• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Libya Oil Output Drops 400,000 Barrels a Day Amid Shutdowns

1 year ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
67
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Libya Oil Output Drops 400,000 Barrels a Day Amid Shutdowns

Libya’s oil output has almost halved this week — and risks taking close to 1 million barrels a day off the global market — as the country’s fields reduce operations amid a stalemate over who controls the central bank.

Output has fallen at least 400,000 barrels a day since eastern authorities on Monday ordered a shutdown of all production, according to people with knowledge of the situation. Cuts include at Sarir, operated by Arabian Gulf Oil Co., which was producing 145,000 barrels a day and has now shut down. Oil supplying the Ras Lanuf terminal also dropped at least 130,000 barrels a day.

The country was pumping 1 million barrels a day before Monday’s order, and the vast majority of production is located in the east.

The move by eastern authorities to freeze all output and exports came in response to a decision by the internationally recognized government in the west to replace central bank Governor Sadiq Al-Kabir. Al-Kabir, who has allies in the east, has refused to step down from the sensitive post where billions of dollars of oil revenues are managed among the two governments.

The 70,000 barrels-a-day Al-Feel oilfield was shut down Tuesday. The largest oilfield, Sharara, had already shut down earlier this month. The shutdowns are escalating a crisis the United Nations has warned runs the risk of collapsing the economy.

Libyan supply threats have helped support crude prices recently, though Brent futures declined on Wednesday.

RelatedPosts

GTDC Launches New Tourism Platforms and Awards Scheme to Boost Sector Competitiveness

US Open: Osaka Reaches Last Four; Anisimova Upsets Swiatek to Reach Semis

GSE Composite Index Advances as GCB Surpasses 70% YTD Return

Competing Governments

Libya was split into competing eastern and western governments a decade ago, and stewardship of the monetary authority gives control of billions of dollars of revenue. Its energy resources have been a key battleground for factions vying for political advantage, bringing frequent stoppages.

The central bank stalemate is the latest episode in the Libyan conflict that threatens a 2021 United Nations-backed political arrangement which ended the war between the rival camps and was supposed to bring them together after elections which never happened, leaving room for tensions.

The OPEC member — which sits atop Africa’s largest oil reserves — was producing 1.27 million barrels a day of oil on Aug. 1, according to figures from the state oil firm National Oil Corp., before the 300,000 barrels-a-day Sharara field was shut down.

Source: bloomberg
Via: norvanreports
Tags: 000 Barrels a Day Amid ShutdownsLibya Oil OutputLibya Oil Output Drops 400Shutdowns

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

FIFA Unveils Dynamic Pricing for 2026 World Cup Tickets Ranging from $60 to $6,730

Ghana Races Toward Single-Digit Inflation in Stunning Economic Rebound

Communications Minister Threatens to Revoke Multichoice Licence by September 6

Cedi’s World-Beating Performance Upended by Imports Surge

Your Savings as Your Launchpad for a Better Financial Future

US Open: Alcaraz and Djokovic set up Blockbuster Semi-final

Trending

Business

GTDC Launches New Tourism Platforms and Awards Scheme to Boost Sector Competitiveness

September 4, 2025

GTDC Launches New Tourism Platforms and Awards Scheme to Boost Sector Competitiveness The Ghana Tourism Development Company...

US Open: Osaka Reaches Last Four; Anisimova Upsets Swiatek to Reach Semis

September 4, 2025

GSE Composite Index Advances as GCB Surpasses 70% YTD Return

September 4, 2025

FIFA Unveils Dynamic Pricing for 2026 World Cup Tickets Ranging from $60 to $6,730

September 4, 2025
A market woman exchange Ghana cedi with a customer in a market in Accra, Ghana, on November 3, 2021.

Ghana Races Toward Single-Digit Inflation in Stunning Economic Rebound

September 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.