Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January.
Libya’s oil production has now reached 1.215 million bpd, the source told Reuters.
Production in Libya started to rise in the middle of September after the self-styled Libyan National Army (LNA) of General Khalifa Haftar lifted the eight-month-long blockade on Libyan oil fields and terminals. Since mid-September, Libya’s National Oil Corporation (NOC) has gradually lifted force majeure on the oil terminals and oilfields, and Libya’s crude oil production rose from below 100,000 bpd during the blockade to as much as 500,000 bpd in the middle of October.
NOC said over the weekend that oil production had already topped 1 million bpd but warned that these levels might not be sustainable.
“The National Oil Corporation asserts that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased under the reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy,” the company said in a statement.
Within a month, Libya’s production could reach 1.3 million bpd, NOC’s chairman Mustafa Sanalla told the Wall Street Journal on Monday.
Despite the fact that Libya’s oil production has hit 1 million bpd, the OPEC member exempted from the cuts will not join the OPEC+ quotas until its output stabilizes at 1.7 million bpd, Sanalla told Wall Street Journal reporter Benoit Faucon.
The return of Libyan oil has been a growing concern for the oil market and for the OPEC+ group as well because the outlook on global oil demand is clouded again by the second coronavirus wave.
By Charles Kennedy for Oilprice.com
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Charles is a writer for Oilprice.com
Tesla whistleblower Martin Tripp ordered to pay $400,000 to settle hacking case – The Verge
Martin Tripp, the former Tesla worker who has been embroiled in a bitter legal battle with CEO Elon Musk for over two years, was ordered to pay his former employer $400,000 after admitting to leaking confidential information to a reporter.
The settlement is intended to bring an end to one of the more sordid stories at Tesla, in which Tripp, a former process technician, locked horns with the billionaire CEO over allegations that Tesla was wasting a “jaw-dropping” amount of raw material as it ramped up production of the Model 3 sedan.
Musk later accused Tripp of “sabotage” and personally ordered investigators to hack Tripp’s phone and spy on his messages. Tesla even misled local police about a potential mass shooting by Tripp at the company’s Nevada factory.
But in the end, Tripp came out on the losing side. The payment is part of a proposed settlement to a lawsuit filed by Tesla in 2018 alleging that Tripp hacked the electric car company’s system and transferred “gigabytes” of data to third parties. As part of the agreement, Tripp admitted to violating laws related to trade secrets and computer crimes when he told a Business Insider reporter that Tesla was wasting a significant amount of raw materials during production of its Model 3.
Tripp also agreed to pay $25,000 to Tesla for continuing to reveal information about the company, despite being ordered to stop by a judge. Tripp had been publishing a large number of documents and videos online, including many under a confidentiality order in the case. In August, Tripp fired his lawyers and set about representing himself in the case. It was also revealed that a Tesla short seller, The Funicular Fund, was financing Tripp’s legal defense.
Earlier this year, a judge dismissed Tripp’s defamation case against Tesla, in which the former technician accused the company of spreading false rumors about him. After Tripp filed for whistleblower status with the Securities and Exchange Commission, Musk emailed a reporter at The Guardian telling them a tipster had contacted Tesla to say that Tripp might “come back and shoot people,” at the Nevada Gigafactory. The local sheriff determined the threat was not real, but Tesla issued a press release, which was picked up by several media outlets.
Canada's economy bounced back at record 40% pace in third quarter — but GDP still below pre-COVID level – CBC.ca
Statistics Canada said Tuesday the economy grew at a record annualized pace of 40.5 per cent in the third quarter as businesses came out of COVID-19 lockdowns.
The previous record for quarterly growth in real gross domestic product was 13.2 per cent in the first quarter of 1965, the agency said.
As historic as the rebound was, it fell short of expectations.
Financial data firm Refinitiv said the average economist estimate was for an annualized growth rate of 47.6 per cent for the quarter.
The rebound over July, August and September was a sharp turnaround from the preceding three-month stretch, which saw a record drop.
Driving the rebound were the further rolling back of public health restrictions that allowed businesses to reopen.
Statistics Canada also said there was a substantial increase in the housing market owing to low interest rates, as well as household spending on goods like cars.
GDP still lower than it was in February
Despite the overall increase, the national statistics office said real gross domestic product still remains shy of where it was before the pandemic.
The third quarter ended with the fifth consecutive monthly increase in real GDP after the steepest monthly drops on record in March and April when widespread lockdowns were instituted to slow the spread of COVID-19.
September saw a 0.8 per cent increase in real GDP, Statistics Canada said, a slight slowing from the 0.9 per cent recorded in August.
The agency also provided a preliminary estimate for October’s figures, saying early indicators point to a 0.2 per cent increase in the month. The figure will be finalized at the end of this month.
“The fourth quarter of 2020 is still beginning with some growth, though less than we had anticipated,” CIBC senior economist Royce Mendes wrote in a note.
“Looking ahead, the economy faces a December with harsh restrictions that will likely see another contraction in economic activity.”
Statistics Canada says economy grew at a record pace in Q3 – CityNews Toronto
Statistics Canada says the economy grew at a record annualized pace of 40.5 per cent in the third quarter as businesses came out of COVID-19 lockdowns.
Financial data firm Refinitiv says the average economist estimate was for an annualized growth rate of 47.6 per cent for the quarter.
The rebound over July, August and September was a sharp turnaround from the preceding three-month stretch saw a record drop.
Driving the bounce-back were the further rolling back of public health restrictions that allowed businesses to reopen.
Statistics Canada also says there was a substantial increase in the housing market owing to low interest rates and household spending on goods like cars.
Despite the overall increase, the national statistics office says real gross domestic product still remains shy of where it was before the pandemic.
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