The Libyan Oil Corporation adds 2,000 barrels per day to the Nafoura field after operating a new well, and seeks to complete the connection of 16 additional wells to the fields of the Arabian Gulf Oil Company.
Crude oil futures posted a weekly loss, as a looming supply oversupply and a strong dollar dragged the market lower.
US crude oil lost nearly 5% this week, while Brent fell about 4%.
Below are the energy prices:
West Texas Intermediate crude oil
December contract: $67.02 per barrel, down $1.68, or 2.45%. So far this year, US crude oil has lost more than 6%.
Brent crude
January contract: $71.04 per barrel, down $1.52, or 2.09%. So far this year, the global benchmark has lost nearly 8%.
RBOB gasoline
December contract: $1.9493 per gallon, down 1.63%. So far this year, gasoline is down more than 7%.
Natural gas
December contract: $2.823 per thousand cubic feet, up 1.36%. So far, the price of gas has increased by more than 12%.
The International Energy Agency expected a surplus of more than one million barrels per day in 2025 thanks to strong production in the United States.
OPEC lowered its demand forecast for the fourth month in a row, with demand in China remaining weak.
The strong dollar also looms over the market, as the dollar rose in the wake of President-elect Donald Trump’s election victory.
