Global turmoil cast a shadow on the oil market in general, as the ongoing war between Russia and Ukraine led to an increase in the price of a barrel of oil, while Brent crude futures recorded a 5.51% increase to settle at $119.15 a barrel for the first time since May 2012.
The current oil prices are at their highest level in ten years, as they are heading towards achieving the strongest weekly gains since mid-2020, with US crude rising by more than 18%, and Brent crude increasing by 13%, and the market is expected to witness pumping supplies due to the withdrawal of oil stocks in developed countries that amount to about 60 million barrels.
The situation in Libya is witnessing successive disturbances that may negatively affect the benefit from the increase in the price of a barrel globally. The oil and gas transmission lines of the Sirte Oil and Gas Production Company have been subjected to separate attacks, represented by puncturing the production lines, which led to oil leakage and resulted in the closing of wells to fix the leak in the two fields of South Zaltan and Al-Laheeb, which resulted in the loss of about 1,600 barrels of crude oil.
A source in the Petroleum Facilities Guard told 218News that production of the El Feel oil field, which reached the port of Melita in the west of the country, had stopped after a valve was closed near the city of Rayayna by protesters.
For its part, the National Oil Corporation announced the temporary suspension of oil exports, due to bad weather conditions in six important ports, including Brega, Zueitina, Ras Lanuf, Sidra, Zawiya and Mellitah, indicating that the closure came without reporting or coordinating with the ministry.
The ministry’s statement indicated that there is no need to stop exports, in light of the rise in crude oil prices and their arrival at about $120 a barrel, while the NOC confirmed the continuation of production, explaining that the suspension was not for political reasons.
Contradictions and turmoil that directly affect the largest source of energy in the country despite the increased demand for oil production globally, political turmoil and multiple closures basically prevent us from benefiting from the current conditions.
