- According to Libya’s national oil company, crude production has recovered to 1.3 million b/d already, depressing sweet grades in the Atlantic Basin+ as European demand remains lukewarm. - Confronted with ebbing domestic natural gas production from the offshore Zohr field, raising the risks of persistent power cuts across the country, Egypt turned to fuel oil for electricity generation. LNG Carrier Fleet Booms Despite Limited Supply Growth- The cost of renting an LNG carrier has dipped to the lowest for this time of the year since at least 2018, Bloomberg reports, despite physical demand for the chilled fuel warming up ahead of the winter season. - Iraq alleges it was compliant with its 4 million b/d production target for the first time in 2024 last month, alleging that crude output in the semi-autonomous Kurdistan region has halved to 150,000 b/d. - Domestic steel demand is expected to fall 3% this year compared to 2023 to about 869 million tonnes, in contrast to global consumption of steel which despite China’s weakness is poised to grow 1.2%.

Source: Libya Today October 21, 2024 04:44 UTC