Oil Daily | BP and Eni Resume Libyan Operations Amid Political Stabilization, Crude Prices React to Mideast Tensions

【Oil-Producing Countries Dynamics】

BP and Eni have resumed operations in Libya after a decade, with Eni starting exploratory drilling in the Ghadames Basin. Political instability previously hindered activities, but recent developments, including a new central bank governor, have allowed oil production to recommence. Repsol and OMV are also preparing to drill in Libya.

【Company News】

LG Energy Solution reported a 40% drop in third-quarter profits due to slowing demand for electric vehicle batteries. The company anticipates intensified competition from Chinese manufacturers and plans to reduce capital expenditures for 2025 amid ongoing macroeconomic and geopolitical risks. The US political climate is also a factor influencing future EV demand.

【Others】

Crude oil prices dipped following Israel’s targeted strikes against Iran, perceived as steps towards de-escalation in the Middle East conflict. Limited damage and avoidance of oil infrastructure have raised hopes for reduced tensions, impacting the oil market's risk premium and highlighting the influence of macroeconomic factors, especially from China, on oil prices.