Day: July 2, 2022

OPEC’s crude oil production fell in June compared to May, due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 barrels per day (bpd) last month, the monthly Reuters survey showed on Friday. OPEC’s all 13 members—including Libya, Iran, and Venezuela that are exempted from the pact—saw their collective production drop by 100,000 bpd month over month in June, to 28.52 million bpd, according to the survey. Under the OPEC+ pact, OPEC-10 targeted to increase its production in…

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Libya’s National Oil Corporation (NOC) declared force majeure on crude exports from its oil terminals amid continued blockades of production and ports, which have severely crippled Libya’s oil exports. The force majeure comes after weeks of protests and closures amid the new rift in Libya’s political class over who should be governing the country. The most recent rivalry is between Fathi Bashaga, the Prime Minister appointed by the parliament earlier this year, and Prime Minister Abdul Hamid Dbeibah, who was appointed last year through a process backed by the United…

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The three Baltic states, in coordination with the European Union, are ready to switch off from the Russian power grid in an emergency, three years before the planned switch, Reuters reported on Friday, quoting sources with knowledge of the matter. EU member states Latvia, Lithuania, and Estonia are still connected to the Russian power grid, but EU members—especially those Baltic states—have been wary of relying on Russia for any energy supplies since the Russian invasion of Ukraine. The three countries are prepared for any scenario and can cope with power…

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