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
5166

INDUSTRY.co.id - 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

Images By : Freepik

Sabtu, 14 September 2024 - 16:56 WIB

Essential Tips for Choosing Personal Health Insurance in the US

Choosing the right health insurance plan in the United States can be a complex task, especially with the variety of options available and the ever-changing landscape of healthcare policy. Here…

Images By : Freepik

Sabtu, 14 September 2024 - 16:53 WIB

The Top 10 Insurance Companies in the US for 2024

In the ever-evolving landscape of insurance, selecting the right company can significantly impact your financial security and peace of mind.

Images By : Freepik

Jumat, 13 September 2024 - 15:37 WIB

Why Airbnb Become Popular in 2024?

Airbnb fosters a more interactive experience between hosts and guests. Through direct messaging, guests can inquire about specific details, negotiate pricing, or clarify expectations, which…

Flag of the United Nations Organization.

Kamis, 15 Agustus 2024 - 14:26 WIB

Modena Officially Becomes a Member of the UN Global Compact

Commited to transforming towards sustainable business practices, Modena the global home appliance established over 60 years ago in Italy, officially became a member of the UN Globe Compact (UNGC)…

Totolink outlet. (Photo: Public Relation of Totolink)

Kamis, 11 Juli 2024 - 22:08 WIB

Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia

Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.