Fleeing the convulsions that shake their countries, more than 1.2 million Libyans left their country to settle in Tunisia.
Libyan tourist inflows posted an increase of 39% during the first three months of the year, against 16.5% during the same period in 2015, according to data provided to African Manager.
Fleeing the convulsions that shake their countries, more than 1.2 million Libyans left their country to settle in Tunisia.
Oil prices jumped on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 2 percent, or almost $1, to $44.69.
Traders said that WTI prices were driven up by uncontrolled wildfires in Canada that disrupted oil production in the province of Alberta.
A massive wildfire has forced the evacuation of all 88,000 people in the western Canadian oil city of Fort McMurray and burned down 1,600 structures, and has the potential to destroy much of the town, authorities said on Wednesday.
With evacuees being told to head north towards Alberta's oil sands fields, production at several facilities has been disrupted, although the decline in output was unclear.
Brent was pushed higher by escalating fighting in Libya.
Libya's already crippled oil production is at risk of further decline from a stand-off between rival eastern and western political factions, which prevented a cargo belonging to trading giant Glencore from loading.
A Tripoli-based oil official warned the country's oil output could fall by 120,000 barrels per day (bpd) if the Benghazi-based National Oil Corporation (NOC), set up by the rival eastern government, continues to block tankers loading for Tripoli from the eastern Marsa el-Hariga port.
Libya's output has already fallen to less than a quarter of its 2011 high of 1.6 million bpd.
Investment firm ETF Securities said that unplanned outages within the Organization of the Petroleum Exporting Countries (OPEC), of which Libya is a member, stood above 2 million bpd, the highest in at least five years.
Adding to these disruptions, U.S. production continues to fall, with the latest official figures showing a decline by 4.4 percent since January and by over 8 percent since mid-2015 to 8.825 million bpd, and ETF Securities said overall market fundamentals were turning bullish.
"Investor optimism for oil has markedly improved. We believe the gains in price are sustainable and not just driven by speculative gains. We are likely to be in a global oil supply deficit by Q3 2016," said Nitesh Shah, director of commodity strategy at ETF Securities.
This optimism came despite another surge of 2.8 million barrels in U.S. commercial crude inventories to a fresh record of 543.394 million barrels C-STK-T-EIA.
(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger)
Tripoli, 4 May 2016(Lana) The Head of the Presidential Council of the Government of National Accord Fayez Al Saraj and the Prime Minister of Malta Joseph Muscat have discussed Libyan-Maltese relations and means of bolstering them in all areas.
The Prime Minister of Malta arrived in Mi'tiga Airport in Tripoli earlier in the day at the head of a delegation for an official visit to Libya.
Oil prices stabilized on Wednesday after falling for two straight days on concerns that slowing economic growth and rising Middle East output would extend a global supply overhang.
U.S. West Texas Intermediate (WTI) futures were up 7 cents at $43.72 a barrel.
This followed two trading sessions in which Brent fell nearly 7 percent and WTI nearly 5 percent from end-April levels, with crude pulled down by rising output from the Middle East and renewed signs of economic slowdown in Asia.
"Asia's big markets continue to disappoint: Japan sank further, China relapsed, and India slipped," said Frederic Neumann of HSBC in Hong Kong, adding that exports were "stuck below the waterline" and "local demand looks wobbly, too."
In the United States, the economy is also stuttering.
"Year-on-year factory orders dropped for a 16th straight month," said the U.S.-based Schork Report. "The U.S. is set for sub-3 percent growth for a record 11th year," it said.
In oil production, U.S. output has fallen from a peak of over 9.6 million barrels per day (bpd) in summer last year to just over 8.9 million bpd currently. That, traders said, has helped lift oil prices away from decade lows under $30 per barrel touched earlier this year. However, the country's crude inventories rose by 1.3 million barrels in the week to April 29 to 539.7 million barrels, according to data from the American Petroleum Institute, enough to meet global demand for almost a week.
Still, strong demand for refined products reduced stockpiles of gasoline, diesel and heating oil.
Thanks to ongoing strong demand and further expectations of U.S. production cuts oil prices would likely rise in the short-term, BMI Research said on Wednesday.
"We anticipate a strong pullback in non-OPEC supplies. We also expect some support from the U.S. (summer) driving season. Bloated crude stocks will thus unwind in the coming months," BMI said.
"We believe prices will strengthen above $50 per barrel, trading in a range of $50-$60 per barrel until the end of the year," it said.
(Reporting by Henning Gloystein; Editing by Richard Pullin and Tom Hogue)
An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.
If the tanker, Seachance, cannot load or the port is closed, Libya’s production could drop by 120,000 barrels per day, the official said.
An eastern NOC official said the order was in line with the east's failed attempt to export a shipment of 650,000 barrels of oil last week in defiance of the authorities in Tripoli, part of a power struggle between Libya's rival administrations.
Seachance had been initially due to load on April 26-28 and was part of the Tripoli NOC's loading program, an NOC official in the capital said.
The eastern NOC was formed by one of two competing governments that struggled for control in Libya from 2014, each backed by loose alliances of armed groups.
A United Nations-backed unity government arrived in Tripoli last month and is attempting to establish its authority over the North African OPEC state, but it has continued to face vocal opposition from some in the east.
Libya's oil output has dropped sharply amid the political chaos, labor unrest and insecurity that have followed the uprising against autocrat Muammar Gaddafi five years ago.
Production is currently less than a quarter of a 2011 high of 1.6 million bpd.
The eastern NOC has long said it plans to export oil independently, but until last month had failed to secure a tanker. After it shipped a cargo of oil on the Indian-flagged Distya Ameya on April 25, the United Nations blacklisted the vessel and it returned to a port in western Libya controlled by the Tripoli NOC.
Eastern officials have issued a series of defiant statements in recent days, vowing to continue their efforts to export oil.
(Additional reporting by Ahmad Ghaddar and Libby George in London; Writing by Aidan Lewis; Editing by Patrick Markey and Gareth Jones)
Ghiryan, 03.05.2016(Lana) Projects Administration of Ghiryan Municipality followed up with several engineers of the Libyan-Malaysian Roads Company part of the Ghryan-Jadu road to resume Maintenance work.
The municipal council discussed recently problem barring resumption of Maintenance work.
Oil prices rose on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang.
Higher oil came on the back of a slumping dollar, which makes purchases of dollar-traded fuel cheaper for countries using other currencies, potentially spurring demand, as well as strong investor interest in oil.
The dollar has lost over 7 percent of its value this year against a basket of other leading currencies .DXY and it hit fresh 18-month lows against Japan's yen JPY= on Tuesday.
Energy Aspects' oil analyst Virendra Chauhan said the weak U.S. dollar was a factor in rising oil prices, but also pointed to a "sentiment shift", with significant passive and commodity trading advisor (CTA) money flows back into energy after two years out.
However, traders said the gains were capped by rising output in the Middle East as well as fears over China's economic health after factory activity shrank for a 14th straight month in April.
Iraq, the second biggest exporter within the Organization of the Petroleum Exporting Countries (OPEC), was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.
That was higher than the March average of 3.286 million and close to its November record of 3.37 million bpd.
Production in OPEC's biggest exporter, Saudi Arabia, was 10.15 million bpd in April, but sources have said it may rise to near-records of 10.5 million bpd in coming weeks.
Iran is also adding to surging Middle East output following an end to crippling sanctions in January. The producer has increased its exports to almost 2 million bpd from a little over 1 million bpd at the start of the year, with sales to South Korea in particular soaring.
The Middle East supply jump counters falling output in the United States, where production has declined from a peak of around 9.6 million bpd in June 2015, to below 9 million bpd now, according to U.S. Energy Information Administration (EIA) data.
This helped lift crude futures by almost a third in April, and they have recovered over 70 percent from decade lows reached in early 2016.
(Reporting by Henning Gloystein; Editing by Joseph Radford and Richard Pullin)
A tanker with oil from eastern Libya returned with its cargo to the North African country after the United Nations blacklisted the shipment, amid an escalating struggle between the nation’s rival governments for control of its crude wealth.
The UN Security Council added the vessel to its sanctions list on Wednesday after the Mediterranean island of Malta refused to let it dock there. The NOC in Tripoli called the shipment illegal and informed Libya’s newly formed UN-backed unity government about the eastern government’s attempt to export oil independently.
“This episode is a clear warning to all ship owners and trading companies that oil exports from Libya by any other entity than the National Oil Corporation of Libya are illegal and will be stopped,” Sanalla said. “We need to agree that our oil should not be divided.”
The NOC’s competing administration in eastern Libya will continue shipping oil from the port of Hariga and notify the UN, Nagi Elmagrabi, head of NOC in the east, said in an interview.
Libya, with Africa’s largest proven crude reserves, broke into two separately governed regions in late 2014, one centered around Tripoli in the west and the other an internationally recognized government in the east. Libyans are working with U.S. and European support to establish a Government of National Accord. While the country’s divide extends to the state oil company, it’s the NOC leadership in Tripoli that’s recognized by traders such as Glencore Plc and Vitol Group as the OPEC member’s official crude marketer.
Libya pumped about 1.6 million barrels a day of crude before a 2011 rebellion that ended Moammar Al Qaddafi’s 42-year rule. It’s now the smallest producer in the Organization of Petroleum Exporting Countries, producing 330,000 barrels a day in March, according to data compiled by Bloomberg. Since Qaddafi’s ouster and death, armed militias are also competing for control of the nation’s oil facilities.
“In the last three years, we have lost close to $75 billion up to April 2016 due to blockades at our oil ports and oil pipelines by militias,” Sanalla said in the statement. “We can double our production – and national revenues – within a matter of months if the blockades are lifted. We have a plan to bring oil production back to pre-revolution levels,” he said, without providing details.
The Distya Ameya arrived Saturday at about 9 a.m. local time at Zawiya in western Libya, Sanalla said. The tanker, with a cargo-carrying capacity of 650,000 barrels, will unload in the next few days, he said.
By returning to Libya, the tanker avoided the more forceful resolution to an incident in 2014 when U.S. Navy SEAL commandos seized a crude tanker that rebels tried to ship from the country’s central region. That ship was subsequently rerouted to a port under the control of the Tripoli authorities.
Oil prices fell on Monday as rising production in the Middle East outweighed a decline in the U.S. output and a sliding dollar, while Morgan Stanley warned that an emerging gasoline glut could also spill back into crude markets.
Liquidity was low due to May Day holiday in many countries.
Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing a decline in the U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.
"The weaker dollar failed to excite investors in the crude oil markets," ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.
The dollar has fallen over 6 percent this year against a basket of other leading currencies .DXY, but traders said the weak greenback and falling U.S. output had been priced into the market during April's price rally.
OPEC supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey. That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to the highest, since at least 1997.
Russia, the biggest exporter outside OPEC, increased crude for seaborne exports to 3.117 million bpd in April, from 2.903 million bpd in March.
Morgan Stanley said there is also a threat to crude prices coming from an emerging gasoline glut.
"Asia is the hub of a growing gasoline challenge… A growing product glut could lead to (refinery) run cuts later this year. We see a growing risk to refinery demand for crude oil," the U.S. bank said.
Despite this, the chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.
"In a normal economic environment, we will see the price direction is rather upwards than downwards," IEA Executive Director Fatih Birol said on Sunday during a G7 meeting of energy ministers in Japan.
Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.
With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said.
U.S. energy secretary Ernest Moniz said on Monday, at the same event in Japan, that U.S. oil production would likely fall 600,000 bpd this year, compared with 2015 when output peaked around 9.6 million bpd.
(Reporting by Henning Gloystein; Editing by Richard Pullin and Sherry Jacob-Phillips)
The Thinni government’s attempt to sell oil on its own account ended today when the Indian tanker that had lifted the cargo began discharging it in Zawia.
The United Nations Security Council blacklisted the Distya Ameya on an application from the National Oil Corporation in Tripoli. This was backed by Libya’s UN envy Ibrahim Dabbashi, who was thereupon yesterday fired for a second time by the government of Abdullah Thinni.
The government, appointed by the internationally-recognised House of Representatives, established a rival NOC alongside it in Beida headed by Nagi Elmagrabi. For the last six months there have been moves to establish a separate NOC bank account in the UAE. It is unclear where the Beida NOC intended to channel the sale proceeds of the Indian tanker’s cargo. Last December it was reported to have signed a deal to supply Egypt with 2 million barrels of crude. It is not thought that any deliveries have yet been made.
Historically NOC’s earnings have been paid into an account of the Libyan Central Bank held in the Libyan Arab Foreign Bank’s Naples branch.
Tripoli NOC boss Mustafa Sanalla today said that the fate of the Distya Ameya should be a clear warning to all shipping companies and oil traders that only his NOC had the legal right to sell oil and anyone else attempting this would be stopped.
He warned that those behind this attempt to export crude were in danger of splitting the country.
“Let us be clear, that is what is at stake” he said, “I believe in the unity of Libya. As one nation we need to agree that our oil should not be divided at this stage of our political evolution, because this will lead to the country itself being divided”
Sanalla bemoaned the lack of clarity over NOC in the Libyan Political Agreement, saying that perhaps NOC should have been at the heart of the deal.
It is still unclear what persuaded the master or owner of the Distya Ameya to give up the attempt to sail on with its cargo. Nor has it yet been established who the beneficial owners of the crude were supposed to be.
Spanish oil giant Repsol is ready to resume activity in Libya once the security situation allows it, Spain's foreign minister said Thursday during a visit to Tripoli.
"Repsol is ready to resume production as soon as an accord is finalised," Garcia-Margallo said during a press conference after meeting the head of the unity government, Fayez al-Sarraj.
Libya's warring rivals have come under intense international pressure to rally behind the unity government at a time when the country is grappling with a growing jihadist threat.
Prime minister-designate Sarraj's cabinet has taken control of eight government ministries including foreign affairs as it seeks to assert its authority over the violence-plagued country.
But his government has still not been endorsed by a vote of confidence from the internationally recognised parliament in Tobruk.
Repsol has operated in oil-rich Libya since 1975, and was pumping 340,000 barrels per day before it ceased activity in the country in 2014 due to security concerns.
Garcia-Margallo said the company would be able to produce 100,000 bpd at the Al-Sharara plant in south Libya once the situation stabilised.
Spain's foreign minister said he and Sarraj discussed"the intensification of cooperation in the fight against illegal migration and against terrorism".
A host of Western diplomats have been to Tripoli to show support for Sarraj's fledgling administration.
Crude oil prices fell in early trading on Friday as a looming rise in Middle East output may drag on the stronger markets seen in April, although falling U.S. production and a weakening dollar are still offering support.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents at 45.85 a barrel.
Both contracts remained near 2016 highs of $48.19 and $46.14 per barrel respectively, and WTI's smaller fall was a result of declining U.S. crude output, traders said.
Despite Friday's dips, Brent and WTI are up almost a third from April troughs and are over 75 percent above their 2016 lows, lifted by falling output and a weaker dollar, which has fallen almost 6 percent against a basket of other leading currencies .DXY this year.
But Deutsche Bank said that a looming rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC) - with climbing Iranian output and following outages in Iraq, Nigeria and the United Arab Emirates - could cap recent oil price rises.
"A sustainable rise in OPEC production may be just around the corner, and ... the rally may pause," the bank said in a note to clients.
"Maintenance in the UAE at fields ... is scheduled to end in April, implying a rise from current production of 2.73 million barrels per day (bpd) to the previous 2.91 million bpd production rate in May," Deutsche said.
For 2017, the bank said it expected to be around 33.1 million bpd, "with upside risks originating from Libya and Saudi Arabia, and downside risks from unplanned outages and spending cuts in Iraq".
One of the main repercussions of the global oil price rout between 2014 and early 2016 has been a deep economic crisis in crude export-reliant Venezuela, where political risk consultancy Eurasia Group said the government faces default as the state runs out of cash to keep the oil pumps running.
"The government needs to invest about $15 billion per year to maintain current production (2.4 million bpd), and mounting problems will probably lead to a decline of 100,000–150,000 bpd this year," Eurasia Group said.
"Barring a meaningful recovery in oil prices or fresh loans from China in the second half of the year, scarce foreign exchange will probably force the state to default later this year, most likely in the fourth quarter," it added.
The Central Bank of Libya (CBL) has announced today that it has opened LCs for a total value of US$ 280 million from 1st January to the 27th April 2016.
These LCs were specifically for companies importing foodstuffs including meat, in order to meet the anticipated high demand in the fasting month of Ramadan starting in June.
The CBL announcement comes as part of the policy announced jointly after a meeting between the CBL and the PC/GNA during which it was agreed to implement five urgent measures to resolve the acute economic conditions Libya was going through.
These included the plan to open LCs for a total of US$ 1.2 bn. It hopes that these measures will help decrease consumer prices and the black market rate of the US$.
Oil prices jumped about 3 percent on Wednesday, hitting new highs for 2016 as the dollar weakened after the Federal Reserve announced it would leave U.S. interest rates unchanged.
A Reuters poll of analysts had forecast a build of 2.4-million barrels.
In early afternoon, the Fed announced it was leaving interest rates unchanged, and issued a statement implying it was in no hurry to raise rates. Futures of Brent and U.S. crude's West Texas Intermediate (WTI) surged minutes before settlement, hitting new peaks for the year as the dollar sank to session lows.
"Bullish momentum from a technical perspective, in cahoots with dovish Fed rhetoric, has this market on fire again despite the crude inventories we're seeing," said Matt Smith, director of commodities research at New York-headquartered Clipperdata.
Front-month Brent finished up $1.44, at $47.18, having hit a 2016 high of $47.45 earlier.
WTI's front-month contract settled up $1.29, percent, at $45.33 a barrel, after hitting a 2016 high at $45.62.
Declines in the dollar make oil and other commodities denominated in the greenback more affordable to holders of other currencies.
Futures of heating oil, also known as ultralow sulfur diesel, jumped 3 percent as stockpiles of distillates, which include ULSD, fell much more sharply than expected, the EIA data showed.
Gasoline futures rose to August highs despite an inventory build that also far exceeded expectations.
Some traders said crude's rally was overdone, and warned that higher prices could encourage more production which would aggravate a global supply glut.
Brent has gained more than $20 a barrel, or nearly 75 percent, since hitting 12-year lows in late January. For April, it is up 19 percent, heading for its largest monthly gain in a year.
"With crude inventories building and the Saudis still pumping at record levels, we feel the recent run-up has been mainly fueled by the weakness on the dollar," said Tariq Zahir, trader and portfolio manager at Tyche Capital Advisors in New York.
The prospect of a production freeze among the world's largest oil exporters evaporated almost two weeks ago after a meeting between OPEC and Russia ended in stalemate.
(Additional reporting by Amanda Cooper in LONDON; Editing by Marguerita Choy and David Gregorio)
The United Nations Security Council Libya sanctions committee blacklisted on Wednesday an Indian-flagged tanker carrying crude oil shipped by the rival eastern Libya government, said diplomats, which would prevent it from entering any ports.
Diplomats, speaking on condition of anonymity, said the sanctions committee chair had informed them that there were no objections to the Dabbashi's request before a 3 p.m. (1900 GMT) Wednesday deadline so the ship was added to the sanctions list.
The eastern Libya government has set up its own National Oil Company (NOC) to act parallel to the Tripoli-based NOC, which is recognized globally as the legitimate seller of Libyan oil.
The Distya Ameya tanker is carrying 650,000 barrels of oil on behalf of Libya's eastern NOC. The ship appeared to be south east of Malta when it last reported its position through the publicly available AIS tracking system on Wednesday afternoon.
The ship is carrying oil ordered by a company called DSA Consultancy FZC, registered in the United Arab Emirates, according to Libyan authorities.
DSA Consultancy said on Wednesday it believed the shipment was legitimate. It said it had "a signed and agreed contract from the NOC dated 13th October 2015 to lift oil", and that the "ultimate beneficiary" was the Central Bank of Libya.
Diplomats said the sanctions committee had also written to the governments of India and the United Arab Emirates to remind them of the Libya sanctions and seek further clarification and relevant information on the shipment.
In March 2014, the Security Council allowed the Libyan government to request that vessels carrying oil from rebel-held ports be blacklisted by the sanctions committee and authorized states to board and inspect designated ships on the high seas.
A 2011 uprising in Libya toppled leader Muammar Gaddafi but left the country in chaos.
Two competing governments, one in Tripoli and one in the east, backed by militias scrambled for control of the oil-producing country, creating a power vacuum that allowed Islamic State militants to gain a foothold in the North African state.
Leaders of a U.N.-backed Libya unity government, designed to replace the rival administrations, arrived in Tripoli last month. That government said on Monday it had taken control of seven ministries in Tripoli.
(Reporting by Michelle Nichols; Editing by Toni Reinhold)
A consignment of newly printed banknotes from Britain arrived in Tripoli’s Mitiga airport today destined for the Tripoli-based Central Bank of Libya (CBL).
The CBL said that today’s shipment will be distributed to all banks across the country.
The CBL had been expected to continue the phased withdrawal of the old Qaddafi-era banknotes, but there is speculation as to whether it will delay that in the short term in order to help mitigate the cash crises.
The CBL had brought forward this delivery in an effort to mitigate the current cash shortage the country was going through. It is not clear if this one shipment alone will solve the cash crises which was rumoured to be no more than LD 150 million.
Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.
In post-settlement trade, both benchmarks rose more than 4 percent after the American Petroleum Institute reported a drawdown of nearly 1.1 million barrels in U.S. crude inventories last week versus a 2.4 million-barrel build expected by analysts in a Reuters poll.
The API report is a precursor to official inventory data due on Wednesday from the U.S. Energy Information Administration.
"There's a possibility we could see newer highs from here, notwithstanding the EIA data, as the market is really fired up on the idea of tightening supplies," said John Kilduff, partner at New York energy hedge fund Again Capital.
Brent crude futures finished up $1.26 at $45.74 a barrel. In post-settlement trade, it rose as much as $2.01 to a 2016 high of $46.49.
U.S. crude futures settled up $1.40 at $44.04. It gained $2.19 in after-hours trade to reach a year-to-date peak of $44.83.
Crude markets got off to a rousing start in the New York session as gasoline futures and gasoline refinery margins both surged from refinery outages, Venezuela buying and a reported drop in New York inventories.
"I think the market has become more optimistic on oil products," said Scott Shelton, broker and commodities specialist with ICAP in Durham, North California. "If refining margins stay strong, crude runs will be quite high and that will make the odds of a crude stock draws increase significantly."
Oil prices are headed for a fourth straight week of gains, with Brent on track to finish April 17 percent higher for its best monthly gain in a year, despite aborted plans by major producers to agree on an output freeze at a meeting in Qatar earlier this month.
Tuesday's oil rally was also underpinned by a weaker dollar, which fell on expectations that the U.S. Federal Reserve's Federal Open Market Committee (FOMC) will keep interest rates at existing levels. The dollar rallied earlier this year, weighing on oil, as investors braced for higher rates.
"For now, the line of least price resistance remains to the upside, and we will be reassessing this view in light of tomorrow's FOMC statement," said Jim Ritterbusch of Chicago-based oil market consultancy Ritterbusch & Associates.
(Additional reporting by Amanda Cooper in LONDON and Henning Gloystein in SINGAPORE; Editing by David Gregorio, Marguerita Choy and Jonathan Oatis)
Tripoli, 26.04.2016(Lana) Head of EU Mission to Libya, Natalia Apostolova confirmed that her visit to Tripoli, comes to express full EU support to the Presidential Council and Government of National Accord.
Apostolova expressed EU desire that PC assumes its executive functions as soon as possible because the Libyan people awaiting quick actions. It underlined readiness of EU institutions to collaborate with the PC and GNA. Ambassador of Germany to Libya expressed satisfaction of measures and steps taken by the PC and his delight of international recognitions of PC activities increasing by the day. He said 'we discussed with the PC several issues and this is a start for several visits to be made.
The Italian Government Special envoy to Libya, Georgiou Estrachi , said his country would host soon an international conference to gather support to the GNA and other institutions which would work with the government which we recognize and should recognize and work with. At a press conference, he said the Italian prime minister and foreign minister conveyed through me a message to journalists which is that any Italian initiative or from the EU countries would be taken after coordination and consultation with the presidential council and Libyan authorities.
'We are currently working to re-open the Italian embassy and its opening would be very close' he added.
Saudi Aramco [SDABO.UL] expects a recovery in oil prices by the end of this year, the state oil giant's chief executive said on Monday, emphasizing that Saudi Arabia will always meet customer demand.
The two-year downturn in crude prices has been particularly painful for the world's big oil producers, but Aramco's Nasser believes the end of the slump is in sight.
"(This is) what we hope for ... by the end of the year, as we have always said, prices will start adjusting upward because the current market price is not sustainable for the long term," Nasser told Reuters.
"The balance between supply and demand will start adjusting towards the end of the year."
Nasser made similar comments in January, when he said that low prices at around $30 a barrel were not sustainable and that prices would not return to $100 for the foreseeable future.
Asked if Aramco plans to raise its oil production, Nasser said on Monday that its maximum sustainable capacity remains at 12 million barrels per day and the company would always meet additional demand.
"Whatever our customers require from us in terms of supply, we will meet it," he said when asked if the company had plans to boost production.
"We are always ready to meet our maximum sustainable capacity whenever we are required to do so."
(Reporting by Reem Shamseddine; Editing by David Goodman)
New York, 25 April 2016(Lana) Libya has signed the Paris Protocol on Climate Change along with 174 other countries at a ceremony held at the UN headquarters here.
' Al Dabashi pointed out that 95 per cent of Libya's territory was desert, and the rest is threatened with desertification.
He welcomed the Paris Protocol saying Libya would honour its provisions, and would seek to ratify it as soon as possible.