Business News Libya

  • *Russia confirms OPEC+ meeting expected on March 6. NEW YORK, Feb 18- Oil prices were near flat on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China, but prices drew support from a reduction in supply from Libya. Asian shares fell and Wall Street also retreated after Apple Inc said it would miss quarterly revenue...

  • *Tripoli gov't appears less dependent on oil than before. CAIRO/ BENGHAZI, Libya, Feb 17- Libya's combatants are readying for a long conflict, as foreign weapons flood in, eastern factions close oil ports and rival alliances wrangle over revenues from Africa's largest petroleum reserves. He is an ally of Commander Khalifa Haftar, whose self-styled Libya National...

  • *Tripoli gov't appears less dependent on oil than before. CAIRO/ BENGHAZI, Libya, Feb 17- Libya's combatants are readying for a long conflict, as foreign weapons flood in, tribesmen close oil ports and rival alliances wrangle over revenues from Africa's largest petroleum reserves. He is an ally of Commander Khalifa Haftar, whose self-styled Libya National Army...

  • MUNICH, Feb 16- An arms embargo aimed at curbing fighting in Libya has become meaingless because of violations and it is imperative that those who breach it are held to account, a senior U.N. official said on Sunday. Several countries backing rival factions in Libya have repeatedly violated an arms embargo, according to the United Nations, which has previously...

  • A fighter loyal to Libya's U.N.-backed government (GNA) gestures during a clash with forces loyal to Khalifa Haftar at the outskirts of Tripoli, Libya May 21, 2019.

    It is imperative that those who breach the embargo are held to account, a senior U.N. official said on Sunday.

  • TRIPOLI, Feb 9- Libya's Azzawiya Oil Refining Company said on Sunday it was forced to stop refining operations due to a lack of crude supplies and no inventory. A source from the company, a subsidy of Libya's state oil firm the National Oil Corporation, said two refining units with a capacity of 60,000 barrels each had stopped. Oil output in Libya has fallen sharply...

  • CAIRO, Feb 9- Libya's Azzawiya Oil Refining Company said on Sunday it was forced to stop refining operations due to a lack of crude supplies and no inventory. Azzawiya Oil Refining Company is a subsidy of Libya's state of firm the National Oil Corporation. Libya's oil production had dropped to 181,576 barrels per day by Thursday from about 1.2 million bpd before...

  • MINERALNYE VODY/ MOSCOW, Russia, Feb 7- Russia said on Friday it needed more time to decide whether to join any additional oil output cuts by OPEC, saying U.S. crude production growth would slow and global demand remained solid. Energy Minister Alexander Novak was speaking as the Organization of the Petroleum Exporting Countries pushes Moscow to make a decision...

  • MINERALNYE VODY, Russia, Feb 7- Russia said on Friday it needed more time to decide whether to join any additional oil output cut by OPEC, saying U.S. crude production growth would slow and global demand remained solid. A technical panel that advises OPEC and its allies led by Russia, a grouping known as OPEC+, proposed on Thursday a provisional cut of 600,000 bpd, three...

  • GENEVA, Feb 6- The United Nations expects eastern Libyan tribal leaders to submit their list of conditions to reopen blocked oil terminals, United Nations envoy Ghassan Salame said on Thursday, pressing for a resumption of oil exports. Salame also told reporters in Geneva that indirect U.N.-led talks between five military officers from the Libyan National...

  • *Russia hesitant as impact from virus still not clear. The Joint Technical Committee is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+. OPEC and its allies led by Russia produce more than 40 percent of global oil and the new proposed cut would constitute around...

  • *Russia hesitant as impact from virus still not clear. The Joint Technical Committee is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+. OPEC and its allies led by Russia produce over 40 percent of global oil and the new proposed cut would constitute around 0.6...

  • CAIRO, Feb 6- The United Nations expects eastern Libyan tribal leaders to submit by Thursday their list of conditions to reopen blocked oil terminals, UN envoy Ghassan Salame said. Libya's oil production had dropped sharply since groups loyal to eastern-based commander Khalifa Haftar began a blockade on Jan. 18, closing ports and fields in the east and south.

  • Feb 4- ConocoPhillips issued a muted annual outlook on Tuesday, expecting a hit from weaker oil demand growth due to the coronavirus outbreak and disruptions at its operations in Malaysia and Libya. ConocoPhillips also said it was tapering down production in Libya and expects no output "fairly soon", following a force majeure between ConocoPhillips and the...

  • The results are no different from what are expected from other exploration and production companies, said Bill Selesky, a senior analyst at Argus Research. Houston- based ConocoPhillips' total production, excluding Libya, fell by 24,000 boe/d to 1.289 million boe/d in the quarter. The company confirmed it would spend $6.5 billion to $6.7 billion in 2020 but...

  • Feb 4- U.S. oil and gas producer ConocoPhillips reported a lower-than-expected quarterly adjusted profit on Tuesday and boosted its share buyback program by $10 billion. Oil prices have taken a hit from the prolonged trade war between the United States and China, and a glut of shale supply in North America. The company confirmed it would spend $6.5 billion to...

  • Feb 4- U.S. oil and gas producer ConocoPhillips reported a 36.5% fall in adjusted quarterly profit on Tuesday, weighed down by lower output and weak realized prices for crude. The world's largest independent oil and gas producer's adjusted net earnings fell to $831 million, or 76 cents per share, in the fourth quarter ended Dec. 31, from $1.31 billion, or $1.13 per...

  • CAIRO, Feb 4- Libya's oil production had dropped to 204,000 barrels per day as of Monday due to a blockade, a source from the National Oil Corporation said. Groups loyal to eastern based commander Khalifa Haftar began the blockade on Jan. 18, closing ports and fields in the east and south of Libya. The NOC says output will eventually fall to 72,000 bpd if the stoppage...

  • LIBYA'S OIL PRODUCTION STOOD AT 204,000 BARRELS PER DAY ON MONDAY- NOC SOURCE.

  • A new production cut agreement by OPEC and allies including Russia started on Jan. 1. The January survey indicates that total OPEC output fell by 640,000 bpd from December. Compared with the levels from which they agreed to cut, which in most cases was October 2018 output, 10 OPEC members have reduced production by 1.556 million bpd.