Business

Libyan oil output experiences new hike reaching 700.000 bpd, NOC says

  • 23 March 2017 - 11:27
Libyan oil output experiences new hike reaching 700.000 bpd, NOC says

Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports, Reuters said. "We are working very hard to reach 800,000 barrels by the end of April...

Sidra and Ras Lanuf oil terminals essential to healing Libya’s oil production

  • 22 March 2017 - 22:07
Sidra and Ras Lanuf oil terminals essential to healing Libya’s oil production

Libya’s ability to reclaim its role as a reliable supplier of crude depends on the fate of a pair of oil ports on the war-ravaged country’s coast. Es Sider and Ras Lanuf have changed hands twice this month as rival military groups have battled over them. The two ports hold almost half of...

After days of armed fighting, Libyan key oil ports resume exportation

  • 20 March 2017 - 21:57
After days of armed fighting, Libyan key oil ports resume exportation

Libya’s major oil ports of Es Sider and Ras Lanuf are resuming operations and preparing to export crude after a two-week halt in shipments due to military clashes in the holder of Africa’s largest crude reserves, according to Bloomberg. Libya’s total production rose to 646,000 barrels a...

NOC Chairman discusses return of Chinese oil firms to Libya

  • 20 March 2017 - 11:53
NOC Chairman discusses return of Chinese oil firms to Libya

The Chairman of the National Oil Corporation in Libya, Mustafa Sanallah, has met with the Chinese Ambassador to Libya as well as a number of Sinopec-owned UNIPEC firm officials from China. The meeting that took place in Tripoli on Monday went through the possibilities available for the...

Oil prices stumble as violence increases in OPEC-deal-exempted Libya, Nigeria

  • 14 March 2017 - 13:37
Oil prices stumble as violence increases in OPEC-deal-exempted Libya, Nigeria

OPEC - An oil price rally has already stumbled since the deal, but Nigeria and Libya are not to blame. Output from both nations has slipped since December and violence in the two African states makes their ambitions to hike production look optimistic. When OPEC reached a deal last year to...

Eastern government demands Uganda back off from nationlising UTL

  • 9 March 2017 - 13:49
Eastern government demands Uganda back off from nationlising UTL

Eastern government has urgeed Uganda to back off from decision to nationalise Uganda Telecom Limited UTL, which is owned by Libya and Uganda. The government of Abdullah Al-Thinni said it was concerned by the takeover of the UTL the last two days, saying the procedures were illegal. It...

Western countries urge Libyan factions to end strife at oil terminals

  • 8 March 2017 - 13:16
Western countries urge Libyan factions to end strife at oil terminals

Western ambassadors have called for calm in Libya following bloody clashes between rival factions at the oil terminals. The envoys from the US, UK and France urged Libya's warring parties to recognise the authority of the Libyan National Oil Corporation and said that revenues must be...

Oil prices increase as conflicts in Libya, Iraq intensify

  • 5 March 2017 - 12:25
Oil prices increase as conflicts in Libya, Iraq intensify

Seeking Alpha - A new set of geopolitical conflicts buoyed oil prices higher today after yesterday's sell-off pushed WTI below its 50-day moving average. Conflicts in Iraq and Libya were the main reason for the rise in oil (NYSEARCA:USO) prices today, while consensus continue to overwhelmingly...

Turkish oil vessel seized off Libyan coast, 11 crewmembers held captives

  • 2 March 2017 - 23:00
Turkish oil vessel seized off Libyan coast, 11 crewmembers held captives

A Turkish oil tanker has been seized in Zuwara, Libya. The Turkish vessel, Haci Telli which has got 11 crew members who are all held captive, was seized after coming to Libya from Malta's Valletta on February 11, the Deniz Haber Ajansi news agency reported Thursday. On February 24, the...

Central Bank of Libya and British Ambassador discuss economic cooperation

  • 1 March 2017 - 18:55
Central Bank of Libya and British Ambassador discuss economic cooperation

The Governor of the Central Bank of Libya (CBL), Siddiq Al-Kabeer, met with the British Ambassador to Libya, Peter Millett, at the CBL's HQ in Tripoli on Tuesday. The two officials discussed the possible UK cooperation and solutions for helping Libya resolve its economic and financial...