Libya, struggling with militant attacks and two governments vying for control of the country, has boosted oil production to around 622,000 barrels a day (bpd), a report from state firm NOC said, higher than previously expected.
Opec has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said, reiterating the view from the emirate that the group will hold its course when it meets next in June.
"Of course we are
State-controlled oil producer Petroleum Development Oman (PDO) raised its crude output in the first two months of the year to more than the planned annual average of 570,000 barrels per day (bpd), a top official said.
Will Opec go for a quick fix and worry about the future later or will it pass the challenge to US producers by allowing the price to remain low or go even lower? These are the questions that the market will be looking for answers to this Thursda
Oil prices rose on Friday for their first weekly gain in two months with benchmark Brent crude returning to above $80 a barrel after a rally triggered by China's interest rate cut and speculation of an Opec output cut.
Brent crude fell towards $81 a barrel on Wednesday, holding just above a four-year low as concerns over a mounting oil glut outweighed geopolitical and supply disruption risks in Ukraine and Libya.
With oil prices having fallen 30
The oil supply of Organization of the Petroleum Exporting Countries (Opec) in October has fallen by 120,000 barrels per day (bpd) due to lower production in Angola and Nigeria, a Reuters survey found, although recovery in Libya and growth in Ira
Brent crude fell below $88 a barrel on Tuesday, returning to a nearly four-year low hit the day before, after the world's energy watchdog cut its estimates for oil demand this year and next.
The global oil benchmark has droppe
Opec's oil supply jumped to its highest in almost two years in September due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel oil prices, a report said.