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OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
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OPEC+ Producers Extend Oil Output Cuts

FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. (AP Photo/Lisa Leutner, file)

OPEC+ members agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market.
Saudi Arabia said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.
Russia will cut oil production and exports by an extra 471,000 bpd in the second quarter.
OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total. Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions.

For the second quarter, Iraq will extend its 220,000 bpd output cut, UAE will keep in place its 163,000 bpd output cut and Kuwait will maintain its 135,000 bpd output cut, the three OPEC producers said in separate statements. Algeria also said it would cut by 51,000 bpd and Oman by 42,000 bpd.
Kazakhstan said it will extend its voluntary cuts of 82,000 bpd through the second quarter.

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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
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Exports from Libya's Hariga Oil Port Stop as Crude Supply Dries Up, Say Engineers

A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)
A general view of an oil terminal in Zueitina, west of Benghazi April 7, 2014. (Reuters)

The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.

This week's flare-up in a dispute over control of the central bank threatens a new bout of instability in the North African country, a major oil producer that is split between eastern and western factions.

The eastern-based administration, which controls oilfields that account for almost all the country's production, are demanding western authorities back down over the replacement of the central bank governor - a key position in a state where control over oil revenue is the biggest prize for all factions.

Exports from Hariga stopped following the near-total shutdown of the Sarir oilfield, the port's main supplier, the engineers said.

Sarir normally produces about 209,000 barrels per day (bpd). Libya pumped about 1.18 million bpd in July in total.

Libya's National Oil Corporation NOC, which controls the country's oil resources, said on Friday the recent oilfield closures have caused the loss of approximately 63% of total oil production.