Weekly rise in global oil prices…US crude up 4.5%

By: Marwa Al-Khol

Sunday, March 3, 2024 at 02:00 PM

Oil prices in global markets posted weekly gains as global benchmark Brent crude rose about 2.4% and US West Texas Intermediate crude rose about 4.5%.

Brent crude futures settled at $83.55 a barrel and US West Texas Intermediate crude futures settled at $79.97 a barrel as prices rose about 2% in late trading on Friday.

The head of the Libyan Presidential Council, Mohamed Al-Manfi, confirmed that his country plans to launch major projects to increase the production capacity of natural gas, and preparations are underway to launch a new licensing round for oil and gas exploration in 2024. Libyan land and sea areas..

In his speech during the Forum of Gas Exporting Countries in Algiers, Al-Manfi said political and security progress and national reconciliation in Libya have led international companies to return to Libya to work on exploration, production and development activities. What the Libyan News Agency (WAL) reported..

Al-Manfi pointed out Libya's commitment to the Forum's goals as an effective platform for member states to cooperate and coordinate on natural gas-related issues, and promote the exchange of ideas and joint analysis of market conditions and opportunities for gas development. Its applications..

Al-Manfi affirmed Libya's efforts to work with brothers in Africa and friends in the Western Mediterranean to achieve cooperation that would enable producers on the African continent to access global and European markets. Libya's geographic location and proximity to European markets make it a common interest among many producing and consuming countries..

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The head of the Libyan Presidential Council stressed the need to focus on the use of natural gas as an important source of clean energy to face the challenges of climate change and mitigate its effects in a large number of countries. Transfer and implementation of advanced technologies in exploring, developing and sustaining the gas industry to contribute to achieving sustainable development by 2023. Africa's Agenda 2063 has energy security at the forefront.

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