Month: April 2022

June 2016 is marked with the government’s holistic decision to transfer Heavy Mechanical Complex (HMC), the giant industrial unit, to the Strategic Plans Division (SPD), and the beginning of a new era for reviving the company’s past glory. As a result of long and unsuccessful privatisation process, HMC had reached a critical stage of gradual denudation of its recognised strengths in human resources, technologies, and productivity. The situation had resulted in several constraints and limitations, primarily that of technical and financial nature. The process of divesting the c omplex had…

Libya’s National Oil Corporation announced on Sunday the closure of production at a major oil field in the country’s south, declaring a “force majeure”. “On Saturday… the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field’s workers from continuing production,” the NOC said on Facebook. It added that the field was shut down on Sunday — marking the second closure in a matter of weeks — “making it impossible for the NOC to implement its contractual…

This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward potential. But OPEC stands ready to change track. “Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand in 2Q22 and for the year as a whole,” the IEA wrote in its latest Oil Market Report this week. The agency also noted that OECD members consumed less oil than previously…