The Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries and its allies (OPEC+) welcomed Russia’s decision to amend the standard of its voluntary cuts to rely on oil production instead of exports.
During the committee’s 53rd meeting, held via video conference on Wednesday, crude oil production data for January and February 2024 was reviewed, and participants agreed to keep current oil production levels unchanged.
The Commission welcomed Russia’s announcement that its voluntary adjustments in the second quarter of this year would be based on production rather than exports, as well as the pledge by Iraq and Kazakhstan to achieve full conformity and compensate for surplus production.
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#Iraq #Kazakhstan #Oil_News #OPEC #Russia #Russia_news #Saudi_Arabia #Saudi_Arabia_news
During the committee’s 53rd meeting, held via video conference on Wednesday, crude oil production data for January and February 2024 was reviewed, and participants agreed to keep current oil production levels unchanged.
The Commission welcomed Russia’s announcement that its voluntary adjustments in the second quarter of this year would be based on production rather than exports, as well as the pledge by Iraq and Kazakhstan to achieve full conformity and compensate for surplus production.
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#Iraq #Kazakhstan #Oil_News #OPEC #Russia #Russia_news #Saudi_Arabia #Saudi_Arabia_news
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The Organization of the Petroleum Exporting Countries (OPEC) announced that Libya ranked first as the largest oil producer on the African continent, with daily production reaching 1.24 million barrels.
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With this daily production, Libya has overtaken Nigeria, which used to occupy the first place, as a result of the country’s efforts to increase production with the aim of reaching 2 million barrels per day by 2030, and 2.3 million barrels per day by the end of this year.
It is noteworthy that the Libyan government has developed a strategic plan to boost the volume of oil production in the country, including negotiations to grant licenses for oil and gas exploration in 2024, the resumption of production in stalled fields, and inviting international companies to participate and invest in exploration and production operations.
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#Libya_News #Libyan_Oil #List_of_Oil_Producers_in_Africa #Oil_News #OPEC
With this daily production, Libya has overtaken Nigeria, which used to occupy the first place, as a result of the country’s efforts to increase production with the aim of reaching 2 million barrels per day by 2030, and 2.3 million barrels per day by the end of this year.
It is noteworthy that the Libyan government has developed a strategic plan to boost the volume of oil production in the country, including negotiations to grant licenses for oil and gas exploration in 2024, the resumption of production in stalled fields, and inviting international companies to participate and invest in exploration and production operations.
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#Libya_News #Libyan_Oil #List_of_Oil_Producers_in_Africa #Oil_News #OPEC
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Nigerien Prime Minister Ali Mohamed Lamine Zine and China National Petroleum Corporation Chairman Zhu Zukun signed three agreements related to the joint marketing of crude oil.
One such agreement, which includes a $400 million loan, was announced to guarantee revenues from Niger’s crude oil exports.
The Niger News Agency said the loan would be repaid within 12 months from crude oil export revenues starting in May, with an interest rate of up to 7%.
At the end of the signing ceremony, the Nigerien Prime Minister stressed that these funds will be managed transparently and will be directed with priority to strengthening the country’s defense and security, noting that part of them will be used to finance investments in agricultural development and improving medical services.
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#Ali_Mohamed_Al_Amin_Zein #China #China_National_Petroleum_Corporation #ECOWAS #Niger_News #Nigerian_National_Petroleum_Corporation #Nigerien_Prime_Minister #Oil_News
One such agreement, which includes a $400 million loan, was announced to guarantee revenues from Niger’s crude oil exports.
The Niger News Agency said the loan would be repaid within 12 months from crude oil export revenues starting in May, with an interest rate of up to 7%.
At the end of the signing ceremony, the Nigerien Prime Minister stressed that these funds will be managed transparently and will be directed with priority to strengthening the country’s defense and security, noting that part of them will be used to finance investments in agricultural development and improving medical services.
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#Ali_Mohamed_Al_Amin_Zein #China #China_National_Petroleum_Corporation #ECOWAS #Niger_News #Nigerian_National_Petroleum_Corporation #Nigerien_Prime_Minister #Oil_News
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Benin has blocked the export of a shipment of crude oil from Niger after refusing to open its land border, escalating political tensions between the two countries.
The export of the first crude oil shipment from Niger was hampered as it arrived at the port of Benin, as the Beninese authorities refused to open its land borders to goods from Niger.
According to a port official, at least three ships have been prevented from carrying the first shipment of crude oil from entering the port, in a move that could affect trade relations between the two countries.
For his part, Benin President Patrice Talon stressed the need for cooperation between the two countries, noting that Benin is ready to cooperate and facilitate transport operations, while accusing Niger of not cooperating and not allowing trucks coming from Benin to cross into its territory.
These obstacles are expected to be an obstacle to Niger’s plans to export crude oil, especially with its announcement of its intention to export its first shipment this month, as part of a loan with China National Petroleum Corporation worth $ 400 million.
#Benin #Benin_News #Niger #Niger_News #Oil_News #Patrice_Talon
The export of the first crude oil shipment from Niger was hampered as it arrived at the port of Benin, as the Beninese authorities refused to open its land borders to goods from Niger.
According to a port official, at least three ships have been prevented from carrying the first shipment of crude oil from entering the port, in a move that could affect trade relations between the two countries.
For his part, Benin President Patrice Talon stressed the need for cooperation between the two countries, noting that Benin is ready to cooperate and facilitate transport operations, while accusing Niger of not cooperating and not allowing trucks coming from Benin to cross into its territory.
These obstacles are expected to be an obstacle to Niger’s plans to export crude oil, especially with its announcement of its intention to export its first shipment this month, as part of a loan with China National Petroleum Corporation worth $ 400 million.
#Benin #Benin_News #Niger #Niger_News #Oil_News #Patrice_Talon
Oil is one of Libya’s most important resources, as the Libyan economy is based on 95% oil revenues, and during the first quarter of 2024, the country achieved oil revenues worth $6 billion.
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According to data from the Libyan National Oil Corporation, the Ras Lanuf refinery comes first in terms of production, with a production capacity of 220 thousand barrels per day.
In second place comes the Al-Zawiya Refinery with a production capacity of 120,000 barrels per day, followed by the Tobruk Refinery with a production of 20,000 barrels per day, and then the Sarir Refinery with a production of 10,000 barrels per day.
In last place comes the Buraiqa refinery, with a production capacity of 9,000 barrels per day.
It is noteworthy that Libya currently produces about 1.2 million barrels of oil per day, which reflects stability compared to periods that witnessed a decline in production due to political and security unrest.
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#Brega_Refinery #Khalifa_Abdel_Sadiq #Libya_News #Libyan_Economy #Libyan_Minister_of_Oil_and_Gas #Libyan_National_Oil_Corporation #Libyan_oil_wells #Oil_News #Ras_Lanuf_Refinery #Sarir_Refinery #Tobruk_Refinery #Zawiya_Refinery
According to data from the Libyan National Oil Corporation, the Ras Lanuf refinery comes first in terms of production, with a production capacity of 220 thousand barrels per day.
In second place comes the Al-Zawiya Refinery with a production capacity of 120,000 barrels per day, followed by the Tobruk Refinery with a production of 20,000 barrels per day, and then the Sarir Refinery with a production of 10,000 barrels per day.
In last place comes the Buraiqa refinery, with a production capacity of 9,000 barrels per day.
It is noteworthy that Libya currently produces about 1.2 million barrels of oil per day, which reflects stability compared to periods that witnessed a decline in production due to political and security unrest.
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#Brega_Refinery #Khalifa_Abdel_Sadiq #Libya_News #Libyan_Economy #Libyan_Minister_of_Oil_and_Gas #Libyan_National_Oil_Corporation #Libyan_oil_wells #Oil_News #Ras_Lanuf_Refinery #Sarir_Refinery #Tobruk_Refinery #Zawiya_Refinery
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On Sunday, the National Oil Corporation of Libya announced the transfer of $7 billion and 622 million to the Central Bank of Libya over the past five months.
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The Corporation revealed that these oil revenues were transferred through 11 transfers during the period from January to May, according to a list of transfers published by the Corporation on its Facebook page.
The institution transferred $1 billion on January 28, $500 million on February 11, $1 billion on February 20, $500 million on March 4, $500 million on March 14, $500 million on March 28, and $500 on March 31.
The institution also transferred $1 billion on April 24, $1.172 billion on May 15, then $750 million on May 29, and $200 million on May 30.
#Central_Bank_of_Libya #Libya_News #National_Oil_Corporation_of_Libya #Oil_News #Oil_Revenues #Remittances
The Corporation revealed that these oil revenues were transferred through 11 transfers during the period from January to May, according to a list of transfers published by the Corporation on its Facebook page.
The institution transferred $1 billion on January 28, $500 million on February 11, $1 billion on February 20, $500 million on March 4, $500 million on March 14, $500 million on March 28, and $500 on March 31.
The institution also transferred $1 billion on April 24, $1.172 billion on May 15, then $750 million on May 29, and $200 million on May 30.
#Central_Bank_of_Libya #Libya_News #National_Oil_Corporation_of_Libya #Oil_News #Oil_Revenues #Remittances
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On Tuesday, the National Oil Corporation of Libya announced its plan to drill 121 new wells to explore and exploit natural resources of oil and gas during the year 2024.
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The corporation said in a statement that maintenance will be carried out for 1,335 other wells to ensure the sustainability of oil production and did not specify the locations and timetable for implementing these projects.
This step came as part of Libya’s efforts to increase oil and gas production, which represents about 90% of the country’s economic activity.
Libya’s oil production currently amounts to 1,220 million barrels per day, and the corporation expects crude production to exceed 1.5 million barrels per day by the end of 2025 before reaching two million within three years, according to official data from the corporation.
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The corporation said in a statement that maintenance will be carried out for 1,335 other wells to ensure the sustainability of oil production and did not specify the locations and timetable for implementing these projects.
This step came as part of Libya’s efforts to increase oil and gas production, which represents about 90% of the country’s economic activity.
Libya’s oil production currently amounts to 1,220 million barrels per day, and the corporation expects crude production to exceed 1.5 million barrels per day by the end of 2025 before reaching two million within three years, according to official data from the corporation.
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#Ghadames_Basin #International_Tender #Libya_News #Libyan_Economy #Libyan_Oil #Murzuq_Basin #National_Oil_Corporation_of_Libya #Oil_and_Gas #Oil_News #Sirte_Basin
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Oil production in Algeria decreased during the month of May by 6 thousand barrels per day, falling to 903 thousand barrels per day compared to 909 thousand barrels per day in April.
This decline comes in conjunction with the country implementing additional voluntary cuts within the production reduction policy followed by the OPEC+ alliance.
Algeria, among seven member states of the OPEC+ alliance, decided to extend the voluntary cuts that began in May 2023, amounting to a total of 1.65 million barrels per day, until the end of December 2025.
The voluntary reductions announced last November, amounting to 2.2 million barrels per day, were extended until the end of September 2024, and the reductions amounting to 2.
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#Algeria_News #Algerian_Economy #Algerian_Oil #Iran #Nigeria #Oil_News #OPEC #Organization_of_Petroleum_Exporting_Countries #Russia #Voluntary_Reduction_Saudi_Arabia
This decline comes in conjunction with the country implementing additional voluntary cuts within the production reduction policy followed by the OPEC+ alliance.
Algeria, among seven member states of the OPEC+ alliance, decided to extend the voluntary cuts that began in May 2023, amounting to a total of 1.65 million barrels per day, until the end of December 2025.
The voluntary reductions announced last November, amounting to 2.2 million barrels per day, were extended until the end of September 2024, and the reductions amounting to 2.
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#Algeria_News #Algerian_Economy #Algerian_Oil #Iran #Nigeria #Oil_News #OPEC #Organization_of_Petroleum_Exporting_Countries #Russia #Voluntary_Reduction_Saudi_Arabia
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Nigerian authorities confirmed on Friday that part of a pipeline transporting crude oil to Benin had been sabotaged.
The public channel “Tele Sahel” reported that “individuals with bad intentions sabotaged part of the pipeline in the Tusker area (central east) on the night of June 16 to 17.”
Zinder District Governor, Colonel Issoufou Labo, inspected the site of the attack and said: “We have collected information and evidence about the suspected perpetrators, and all those who participated in this act will be arrested and tried according to their terrorist behavior.”
“Tele Sahel” channel added that this “act of sabotage” led to damage to the pipeline and caused the leakage of crude oil.
The pipeline extends about 2,000 kilometers to transport crude oil from oil wells in Agadim (northeastern Niger) to the port of Simi Kaboudji in Benin.
#Agadim #Benin #Issoufou_Lapu #Niger_News #Nigerian_Authorities #Nigerian_Crude_Oil #Oil_News #Pipeline #Tasker_Zone #Terrorism
The public channel “Tele Sahel” reported that “individuals with bad intentions sabotaged part of the pipeline in the Tusker area (central east) on the night of June 16 to 17.”
Zinder District Governor, Colonel Issoufou Labo, inspected the site of the attack and said: “We have collected information and evidence about the suspected perpetrators, and all those who participated in this act will be arrested and tried according to their terrorist behavior.”
“Tele Sahel” channel added that this “act of sabotage” led to damage to the pipeline and caused the leakage of crude oil.
The pipeline extends about 2,000 kilometers to transport crude oil from oil wells in Agadim (northeastern Niger) to the port of Simi Kaboudji in Benin.
#Agadim #Benin #Issoufou_Lapu #Niger_News #Nigerian_Authorities #Nigerian_Crude_Oil #Oil_News #Pipeline #Tasker_Zone #Terrorism
Today, Thursday, Libyan Oil Minister Muhammad Aoun issued a statement in which he revealed the developments of the crisis with the Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, in light of the presence of two ministers at the head of the oil and gas portfolio.
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Aoun called on the Prime Minister to take a clear position regarding the leadership crisis in the Ministry of Oil, proposing either correcting the current situation, or issuing a decision to remove him from the position of Minister of Oil and Gas in the National Unity Government.
Aoun stressed that the current situation, which witnesses the presence of a legitimate and an illegitimate minister for the sector, leads to severe damage to Libya, citing Schlumberger’s threat to withdraw from the country.
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#Abdul_Hamid_al_Dbeibeh #Libya #Libya_News #Libyan_Government_of_National_Unity #Libyan_Oil #Libyan_Oil_Minister #Mohamed_Aoun #Oil_News
Aoun called on the Prime Minister to take a clear position regarding the leadership crisis in the Ministry of Oil, proposing either correcting the current situation, or issuing a decision to remove him from the position of Minister of Oil and Gas in the National Unity Government.
Aoun stressed that the current situation, which witnesses the presence of a legitimate and an illegitimate minister for the sector, leads to severe damage to Libya, citing Schlumberger’s threat to withdraw from the country.
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#Abdul_Hamid_al_Dbeibeh #Libya #Libya_News #Libyan_Government_of_National_Unity #Libyan_Oil #Libyan_Oil_Minister #Mohamed_Aoun #Oil_News
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