEC+ to move forward with the increase. [Extracted from the article]

Libya's political crisis is jeopardizing the country's oil production, potentially leading to a return of the chaos that plagued it after the fall of Moammar Al Qaddafi. The closure of eastern export terminals and the fight for control of the central bank have already cut crude output in half, and the disruption could escalate to 1 million barrels a day, or 1% of global supply. This crisis threatens to fracture a 2021 political arrangement brokered by the United Nations and could make Libya's oil sector more volatile and prone to outages. The halt in oil exports follows the earlier shutdown of Libya's largest oil field, Sharara, and production disruptions are expected to last for several weeks. [Extracted from the article]

Libya's political crisis is threatening its oil production, with output being slashed in half as authorities in the east close export terminals in a fight for control of the central bank. The disruption could reach 1 million barrels a day, about 1% of global supply, and marks the breakdown of a 2021 UN-brokered arrangement. The halt in oil exports has caused global oil prices to rise, and if the losses persist, prices may intensify. Libya has experienced frequent stoppages in its energy resources due to political battles since the overthrow of dictator Moammar Al Qaddafi in 2011. [Extracted from the article]