TRIPOLI (Reuters) – Italian energy company Eni and Libya’s National Oil Corporation (NOC) have signed an $8 billion gas production deal, Eni’s chief executive Claudio Descalzi said on Saturday.
Oil rallies on unrest in Kazakhstan, Libyan outages and Russia pipeline flowed in reverse – 17th consecutive day.
On Thursday, oil prices rose sharply due to escalating unrest at OPEC+ oil producer Kazakhstan, and supply outages from Libya.
Oil prices rise to $78 because of optimism about 2022 outlook
Oil prices rose to above $78 per barrel Monday. This was due to tight supply and the hopes of a further demand recovery by 2022.
Oil Rallies Towards $80
It was only a week ago that OPEC and Non-OPEC agreed to add 1 million barrels per day (mb/d) to the market, but it already feels like a distant memory