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Oil & Gas News

Oil & Gas News
Released:  24/06/20162016-06-24
Word count:  261

Oil prices slumped more than 4 percent in Asian trading after results so far from a British referendum on European Union membership showed the "Leave" camp holding a lead.

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Reuters
U.S. crude was down $2.40 at $47.71 a barrel at around 0314 GMT. Brent crude was down $2.39 at $48.52 a barrel.

On Thursday, both contracts rose sharply, rallying on optimism that Britons would vote to stay in Europe.

But as the early results flowed in from the vote, the dollar fell below 100 yen for the first time since November 2013, while the pound slumped, as carnage swept through markets.

"It's like a rollercoaster ride in the markets right now, but it's too early to tell which side is going to win," said Bob Takai, president at Sumitomo Corp Global Research.

Financial markets have been racked for months by worries about what Brexit, or a British exit from the European Union, would mean for Europe's stability.

Early opinion polls showed the 'Remain' camp in the lead, perhaps giving markets a false sense of complacency. An Ipsos MORI poll put the lead at 8 points while a YouGov poll out just after polls closed found 52 percent of respondents said they voted to remain in the EU while 48 percent voted to leave.

But with results declared from 206 of 382 voting districts plus parts of Northern Ireland, 'Leave' was ahead by 51.3 percent to 48.7 in the referendum.

A vote to break with Europe could usher in deep uncertainty over trade and investment and fuel the rise of anti-EU movements across the continent.

Sterling fell by the most in living memory, down 10 percent. It was last at around $1.37. The euro fell to around $1.11 while the dollar fell to as low as 99.08 yen.

(Reporting by Aaron Sheldrick; Editing by Ed Davies and Joseph Radford)
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Business News

Business News

The General Electricity Company of Libya (GECOL) yesterday announced that the second unit at Zawia Dual Power Station had recommenced operations adding 200 MW to the generation capacity of the country’s network.

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Libya herald
GECOL said that the unit had gone off line for some urgent maintenance that had lasted a week. The company said that the contribution of the Zawia second unit would help reduce the power cuts in the country.

It also said that maintenance on the Gulf Power station in Sirte is ongoing and hoped that it will become operational soon, greatly reducing the hours of power cuts.

It will be recalled that Libya has been experiencing acute power cuts lasting for up to 11 hours in the capital Tripoli and for 2-5 days in some parts of the south. The fact that it is in the middle of the fasting month of Ramadan in the middle of summer has made the power cuts even more unwelcomed.

The power cuts had led to two major water cuts over two weeks to the greater Tripoli area as the Man-made River pumps at the water wells in the south of the country stopped operating. Benghazi also suffered a water shortage as power failed at Soloug water reservoir on Monday.

Libya has been experiencing on-off power cuts since the 2011 revolution as electricity infrastructure has been damaged during the revolution, and since. Electricity is also being used as a political tool in Libya’s political conflict as some militias and criminals have deliberately disabled power for leverage.

Many overhead power pylons have been destroyed either to steal their copper cables or as an act of political vandalism. The political instability and insecurity in the country has meant that foreign technicians are unable to visit Libya in order to carryout urgently needed maintenance.

Whilst Libyan technicians are able to carry out a lot of this work, some work can only be conducted by the manufacturers/installers as part of the contract guarantee or because of its technical complexity.

Power cuts and the equitable distribution of power to the various regions of Libya has led to demonstrations, road blockages and the burning of tyres and rubbish in protest.
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Oil & Gas News

Oil & Gas News
Released:  23/06/20162016-06-23
Word count:  285

Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote.

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Reuters
Trading has been choppy in the run up to Thursday's vote on whether Britain leaves or stays in the European Union (EU), although markets appear to have largely priced in a "Remain" vote.

Brent's August front-month contract LCOc1 was up 40 cents at $50.28 a barrel at 0217 GMT. It closed down 74 cents, or 1.5 percent, at $49.88 a barrel on Wednesday.

Prices for U.S. oil CLc1 were also higher, rising 43 cents to $49.56 a barrel.

Once the Brexit vote is out of the way the oil market is likely to switch its focus to fundamentals, turning its attention to more potential supply disruptions that have sent prices higher this year.

The worsening crisis in Venezuela, the country with the highest oil reserves, may be the next source of supply concern, said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.

"There is a cloud hanging over the market from the Brexit vote, which is keeping prices down a bit," he said. "If the vote comes off, we could go up," Nunan said, referring to a vote to remain in the EU.

U.S. crude inventories fell less than expected last week, while product inventories were up slightly, the U.S. Energy Information Administration said on Wednesday.

Crude inventories USOILC=ECI dropped 917,000 barrels in the week ended June 17, compared with expectations for a decrease of 1.7 million barrels. It was the fifth consecutive week of drawdowns for crude inventories.

The pound rose to a six-month high against the dollar early on Thursday. [FRX/]

The yen JPY=, often a safe-haven currency for risk averse investors, was down about 0.25 percent, while the Nikkei .225 rose by slightly more than that.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Ed Davies)
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Business News

Business News
Released:  23/06/20162016-06-23
Word count:  199

In an unexpected response to Benghazi’s mountains of garbage, the municipal council has called on companies involved in recycling to make proposals and offers.

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Libya herald
In a country where consumption has long been conspicuous, where there has been little public or official concern about the state of the environment, and where urban rubbish regularly piles up in mounds, this is a major new development, not just for Benghazi but for the whole country.

It is not just recycling of fresh waste that the council wants dealing with, but the existing garbage dumps dumps as well. The task is mammoth. Ever since the revolution, garbage disposal has been a major issue in the city. There have been regular strikes by street cleaners and garbage disposal teams because of repeated and long delays in salary payments sometimes workers have not been paid for five or six months, These are thought to have acted as a spur to the council’s sudden environmental awareness.

For the past two years, too, as the city has effectively gone through a civil war, several areas have been reduced to rubble and are now themselves little more than large garbage dumps.

The council is clearly aware that dealing with this once the city is stabilised and comely free of terrorists and militants, is going to be one of its prime tasks.
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Business News

Business News
Released:  22/06/20162016-06-22
Word count:  176

Between now and September, MEDA hopes to have 300 women complete modules in the beta version of the online course, which includes lessons on accounting, marketing, and other business topics. If MEDA is able to secure additional funding, Bramm plans to expand and scale the program in Libya and beyond.

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Fast company
Ontario-based technology partner D2L is best known for its online platform Brightspace, an adaptive learning solution and curriculum repository. (Brightspace's data-driven techniques earned it a spot on Fast Company's list of the most innovative companies in data science this year.)

"Being able to move sessions online and provide a high-quality experience I hope will help thousands of women," says D2L CEO John Baker. His instructional designers and developers have been working with MEDA to adapt lessons for mobile and to think creatively about ways for participants to build meaningful relationships. "The community was really a big part of what was happening in Libya before," he adds.

The project presented D2L with a number of design challenges. Some were specific to the cultural environment, such as the need to display content in Arabic, which reads from right to left. Others, such as providing users with ways to engage with content during network outages, spoke to current infrastructure limitations.

Read more at http://www.fastcompany.com/3060899/how-libyas-savvy-women-entrepreneurs-are-building-businesses-amid-conflict
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Oil & Gas News

Oil & Gas News
Released:  22/06/20162016-06-22
Word count:  303

Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

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Reuters
U.S. crude futures' August contract, the new front month from Wednesday, had climbed 9 cents to $49.94 a barrel by 0223 GMT. Earlier it rose to as high as $50.54, marking the first time it had risen above $50 since June 10.

Brent crude futures were up 4 cents at $50.66 a barrel, after settling down 3 cents at $50.62 on Tuesday.

U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group's figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll.

The U.S. government's Energy Information Administration will issue official stockpile data on Wednesday.

Markets remain jumpy over the possibility the United Kingdom will vote to leave the European Union on Thursday in a referendum, with polls showing little difference between the "remain" and "leave" camps.

The dollar clung to modest gains early on Wednesday after Federal Reserve Chair Janet Yellen held the line of "gradual increases" in U.S. rates, while sterling's short-covering rally lost momentum a day ahead of the referendum. [FRX]

Japan's Nikkei was down nearly 0.7 percent in early trading, while gold prices edged lower.

"Strengthening in the dollar and weakness in other currencies would ... be directionally short-term bearish for crude oil" in the event of a British exit, Societe Generale said in a research note.

A stronger dollar makes oil more expensive because it raises the cost for imports for most of the world's countries.

Still, fundamentals could come into play once the dust settles from the vote.

"Global demand growth is quite robust, driven by the U.S., China, India and other emerging markets," Societe Generale said. "On the supply side, declining U.S. crude production is expected to underpin a trend of lower non-OPEC production."

(Reporting by Aaron Sheldrick; Editing by Joseph Radford and Richard Pullin)
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News Releases

News Releases
Released:  22/06/20162016-06-22
Word count:  28

Tripoli, 21.06.2016(Lana) Hatef Libya Company has announced that passports system at Ras jadier border control restored last night after carrying out maintenance work by the company's engineers and technicians.

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LANA - Libyan News Agency
The passports system at the border control was interrupted due to the severing of the cable linking cables station in Ras jadier and the exit stamp desks .

=Lana=
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Oil & Gas News

Oil & Gas News
Released:  21/06/20162016-06-21
Word count:  318

Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues.

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Reuters
U.S. crude's expiring July front-month contract CLN6 was down 17 cents at $49.20 a barrel at 0242 GMT. The more actively traded August contract CLQ6, the new front-month from Wednesday, was down 16 cents at $49.80. That contract settled up nearly 3 percent at $49.96 on Monday.

Brent crude futures' August front-month contract LCOc1 was down 25 cents at $50.40 a barrel.

On Monday, it climbed $1.48, or 3 percent, to $50.65 a barrel. The contract has risen about 7 percent since Thursday's settlement, after dropping 10 percent in six previous sessions.

Two opinion polls released on Monday suggested support for Britain staying in the European Union had recovered some ground following the murder of a pro-EU lawmaker last week, although a third survey found backers for a "Brexit" ahead by a whisker.

While concerns over a British exit fade into the background, however briefly, supply issues are back in focus.

Saudi Arabia's crude oil exports dropped in April despite high production levels, suggesting its battle for market share against U.S. shale drillers may be running its course.

With oil prices up more than 30 percent this year, shale drillers are looking at turning the taps on again and have proved resilient beyond Saudi and OPEC expectations.

"Yet while tentative signs of rising drilling activity have materialized in a rising rig count in recent weeks, many producers are nervous about ramping up drilling operations without seeing a period of price stability," Matt Smith, director of commodity research at ClipperData, said in a note.

Potentially adding to supply, Iran has increased its crude exports capacity at its main terminal on Kharg Island to allow eight tankers to load simultaneously, the oil ministry's news agency Shana reported on Monday.

Meanwhile, Nigeria's naira NGN=D1 slumped 30 percent against the dollar on Monday after the country's currency peg was removed to alleviate the chronic foreign currency shortages choking growth in Africa's biggest economy and major oil exporter.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford)
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News Releases

News Releases
Released:  21/06/20162016-06-21
Word count:  115

Libya’s UN backed unity government is keen on restoring peace and stability in the country. The latest effort is in the form of a humanitarian agreement that was signed on Saturday, in Rome.

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Africa news
The new accord brings together representatives from different ethnic and political groups from the southern part of the country and was overseen by the Catholic Community of Sant’Egidio.

The vast desert region near the border of Algeria, Niger and Chad, in southern part of Libya escapes the authority of Tripoli, even after most of the political and military leaders have pledged allegiance to the Government of the National Unity, led by Fayez al-Sarraj.

According to a statement, the agreement will include the services of the Italian ministry of cooperation which is already providing assistance in the main cities along Libya’s coast and also those of the International Red Cross and other Non-Governmental Organizations.
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Oil & Gas News

Oil & Gas News
Released:  20/06/20162016-06-20
Word count:  244

Oil extended gains in Asian trading on Monday as a weaker dollar and easing worries over Britain's possible exit from the European Union helped support crude.

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Reuters
London Brent crude for August delivery was up 34 cents at $49.51 a barrel by 0235 GMT, after settling up $1.98, or 4.2 percent, at $49.17 on Friday.

NYMEX crude for July delivery, which expires on Tuesday, was up 44 cents at $48.42 a barrel, after closing up $1.77, or 3.8 percent, on Friday.

Campaigning for Britain's vote on EU membership resumed on Sunday after a three-day hiatus prompted by the killing of a pro-EU lawmaker.

Three opinion polls ahead of Thursday's vote showed the 'Remain' camp recovering some momentum, although the overall picture remained one of an evenly split electorate.

"It is hard to think the market's calmer tone... is going to be an ongoing theme this week, particularly as Brexit campaigning and the release of opinion polls has resumed again," ANZ said in a morning note.

The pound was up against the dollar at $1.4450 from $1.4350 on Friday. The Japanese yen held not far from its highest level against the dollar in almost two years. [USD/]

Oil prices continued to recover despite data showing U.S. energy firms adding oil rigs for a third week in a row, suggesting higher production to come.

Oil services firm Baker Hughes reported nine rig additions in the week to June 17. [RIG/U]

France's CGT union ended a strike on Friday that had paralyzed traffic for 26 days at the Fos Lavera oil terminals on the Mediterranean, the country's biggest oil hub, a management official at port operator Fluxel said.

(Reporting by Aaron Sheldrick; Editing by Ed Davies)
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Business News

Business News
Released:  20/06/20162016-06-20
Word count:  138

The Tripoli-based Central Bank of Libya (CBL) reported today that it had received another shipment totalling LD 250 million of newly-printed money from the UK.

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Libya herald
The shipment had arrived yesterday by air to Tripoli’s Mitiga airport and was of LD 5 denominations.

The CBL said that the consignment would be distributed to all banks across the country without exception. It will be recalled that Libya is going through an acute economic and financial crisis with oil exports down to 27 percent of peak 2012 production.

The political instability and insecurity has led to a loss of confidence which has led to a cash shortage at banks as the public have chosen to hoard their money at home rather than deposit it into their bank accounts.

The cash crises has led to large crowds and demonstrations outside banks. Both the CBLs, in a marketing drive by commercial banks, have encouraged the expanded use of POS and debit cards in an effort to mitigate the cash-shortage problem.
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Business News

Business News
Released:  17/06/20162016-06-17
Word count:  423

Abu Dhabi, U.A.E., 15 June 2016 – The average costs for electricity generated by solar and wind technologies could decrease by between 26 and 59 per cent by 2025, according to a report released today by the International Renewable Energy Agency

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IRENA
(IRENA). The report, The Power to Change: Solar and Wind Cost Reduction Potential to 2025, finds that with the right regulatory and policy frameworks in place, solar and wind technologies can continue to realise cost reductions to 2025 and beyond.

It estimates that by 2025, average electricity costs could decrease 59 per cent for solar photovoltaics (PV), 35 per cent for offshore wind, and 26 per cent for onshore wind compared to 2015. Electricity prices for concentrated solar power could also decrease as much as 43 per cent, depending on the technology used. By 2025, the global average cost of electricity from solar PV and onshore wind will be roughly 5 to 6 US cents per kilowatt hour.

“We have already seen dramatic cost decreases in solar and wind in recent years and this report shows that prices will continue to drop, thanks to different technology and market drivers,” said IRENA Director-General Adnan Z. Amin. “Given that solar and wind are already the cheapest source of new generation capacity in many markets around the world, this further cost reduction will broaden that trend and strengthen the compelling business case to switch from fossil fuels to renewables.” Since 2009, prices for solar PV modules and wind turbines have fallen roughly 80 per cent and 30 to 40 per cent respectively.

With every doubling of cumulative installed capacity, solar PV module prices drop 20 per cent and the cost of electricity from wind farms drops 12 per cent, due to economies of scale and technology improvements. Importantly for policy makers, cost reductions to 2025 will depend increasingly on balance of system costs (e.g. inverters, racking and mounting systems, civil works, etc.), technology innovations, operations and maintenance costs and quality project management. The focus in many countries must therefore shift to adopting policies that can reduce costs in these areas.

“Historically, cost has been cited as one of the primary barriers to switching from fossil-based energy sources to renewable energy sources, but the narrative has now changed,” said Mr. Amin. “To continue driving the energy transition, we must now shift policy focus to support areas that will result in even greater cost declines and thus maximise the tremendous economic opportunity at hand.”

The Power to Change, is the first of several solar-focused publications IRENA will release this summer. Future reports include Letting in the Light: How Solar Photovoltaics Will Revolutionize the Electricity System – which provides a comprehensive overview of solar PV across the globe and its prospects for the future – and a report on end-of-life management for solar PV panels. Both reports will launch at InterSolar Europe, taking place in Munich, 21-24 June.
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Oil & Gas News

Oil & Gas News
Released:  17/06/20162016-06-17
Word count:  604

The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall.

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Bloomberg
World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on June 14. For that to happen, the Organization of Petroleum Exporting Countries would have to pump an extra 650,000 barrels a day over the year, according to Bloomberg calculations based on IEA data. That would require solutions to militant attacks in Nigeria, deep political divisions in Libya or an economic crisis in Venezuela. "The IEA is highly optimistic in its assumption of elevated OPEC supplies next year," said Amrita Sen, chief oil analyst at consultants Energy Aspects Ltd. in London. "Even though many view outages in Libya and Nigeria as unplanned, we would argue they are partly symptomatic of low oil prices and unlikely to be resolved any time soon."

The supply and demand forecasts from the IEA, which advises 29 nations on energy policy, are important because they shape trading. The price of Brent crude has been on a roller coaster since 2014, with a global surplus driving it down 75 percent to a 12-year low of $27.10 a barrel in January, only to rebound to about $48 Thursday amid supply disruptions and unprecedented investment cuts.

Million Barrels

By the end of next year, OPEC will need to pump nearly 1 million barrels above last month’s production level to keep the market in balance, according to Bloomberg calculations based on IEA data. The agency doesn’t publish the OPEC production level it assumes to calculate its balances and its press office declined to provide the figures or comment on the basis for its assumptions.

Fulfilling the IEA’s forecast would require OPEC to overcome some major hurdles. In Nigeria, oil production has slumped to a 28-year low of 1.37 million barrels a day -- about 480,000 below its full capacity, IEA data show. A militant group calling itself the Niger Delta Avengers has been targeting pipelines and other infrastructure in the African nation for several months.

Libyan output remains just a fraction of the 1.6 million barrels a day pumped before the toppling of Moammar Qaddafi in 2011. The nation pumped 270,000 barrels a day in May, a decrease of 80,000 from the previous month as a dispute between rival governments in the west and east halted tanker loading at the port of Hariga for several weeks. Many of the country’s oil fields and export terminals are in the hands of armed groups with competing interests.

State of Crisis

In Venezuela, a severe economic crisis brought about by the slump in oil prices is making it difficult for the state oil company to pay its contractors for work necessary to sustain output, the IEA said. Output last month was 2.29 million barrels a day, the lowest since 2009, and the Latin American nation is on track for a drop of 100,000 barrels a day this year, it said.

After two years of oversupply, the world’s most industrialized countries have more than 3 billion barrels of oil in storage. This “enormous inventory overhang” reduces the prospect of “a significant increase in prices,” according to the IEA.

The agency estimates that inventories will decline very slightly in 2017, by an average of 100,000 barrels a day over the year. That narrow shortfall assumes OPEC will pump 33.3 million barrels of crude a day, compared with the organization’s May output of 32.6 million a day.

If OPEC output falls short of IEA estimates, those stockpiles would start to shrink rapidly, according to Bloomberg calculations.

“Without the return of Libya, it will be difficult for OPEC to meet the call for 2017,” said Olivier Jakob, managing director at consultants Petromatrix GmbH in Zug, Switzerland. “That should lead to more structural stock draws in 2017.”
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Oil & Gas News

Oil & Gas News
Released:  17/06/20162016-06-17
Word count:  190

Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain's possible exit from the European Union.

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Reuters
Brent crude futures were up 38 cents, or 0.8 percent, at $47.57 a barrel at 0143 GMT after slumping 3.6 percent in the previous session. The contract is on track to fall more than 5.5 percent for the week.

U.S. West Texas Intermediate crude futures rose 27 cents, or 0.6 percent, at $46.48. The contract fell 3.8 percent in the previous session and prices are down more than 5 percent so far this week.

The British pound rose from a two-month low after campaigning for next week's so-called Brexit vote next week was suspended following the murder on Thursday of UK member of parliament Jo Cox, who was a vocal advocate for Britain to stay in the European Union.

Commodities across the board also posted gains, while equity benchmarks including Japan's Nikkei stock average rose. "We need to brace ourselves for further volatility," said Ben Le Brun, market analyst at OptionsXpress in Sydney.

"We are seeing a bit of a recovery now with maybe some short positions being unwound. It is certainly going to be a wild ride for investors and traders going into the June 23 decision," he said.

(Reporting by Aaron Sheldrick; Editing by Ed Davies and Richard Pullin)
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Oil & Gas News

Oil & Gas News
Released:  16/06/20162016-06-16
Word count:  454

The global oil market will be almost balanced next year as demand continues to rise faster than production, while the current oversupply is much smaller than previously thought, the International Energy Agency (IEA) said.

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Al bawaba
The surplus in the first half of this year is about 40 per cent smaller than estimated a month ago, as consumption proves stronger than expected while disruptions reduce supply, the Paris-based agency said. Still, the "enormous inventory overhang” that accumulated during years of oversupply will limit any significant increase in prices, it said.

"At halfway in 2016 the oil market looks to be balancing,” said the agency, which advises 29 nations on energy policy. "Less oil has been stockpiled than we originally expected” as "oil demand growth has been significantly stronger” and "unexpected supply cuts” strained the availability of crude.

Oil prices in New York have surged about 80 per cent from a 12-year low in February to trade near $48 a barrel as production retreats amid investment cuts, wildfires disrupt operations in Canada and militant attacks hit exports from Nigeria. Prices tumbled last year as Opec refused to concede market share to a crude surplus triggered by years of booming shale oil output from the US.

Supplies outpaced consumption by 800,000 barrels a day in the first half of this year, the agency said, having estimated that difference at 1.3 million a day in last month’s report. The rebalancing of the market may be delayed if halted supplies in Canada, Nigeria and Libya are able to restart, the IEA said.

2017 outlook

In its first published estimates for supply and demand for 2017, the IEA estimated that global oil demand will increase by 1.3 million barrels a day next year, the same rate as this year, to reach 97.4 million barrels a day.

Production outside the Organisation of Petroleum Exporting Countries (Opec) will grow by a "modest” 200,000 barrels a day, with gains limited to Canada and Brazil. While US shale oil production will start to recover by the middle of next year, average output for 2017 will be 190,000 barrels a day lower, after falling 500,000 a day in 2016. Global inventories will decline by 100,000 barrels a day through the year, the IEA said.

As growth in demand exceeds non-Opec supply, more crude will be required from Opec. The organisation will need to provide an average of 33.5 million barrels a day next year, about 900,000 a day more than the 32.6 million a day its 13 members pumped in May, according to the report. Iran, now the fastest-growing Opec member as it restores exports curbed by international sanctions, may boost output by 100,000 barrels a day next year to 3.7 million a day.

For 2016, the agency raised forecasts for global oil demand by 100,000 barrels a day on stronger US fuel use, and cut projections for non-Opec supply by the same amount. Global oil supplies suffered their first "significant” contraction last month since 2013, falling 590,000 barrels a day from a year earlier as a result of spending curbs and unplanned outages

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Oil & Gas News

Oil & Gas News
Released:  16/06/20162016-06-16
Word count:  258

Oil prices fell in early Asian trade on Thursday, heading for a sixth day of declines, following a lower than expected draw on U.S. stockpiles and amid worries Britain might leave the European Union.

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Reuters
Front-month U.S. crude futures CLc1 were down 39 cents, or nearly 1 percent, at $47.62 a barrel at 0142 GMT. Brent crude LCOc1 was 34 cents, or 0.7 percent, lower at $48.63 a barrel.

Oil prices have fallen everyday after June 8, losing about 8 percent of their value.

Last week, Brent was at the highest this year, touching almost $53 a barrel, while U.S. crude was near $52 after supply disruptions from producers including Nigeria and Canada.

"Oil looks likely to struggle in the face of concerns that the recent rally was too strong and too fast," ANZ said in a note. U.S. crude stocks fell last week, the government said on Wednesday, but the decline was much smaller than anticipated, while gasoline stocks decreased sharply.

Crude inventories USOILC=ECI fell by 933,000 barrels in the last week, the U.S. Energy Information Administration reported, less than half the 2.3 million barrel decrease expected by analysts.

The U.S. Federal Reserve signalled on Wednesday that it still plans two U.S. rate hikes this year despite slower growth expectations, also hitting the oil market.

With a week to go before Britain votes on leaving the European Union, oil and other markets also remain in thrall to opinion polls, which are increasingly showing those supporting an exit are in the majority.

A so-called Brexit will lead to a Europe-wide recession and hit demand for oil, many analysts say.

Brexit is continuing to dominate sentiment, so for the time being data will continue to take a back seat.

(Reporting by Aaron Sheldrick; Editing by Richard Pullin and Joseph Radford)
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Oil & Gas News

Oil & Gas News
Released:  15/06/20162016-06-15
Word count:  154

OPEC has forecast that the world oil market will be more balanced in the second half of the year as outages in Nigeria and Canada help erode a supply glut that has weighed on prices more quickly than expected.

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Reuters
The Organization of the Petroleum Exporting Countries in a monthly report said its production fell by 100,000 barrels per day (bpd) in May led by Nigeria. It maintained forecasts of seasonally higher demand for its crude in the second half of the year and falling supplies outside the group.

"The excess supply in the market is likely to ease over the coming quarters," OPEC said in the report.

"Shutdowns in Nigeria and Canada tightened the oil market markedly and brought supply and demand more closely into alignment earlier than many had expected, bolstering prices."

OPEC's report points to a supply deficit of 160,000 bpd in the second half of 2016 if the group keeps pumping at May's rate. Excess supply in the first quarter was 2.59 million bpd, OPEC said.

(This copy corrects in para 5 to say OPEC report points to a supply deficit not surplus of 160,000 bpd in H2 2016)

(Reporting by Alex Lawler; editing by Jason Neely)
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News Releases

News Releases
Released:  15/06/20162016-06-15
Word count:  117

The French Foreign Ministry spokesperson, Roman Nadal, said that his country decided to allocate million Dollars for stability fund programs in Libya.

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Libya prospect
Stabilization program is an initiative proposed by the Government of National Accord (GNA) in Libya, implemented by the United Nations Development Programs (UNDP), and supported by the international community.

Nadal said that “the fund created by the unity government in cooperation with the United Nations Special Mission in Libya (UNSMIL), and UNDP is getting national and international support which allows the government to immediately helping needy citizens.”

He pointed that his country was fully participating in the international mobilization for Libya, calling its partners to support the fund.

From its side, UNSMIL declared the fund was commanded by Libyans, headed by Minister Taher Jhaymi, Ali Zaatari.

Holland previously allocated two millions euros for stabilization programs in Libya.
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Oil & Gas News

Oil & Gas News
Released:  14/06/20162016-06-14
Word count:  296

Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain's possible European Union exit.

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Reuters
Brent crude oil futures slipped below $50 a barrel, falling 50 cents to $49.85 by 0226 GMT, easing for a fourth successive day. U.S. crude was down 53 cents, or 1 percent, at $48.35 a barrel, also down for a fourth day in a row.

A stronger dollar overnight spilled into the oil market, while markets eyed recent polls showing Britain's "Leave" campaign in the lead ahead of a referedum on membership of the European Union.

"The risk-off mood that has been pervasive in the markets in the last few days has taken hold of oil prices, with weakness in Asian markets and a strong dollar contributing to Brent crude dripping back below $50 per barrel," said Mihir Kapadia, CEO at Sun Global Investments, which has assets under management totalling $500 million.

"There are some that think that the recent recovery in prices is due to temporary supply issues and not to do with any strengthening demand on the back of a robust global economy," Kapadia said.

A vote by Britain to leave the European Union, dubbed "Brexit," may tip Europe back into recession, putting more pressure on the global economy.

Britain's "Out" campaign has increased its lead over the "In" camp before the June 23 referendum, according to two opinion polls published by ICM on Monday.

Concerns about Chinese growth are also weighing on sentiment, enough to set aside bullish signs such as a U.S.

government forecast on Monday that shale oil output is expected to fall in July for the seventh consecutive month.

OPEC also forecast on Monday that the world oil market would be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut.

(Reporting by Henning Gloystein and Aaron Sheldrick; Editing by Joseph Radford and Richard Pullin)
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Business News

Business News
Released:  14/06/20162016-06-14
Word count:  398

Libya's $67 billion (47 billion pounds) sovereign wealth fund will go head-to-head with Goldman Sachs in London's High Court this week over claims that the U.S. investment bank exploited the fund by encouraging it to make risky and ultimately worthless investments.

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In what will be one of the most closely watched cases in the City of London, the Libyan Investment Authority (LIA) is attempting to claw back $1.2 billion from the Wall Street giant from nine disputed trades carried out in 2008.

The LIA's claim hinges in part on its allegations that the trades were procured under "undue influence". It specifically cites an internship that Goldman Sachs provided for Haitem Zarti, the brother of Mustafa Zarti, the LIA's former deputy chief. Neither Zarti is connected with the fund now. Reuters could not reach either of the brothers for comment.

Goldman Sachs, which denies all the allegations, maintains that its relationship with the LIA was at all "material times an arm's length one" between banker and client, and that the trades in question "were not difficult to understand".

"The claims are without merit and we will continue to defend them vigorously," the bank said in an emailed statement on Friday.

The case is expected to shine a light on the way some of the world's biggest investment banks conducted business with Colonel Muammar Gaddafi's regime, doing deals that generated large fees, but which the Libyans say did little to benefit the oil-rich state's sovereign wealth fund.

Libya set up the LIA in 2006 with the aims of investing the large reserves accumulated from its oil revenues and integrating its economy into the international financial system after years of sanctions.

An internal quarterly LIA management report obtained by the anti-corruption campaign group Global Witness in 2011 suggested the fund had suffered heavy losses. One of the biggest was a 98.5 per cent fall in the value of the fund's $1.2 billion equity and currency derivatives portfolio.

The LIA is also pursuing the French investment bank Societe Generale (SOGN.PA) for some $2.1 billion in relation to another set of trades entered into between 2007 and 2009. SocGen is contesting the case, which is only expected to come to trial in January 2017.

The business advisory firm BDO has been appointed by the court to manage the litigations on the LIA's behalf, as two rival chairmen are still laying claim to control of the LIA.

It was hoped this issue would be resolved with the formation of a U.N.-backed unity government for Libya, but this is still struggling to establish itself.

The Goldman Sachs case is scheduled to run for seven weeks.

(Reporting by Claire Milhench; Editing by Hugh Lawson)
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