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Libya pays high political price for resumption of oil production

On 18 September, deputy leader of the Government of National Accord’s Presidency Council Ahmed Maetig issued a seven-point agreement reached with warlord Khalifa Haftar, whose Libyan Arab Armed Forces control the eastern part of the country. In a televised address soon afterwards, Haftar confirmed he was lifting the blockade on all ports and terminals. Peace agreements signed by other players during August failed to get this far, and in July a fresh war seemed possible.

Issue 423 - 24 September 2020

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Stranded oil assets a pressing issue for hydrocarbons producers

Under immense pressure from the global spread of Covid-19 and plunging oil demand, governments and IOCs must once again fine-tune their strategies to meet hostile market conditions. This may mean not only delaying upstream projects but cancelling them altogether as, in the longer term, global markets shift out of carbon dependency.In the short term, efforts to revive the so-called Opec+ cooperation between Opec and non-Opec crude exporters should help to reverse the price slump, but the deal seems unlikely to raise prices to levels envisaged in producer governments’ 2020 budget forecasts.

Issue 414 - 01 May 2020

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