TRIPOLI: Libya's Arabian Gulf Oil Company (Agoco) has cut oil production by another 10,000 barrels per day (bpd) due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday. Abdeljalil Mayuf said Benghazi-based Agoco had now cut production by 30,000 bpd since Thursday. "We are now at 340,000 bpd," he said by phone. Demonstrators have obstructed the main entry gate since April 23, preventing Agoco staff from reaching their offices. Agoco had threatened to cut output if no solution was found by Thursday. Mayuf said more than 100 Agoco employees gathered outside the Benghazi office of the High Security Committee on Saturday calling for a solution to end the blockade. He said officials there said that a meeting was planned later in the day with the head of Libya's ruling council over the matter.   Copyright Reuters, 2012   ...

BENGHAZI: Protesters gathered outside Libya's largest oil company for a second day on Tuesday demanding more transparency over how the country's new rulers are spending its money and more jobs for the youth. Spokesman for the Arabian Gulf Oil Company (Agoco) Abdel Jalil Mayuf said the protesters were preventing employees from entering the building, attempting to halt work for a second day in a row. "We cannot get inside. They are protesting against the authorities, they want money," he told Reuters on Tuesday. Highlighting the continued risks months after the ouster of Muammar Gaddafi, the group of 50 protesters, some of them unemployed youth who had fought in last year's war, blocked the Agoco office entrance gate in the eastern city of Benghazi. Their demands, which have been echoed at previous protests in Benghazi, also included the sacking of Gaddafi-era officials. Oil represents the bulk of Libya's economy and the North African country is close ...

GENEVA: Nigerian light, sweet grades fell to a nine-month low on Tuesday as traders struggled to sell remaining cargoes for April and May just days before the release of the June programme. The benchmark Qua Iboe grade was assessed between dated plus $1.90-$2.10 a barrel, the lowest level since last July, due to muted buying interest from US and European buyers. Bonny Light, the other key Nigerian grade, was assessed below dated plus $2 a barrel after three additional cargoes were added to the May programme. "We've seen some distressed cargoes for Nigeria and I wouldn't be surprised if Qua Iboe trades below $2 a barrel soon," said a West African crude oil trader. Traders said that the outlook for Angolan grades was slightly more bullish given an expected fall in exports for June to around 1.63 million barrels per day. NIGERIA Qua Iboe: Traders said that prompt cargoes for this grade may already be below ...