LONDON (Reuters) -OPEC oil output has fallen in April, a Reuters survey found on Tuesday, reflecting lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries pumped 26.49 million barrels per day (bpd) this month, down 100,000 bpd from March's revised total, the survey, based on shipping data and information from industry sources, found. Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group.
Oil prices rise on uncertainty over Gaza ceasefire hopes
streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Oil jumps on lower-than-expected US inflation data
streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
FILE PHOTO: A view shows Sharara oil field near Ubari, Libya, July 6, 2017. REUTERS/Aidan Lewis
(Reuters) -Libya’s NOC has lifted force majeure on oil loadings from the eastern port of Hariga after settling a financing dispute with the new Government of National Unity (GNU), it said on Monday, paving the way for higher output.
National Oil Corporation (NOC) subsidiary Arabian Gulf Oil Company (AGOCO), which runs Hariga, this month said it was suspending output because it had not received any state financing since September.
Force majeure was declared by NOC on April 19.
NOC said the government would allocate 1 billion dinars ($225 million) as part of an agreement reached to end the force majeure declared on exports through Hariga.