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Oil & Gas News

Oil & Gas News
Released:  10/05/20162016-05-10
Word count:  377

Oil prices were steady on Tuesday as brimming inventories and a looming refined products glut offset supply disruptions in Canada and elsewhere that have taken more than 2 million barrels a day of production out of the market.

Play
Reuters
International Brent crude futures LCOc1 were trading at $43.70 per barrel at 0315 GMT, up 7 cents from their last settlement.

U.S. crude futures CLc1 were trading at $43.34 per barrel, down 10 cents.

Canadian officials who got their first glimpse of the oil sands town of Fort McMurray since a wildfire erupted and knocked out over 1 million barrels of daily crude production said almost 90 percent of its buildings were saved.

Despite the improving conditions, producers expect shutdowns of several weeks as facilities like pipelines that were close to the fires need to be inspected, while evacuees need to leave production plants before staff can return.

Outages in Canada and around the world now amount to more than 2 million barrels of lost daily output since the beginning of the year, virtually erasing a glut that emerged in 2014 and pulled down prices by as much as 70 percent before a recovery started earlier this year.

Goldman Sachs said it expected a decline in U.S. oil production by 650,000 bpd this year.

BMI Research said that production in Asia was also falling: "We anticipate combined crude oil production in the region's largest producers, namely China, India, Malaysia and Indonesia, to fall by 4.9 percent in 2016 (equivalent to 331,500 bpd) as low oil prices and upstream spending cuts weigh on overall output."

Adding Canada's disruptions to declines in Latin America and Africa, overall output has likely fallen by over 2 million bpd this year.

Yet traders said they were re-focusing on brimming U.S. inventories, which are expected to hit records despite the disruptions from Canada, which exports most of its crude to the United States.

U.S. commercial crude stockpiles likely rose last week for the fifth straight week, a Reuters poll showed, with total U.S. crude inventories seen to have built by 500,000 barrels to a record high above 543 million barrels.

Some traders said a $40-$50 per barrel price range may reflect a balanced market with plentiful stocks.

However, with plenty of crude available, refiners have produced large volumes of gasoline and diesel, threatening to overwhelm demand despite the coming U.S. summer driving season.

If that happens, refiners will lower their output and cut orders for new crude feedstock, putting downward pressure on prices.

(Reporting by Henning Gloystein; Editing by Joseph Radford and Tom Hogue)
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8 months ago

Oil & Gas News

Oil & Gas News
Released:  09/05/20162016-05-09
Word count:  433

Oil prices rose about 2 percent in early Asian trading on Monday as supply outages persisted over the weekend from Canada's wildfires that have shut half the country's vast oil sands capacity.

Play
Reuters
Analysts were also digesting weekend news of Saudi Arabia's appointment of a new energy minister to take over from veteran oil minister Ali al-Naimi. The new appointee, Khalid al-Falih, is a believer in reform and low oil prices.

Falih said on Sunday that the world's largest crude exporter was committed to meeting demand and would maintain its stable petroleum policies.

U.S. crude's West Texas Intermediate futures were up $1.05, or 2.3 percent, at $45.71 a barrel by 7:17 p.m. EDT (2317 GMT) in New York on Sunday. The session high in Singapore trading was $45.94.

Brent crude futures rose 85 cents, or 1.9 percent, to $46.22 a barrel, after peaking at $46.48.

"I think the wildfire is going to have a major impact as Canada exports some 3.5 million barrels per day of crude to the U.S.," said Carl Larry, director of business development for oil and gas at Frost & Sullivan.

"I'm not sure if we'll get back to $80 a barrel, but $50 and above looks likely," he said.

Crude prices have rebounded about 75 percent since hitting 12-year lows of around $27 a barrel or lower in the first quarter, supported by falling U.S. production, unexpected supply constraints in Libya - among others - and a weaker dollar.

World oil supply remains in a glut, however, with an estimated oversupply of around 1.5 million bpd.

On Sunday, cooler weather, light rain and winds opposed to the direction of flames helped control the advance of the blaze that razed Alberta's oil sands boomtown Fort McMurray.

Yet, energy firms such as Statoil and Husky Statoil shut their facilities in the area as a precaution.

Eleven production firms and three pipeline operators that have curbed activities after the week-long inferno forced more than 1 million barrels in capacity offline.

Officials said the fire had also done minor damage at CNOOC unit Nexen's Long Lake facility, in the site's yard. It was the first reported damage to an energy industry asset since the crisis began.

Three major oil firms - BP, Suncor and Phillips 66 - have warned they will not be able to deliver on some contracts for Canadian crude. While Falih's appointment as energy minister could be bearish to oil in the longer term given the Saudis' increasing reluctance to use market intervention to boost prices, traders said the market was unlikely to sell off without further proof of his actions.

"Between the Canadian wildfire and the regime change in Saudi Arabia, there is a pronounced amount of uncertainty now," said John Kilduff, partner at New York energy firm Again Capital. "In commodities, you buy uncertainty."

(Additional reporting by Karolin Schaps in London, editing by G Crosse)
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8 months ago

News Releases

News Releases Business News

Tripoli, 06.05.2016 - Lana - Member of the presidential council of the national accord government 'NAG' "Mohamed al-A'amari" , said that he had discussed with the Dutch foreign minister "Albert Koenders" , on Friday , the possibility of retrieving the Libyan frozen funds abroad.

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LANA - Libyan News Agency
In the press conference which he held on Friday along with the Dutch foreign minister , in the council headquarters in Tripoli , al-A'amari pointed out that this visit came in the framework of the international support to the presidential council and NAG , saying that during the meeting they dealt with number of issues , and discussing several areas , which concern both countries , such as economically , security and the issue of illegal immigration.

For his part , the Dutch foreign minister "Albert Koenders" , said that he had discussed with the presidential council , the possibility of retrieving the frozen funds in the Netherlands , to use parts of it in the humanitarian aid.

In relation to confronting illegal immigration , Koenders said that his country is ready to support , and train the Libyan coastal guards , in cooperation with the immigration national organization , and the security coordination between both sides.

=Lana=  
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8 months ago

Business News

Business News

Tunisia is to re-open its consulate in Tripoli later this month and Libyan airlines will resume flight to Tunis-Carthage airport as of the end of May, according to Tunisian Prime Minister Habib Essid. He was speaking today at a press conference in Tripoli with Libyan prime minister-designate Fayez Serraj

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Libya herald
The second foreign prime minister to fly in for a lightening visit to Tripoli – Malta’s Joseph Muscat was there two days ago – Essid discussed security issues and co-operation with Serraj, in particular the situation at the border and the resumption of cross border commercial activities for Tunisian traders.

Essid was accompanied during his visit by his minister of Foreign Affairs Khemaies Jhinaoui.

Last year, Tunisia withdrew its diplomatic staff for the second time in 12 months after ten diplomats were kidnapped. They were later released.

At the beginning of December, Tunisia banned all Libya airlines from using Tunis Carthage Airport. The move, which has been extended continuously since then, followed the 24 November suicide bombing in Tunis.

The country’s transportation ministry is said to have taken the move after being provided with information that terrorists based in Libya planned an attack on Tunis airport.
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8 months ago

News Releases

News Releases
Released:  06/05/20162016-05-06
Word count:  123

The possibility of the Netherlands again providing training for the Libyan Coast Guard was raised today in talks between Dutch Foreign Minister Bert Koenders and prime minister-designate Faiez Serraj.

Play
Libya herald
Koenders is the latest European foreign minister to pay a lightening visit Tripoli aimed at demonstrating international backing for the Presidency Council and the planned Government of National Accord.

As well as coast guard training for use, in particular, in dealing with illegal migration, the talks also focussed on security in Libya, humanitarian assistance and Libyan frozen assets in the Netherlands.

Up until the collapse of legitimate government in Tripoli in mid-2014, the Netherlands was working closely with the Coast Guard and had supplied it with eight patrol craft. Thirty-two navy personnel were also trained in the Netherlands on the use of the boats.

The Netherlands had also been looking at cooperation in the development of Libyan ports, agriculture, water management and logistics.
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8 months ago

Oil & Gas News

Oil & Gas News
Released:  06/05/20162016-05-06
Word count:  333

Oil prices dipped on Friday, dragged down by a surging dollar that at least temporarily outweighed supply disruptions in North America, where a massive wildfire was threatening Canada's huge oil sands operations.

Play
Reuters
The dollar firmed against the euro and yen on Friday ahead of the April U.S. nonfarm payrolls due later in the day that could support the greenback.

This week's stronger dollar halted an almost 7 percent fall against a basket of other leading currencies .DXY since January. A strong dollar can reduce demand for oil as it makes the dollar-traded commodity more expensive for buyers using other currencies.

International benchmark Brent crude futures LCOc1 were trading at $44.73 per barrel at 0400 GMT, 28 cents below their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $44.04, down 28 cents.

"Investors continued to liquidate (commodity) positions as the U.S.-dollar strengthened," ANZ bank said on Friday. The strong dollar at least temporarily outweighed the effects of deep output cuts in North America.

An out-of-control fire around the Canadian oil city of Fort McMurray has forced the evacuation of its residents and the closure of 690,000 barrels per day (bpd) of production from Canada's total oil sands output of 2.2 million bpd.

Adding to the supply outage in Canada is an ongoing decline in U.S. output.

Data by the U.S. Energy Information Administration (EIA) shows that U.S. crude oil output has fallen by 410,000 bpd this year, and by 800,000 bpd since mid-2015, as producers succumb to a rout that saw prices tumble more than 70 percent between mid-2014 and early-2016.

"While the wildfire in the oil-sands regions of Canada is still wreaking havoc with many producers, U.S. oil output continues to feel the impact of low prices," ANZ said.

Analysts said the hits to North American output, combined with disruptions in Latin America, were contributing to a fast erosion of global oversupply that peaked as high as 2 million bpd last year.

"Unplanned oil supply disruptions have been a key element so far this year that have contributed to a tighter oil market than was otherwise expected," said analyst Guy Baber of Simmons & Co.

(Reporting by Henning Gloystein; Editing by Ed Davies and Tom Hogue)
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8 months ago

News Releases

News Releases
Released:  06/05/20162016-05-06
Word count:  65

Hun, 05.05.2016(Lana) Jufra banks received Thursday liquidity after several month health due to logistic problems.

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LANA - Libyan News Agency
Director of Al Jumhuris branch in Hun. Wanis Al Debri told Lana reporter that five out of 15 million LD, allocated to all commercial banks in Jufra were delivered

He said the five million would be divided to the four Al Jumhuria branches, in Hun, Sukna, Wadan and Zala besides North Africa Bank in Wadan.

He said the public can only withdraw three hundred LD.

=Lana=
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8 months ago

Business News

Business News
Released:  05/05/20162016-05-05
Word count:  41

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.

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African manager
Over the same period, the flow of Algerian tourists represented a rate of 36.8%, posting a decrease of 0.5% compared to the same period in 2015.

Fleeing the convulsions that shake their countries, more than 1.2 million Libyans left their country to settle in Tunisia.
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8 months ago

Oil & Gas News

Oil & Gas News
Released:  05/05/20162016-05-05
Word count:  375

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.

Play
Reuters
International benchmark Brent crude futures LCOc1 were trading at $45.32 (31 pounds) per barrel at 0440 GMT, up 70 cents or 1.6 percent from their last close.

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)
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8 months ago

News Releases

News Releases
Released:  05/05/20162016-05-05
Word count:  65

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.

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LANA - Libyan News Agency
The conditions of Libyans living in Malta, facilitating entry visas for the citizens of the two countries, as well as combating illegal migration were discussed at the meeting which was held at the Council headquarters in Tripoli.

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.

=Lana=
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8 months ago

Oil & Gas News

Oil & Gas News
Released:  04/05/20162016-05-04
Word count:  335

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.

Play
Reuters
International Brent crude futures LCOc1 were trading at $44.95 per barrel at 12.45 a.m. ET, down 2 cents from their last settlement.

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)
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8 months ago

Oil & Gas News

Oil & Gas News

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.

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Reuters
The eastern company, also calling itself the National Oil Corporation, ordered workers at Marsa el-Hariga port in eastern Libya not to load the tanker, which had been waiting for two days, a port official said.

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)
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8 months ago

Business News

Business News
Released:  04/05/20162016-05-04
Word count:  24

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.

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LANA - Libyan News Agency
He said the engineers prepared the technical specifications and identify damaged parts.

The municipal council discussed recently problem barring resumption of Maintenance work.

=Lana=
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Robert Reel
7 months ago

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8 months ago

Oil & Gas News

Oil & Gas News
Released:  03/05/20162016-05-03
Word count:  382

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.

Play
Reuters
The international Brent crude benchmark LCOc1 was trading at $46.04 (31 pounds) per barrel at 0210 GMT, up 21 cents from its last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 20 cents up at $44.98 a barrel.

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)
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8 months ago

Business News

Business News
Released:  03/05/20162016-05-03
Word count:  491

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.

Play
Bloomberg
The Distya Ameya will discharge its cargo at the refinery of Zawiya in western Libya over the next few days, Mustafa Sanalla, chairman of the Tripoli-based National Oil Corp., said Saturday in an e-mailed statement. Unloading at Zawiya was delayed because of bad weather, Mansur Abdulla, an official at the refinery, said Sunday by phone.

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.
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Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  02/05/20162016-05-02
Word count:  409

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.

Play
Reuters
Brent LCOc1 was trading at $46.90 per barrel at 0643 GMT, down 47 cents, or 1 percent, from its last settlement. U.S. crude CLc1 was down 33 cents at $45.59 a barrel.

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)
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Wong Man
8 months ago

Business News

Business News
Released:  02/05/20162016-05-02
Word count:  437

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.

Play
Libya herald
The Distya Ameya, arrived in Zawia yesterday. Ithad taken on 650,000 barrels crude in Tobruk on Monday followed in the wake of the tanker Morning Glory, with which Petrol Facilities Guard commander Ibrahim Jadhran had sought to sell a cargo of oil in March 2014. After this tanker was intercepted by the US navy, it too came to Zawia. The Distya Ameya had sailed from Tobruk’s Hariga export terminal to Maltese waters when it held position while the international row raged over its cargo. There was never any question that it could discharge in Malta since the islands have no refinery.

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.
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Wong Man
8 months ago

Business News

Business News
Released:  29/04/20162016-04-29
Word count:  201

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.

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Times of India
Jose Manuel Garcia-Margallo was in Tripoli to demonstrate Spain's support for a new UN-backed Libyan government.

"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.
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Wong Man
8 months ago

Oil & Gas News

Oil & Gas News
Released:  29/04/20162016-04-29
Word count:  357

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.

Play
Reuters
International benchmark Brent crude futures LCOc1 were trading at $47.92 per barrel at 0236 GMT, down 22 cents from their last close.

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.
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Wong Man
8 months ago

Business News

Business News
Released:  29/04/20162016-04-29
Word count:  141

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.

Play
Libya herald
It revealed that of the total, US$ 153 million were LCs for the import of food and meat. It also revealed that of these LCs 53 were for LCs against documents. These LCs were opened as per the existing operating conditions for opening LCs.

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$.  
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Wong Man
8 months ago
Find out what contracts are on offer in Libya
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