Libyan Production Recovery Continues to Press Crude Oil Prices in Asian Markets

By : Abraham Sihombing And Aldo Bella Putra | Tuesday, August 08 2017 - 15:16 IWST

5166 - Tokyo - West Texas Intermediate crude oil futures fell 0.3 percent, or about 13 cents, to $ 49.26 a barrel in early Asian trading session on Tuesday (08/08/2017). Meanwhile, Brent crude oil prices fell 0.3% or 18 cents to US $ 52.19 per barrel.

The fall in crude oil prices was caused by an increase in Libyan crude oil production in line with the recovery of production in the country's largest oilfield as well as continuing doubts about the decline in crude oil production of nations Oil producers incorporated in the Organization of Petroleum Exporting Countries (OPEC).

According to Libya's National Oil Corporation (NOC), oil production from the Sharara Libya field returned to normal after a brief disruption when armed protesters broke into the control room in the coastal city of Zawiya. The oil field produces 270,000 barrels of oil per day (bpd). The volume of production reached about 25% of total Libyan oil producers which in June reached 1 million bpd.

Libya is freed from policies to reduce global production and boost oil prices led by OPEC and other major producers such as Russia. The restoration of production from the North African country is considered to complicate OPEC's efforts to curb supplies, raising doubts about the effectiveness of production cuts.

Officials from OPEC and non-OPEC technical committees met in Abu Dhabi for two days until Tuesday to discuss ways to improve compliance with the deal to reduce production by around 1.8 million bpd.

On the other hand, oil production in the United States remains high, although Baker Hughes' data released Friday showed a reduction in one drill rig in the week ending August 4. (Abraham Sihombing)

News Comment

Today's Industry

Launch of OKINO C100, tiny vape with O-Tape Coil technology. (Photo: OKINO Public Relations)

Kamis, 29 September 2022 - 15:38 WIB

OKINO C100, Tiny Vape With O-Tape Coil Technology

The consumption of e-cigarettes in Indonesia continues to increase. The Indonesian Personal Vaporizer Association (APVI) estimates that there are currently 2.2 million e-cigarette (vape) users.…

EH Free Swinging Hinges

Kamis, 29 September 2022 - 12:00 WIB

Southco Introduces Free-Swinging Hinges in New Materials to Meet Demanding, Heavy-Duty Applications

Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning…

President Jokowi distributes direct cash assistance in South Buton regency, Southeast Sulawesi province, Tuesday (09/27). (Photo by: BPMI Presidential Secretariat/Laily Rachev)

Rabu, 28 September 2022 - 21:50 WIB

President Jokowi Distributes Assistances in South Buton

President Joko “Jokowi” Widodo Tuesday (09/27) distributed direct cash assistance (BLT) for fuel for beneficiaries of Family Hope Program (PKH) at Batauga post office, South Buton regency,…

President Jokowi at the inspection at PT Wika Bitumen, Buton regency, Southeast Sulawesi province, Tuesday (09/27). (Photo by: BPMI Presidential Secretariat/Laily Rachev)

Rabu, 28 September 2022 - 19:00 WIB

President Jokowi Pushes for Revival of Asphalt Producing Industries in Buton

President Joko “Jokowi” Widodo Tuesday (09/27) expressed hope to Buton regency, Southeast Sulawesi province to maximize its potential so it can re-emerge as an asphalt-manufacturing industrial…


Rabu, 28 September 2022 - 17:00 WIB

KRAIBURG TPE to campaign in Düsseldorf: The focus is on sustainable products and discussion

To ensure that customers of KRAIBURG TPE always achieve the best result, individual materials solutions are developed for many requested applications. The result: Right in time for the 2022…