The official state-owned oil company based in the capital Tripoli, also called NOC, will not be allowed to handle that oil anymore, he said.
The International Energy Agency (IEA) had in projection of India's oil demand reaching 458 million tonnes by 2040 had factored in an oil price of Dollars 83 per barrel by 2025 and USD 130 by 2040, sources said adding India is a price sensitive market and if the oil prices had continued to rise at the rate they were rising in May, the demand would certainly have been impacted. Last year, the country was amongst 11 non-member countries that joined OPEC members in production cuts of 1.8 million barrels of oil per day.
Traders said prices were mostly driven up by uncertainty around oil exports by Libya, a member of the Organization of the Petroleum Exporting Countries (Opec).
"Without the shale revolution in the U.S. bringing in now over five million barrels per day, the world would have faced probably one of the worst energy crisis".
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Brent crude futures, the worldwide benchmark for oil prices, were at US$74.92 (RM301.48) per barrel at 0127 GMT, up 19 cents, or 0.25 per cent from their last close. Meanwhile, Iran, which has been opposed to raising OPEC output as it would lower prices, is set to suffer a marginal loss as it lacks spare capacity to ramp up production.
Brent crude oil fell by more than one percent yesterday as investors prepar ed for the extra one million barrels per day (bpd) output increase the Organisation of Petroleum Exporting Countries (OPEC) and its partners including Russian Federation agreed to bring to the market after their meeting on Staurday in Vienna, Austria. Unsurprisingly, in the absence of any clear intent on the part of OPEC to guide prices lower, the price of the benchmark WTI crude increased by as much as 5% after Friday's announcement of a production increase.
Losses in US crude prices were limited by the likelihood that an outage at Syncrude Canada's 360,000 barrel per day oil sands facility would last through July.
Questions remain over the ability of some OPEC nations-Iran and Venezuela in particular-to increase production as they struggle with domestic turmoil and sanctions. Oil prices are artificially Very High!
Britain's Barclays bank said OPEC's and Russia's commitments would take "the market from a -0.2 million bpd deficit in H2 2018 to a 0.2 million bpd surplus". We believe that the investors have over-reacted to the move, which has resulted in a rise in oil prices. "We often see global trade practices in the field of oil and gas which are not contributing to energy access and affordability and become a hindrance to sustainability". "These prices are creating stress throughout global economy, as it is giving pain to us in India".