The Iraqi Council of Ministers has approved a regulation requiring that 50% of foreign oil company employees working in the country be Iraqis. This comes after mass demonstrations in Basra calling for improved public services and increased job opportunities.
Saudi Energy Minister Khalid Falih announced that his country resumed oil exports via the Bab el-Mandeb Strait, amid Egyptian fears that a decrease in traffic in the popular shipping corridor could impact Suez Canal revenues.
The oil ports in Libya have been returned to the Government of National Accord, however the Libyan National Government is demanding that some of it's conditions are to be met. Some of those conditions include the reduction of corruption, and the division of the oil revenue equally among the people.
The Libyan National Oil Corporation (NOC) has announced that it will be resuming oil production in the ports of Ras Lanuf, Sidra, Hariga and Zuetina after the facilities were handed back to them on the 12th of July 2018. This comes after the heavy clashes between the LNA and militias over control of the ports in July.
The clashes between the different factions in Libya has decreased Libya's oil production and oil revenue immensely. The main ports of the Libyan Oil Crescent are controlled by the LNA while the GNA control two ports.
After a week of fighting, the Libyan National Army (LNA) loyal to Khalifa Haftar say they have retaken As Sidra oil port and and airstrip at Ras Lanuf. This comes less than a week after the LNA launched an operation to retake the two port cities which were lost to militias.
The two Libyan oil exporting cities of Ras Lanouf and Sidra are facing severe damage after clashes between the LNA led by Field Marshal Khalifa Haftar and the Petroleum Facilities Guard along with militias.
The Libyan National Oil Corporation (NOC) has announced that Libya has lost billions of dollars in oil revenues because of the clashes that have occurred in the Oil Crescent ports of Ras Lanuf and al-Sidra.
On the 26th of April, 2018 the Iraqi Oil Ministry held a oil and gas contract auction. While many have been considering this round of contract auctioning another failure of the Iraqi political system, Youssef Ali argues that the new contracts will bring lots of benefits to Iraq.
Algeria exported 27.2 million tonnes of crude oil in the first quarter of 2018 as part of strategy to slash costs on imported petroleum goods. The costs of imports dropped from 188.2 million to 51.3 million after the shift.