Libya will resume oil production starting on Thursday after the National Oil Corporation (NOC) lifted force majeure at all oilfields and terminals.
The development came after the state-owned oil company received a "formal security assessment" to resume crude production and export operations at Sharara, El Feel and Es Sider, NOC said in a statement posted on its Facebook and X pages on Thursday.
The company declared force majeure at Sharara and El Feel oilfields on August 7 and September 2, respectively, and on September 12 at Es Sider amid political tension in the country. Force majeure refers to an unforeseen set of circumstances preventing a party from fulfilling a contract.
Libya remains split between the UN-recognised government in Tripoli, led by Prime Minister Abdul Hamid Dbeibah, and a rival administration in the east, supported by military commander Field Marshal Khalifa Haftar. Most of Libya's oilfields fall under his control.
In August, Libya’s eastern government announced the shutdown of all oilfields, suspending production and exports. This followed a decision by a rival administration in Tripoli to remove Central Bank governor Sadiq Al Kabir, whose role was to distribute the country's oil revenue between the two governments.
Libya has some of the cheapest, largely sweet oil in northern Africa. But much of it remained offline following a bloody civil war that erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
However, since 2020, oil production has been relatively stable in the Opec producer at between 1 and 1.1 million barrels per day, except for a short period in May-June 2022.
NOC aims to bolster oil production to 2.1 million bpd by 2025, from about 1.2 million bpd currently.
The latest development is expected to put downward pressure on oil prices going forward even as Middle East tension continues.
Oil prices rose on Thursday over concerns about potential disruption in crude oil supply from the region and following US President Joe Biden's comments that discussions are under way regarding potential Israeli air strikes on Iran's oil facilities.
“We’re discussing that. I think that would be a little … anyway,” Mr Biden said at the White House when asked if he supported Israel striking Iranian oil infrastructure.
Brent, the benchmark for two thirds of the world's oil, was trading 4.02 per cent higher at $76.87 a barrel at 7.24pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 4.41 per cent to $73.19 per barrel.
COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
FORSPOKEN
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Starfield
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Company%20Profile
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The%20Color%20Purple
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Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Voy!%20Voy!%20Voy!
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INDIA'S%20TOP%20INFLUENCERS
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RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
The five pillars of Islam