Business

Libya remains exempted from OPEC oil cuts deal

  • 25 May 2017 - 22:21
Libya remains exempted from OPEC oil cuts deal

Libya has insisted that it remains exempt from the oil output reduction deal that OPEC today decided to extend by another nine months, to March 2018. According to Libya’s ambassador to Austria, who represented the country at the cartel’s meeting, it is still producing less than half of its...

OPEC extends cuts on oil production to March 2018

  • 25 May 2017 - 14:52
OPEC extends cuts on oil production to March 2018

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years, Reuters reported. The cuts are likely to be shared again by a...

Libya, Nigeria could be obliged to cut oil production in next OPEC meeting

  • 23 May 2017 - 18:17
Libya, Nigeria could be obliged to cut oil production in next OPEC meeting

Libya and Nigeria could be asked to cut oil production at the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on the 25th. According to a report by OilPrice, OPEC is expected to review the terms of the November agreement to cut production by 1.2 million barrels per...

Italian mobile air traffic controller arrives in Mitiga airport

  • 23 May 2017 - 10:53
Italian mobile air traffic controller arrives in Mitiga airport

An Italian mobile air traffic controller (ATC) has arrived in the Mitiga Airport in Tripoli as part of a contract signed between the Libyan and Italian civil aviation authorities. The ATC will be installed later in the airport and will be an asset in facilitating the air traffic movement in...

AFRAA’s 6th Aviation Stakeholders Convention in Tunisia, Libyan Wings represents Libya

  • 21 May 2017 - 16:41
AFRAA’s 6th Aviation Stakeholders Convention in Tunisia, Libyan Wings represents Libya

The General Assembly of the African Airliners held its sixth conference for aviation industry between 7-9 May in Tunisia. The conference featured the slogan "Together for sustainable development in African aviation industry." The General Assembly of the African Airliners is an...

CBL has 0.82 percent of UniCredit at annual meeting

  • 18 May 2017 - 17:39
CBL has 0.82 percent of UniCredit at annual meeting

The Central Bank of Libya had 0.82 percent of UniCredit capital at the lender's annual general shareholders meeting in April, minutes of the meeting made public on Thursday showed, Reuters reported. The Libyan Central Bank previously had a stake of 2.95 percent which was diluted as a result...

CBL: We sold 238 million dollars for Libyan families since February 2016

  • 17 May 2017 - 22:36
CBL: We sold 238 million dollars for Libyan families since February 2016

The Central Bank of Libya (CBL) has announced that the program, which allows each family member in Libya 400 dollars at the official bank exchange rates, was a great success. According to the CBL chart that was issued on Wednesday, the Libyan commercial banks sold 238 million dollars for the...

Rise in Libya, Nigeria oil outputs concerns OPEC countries

  • 17 May 2017 - 18:21
Rise in Libya, Nigeria oil outputs concerns OPEC countries

Rising oil production in Libya and Nigeria is raising concerns about OPEC's ability to boost crude prices, but conflicts in the two nations may still keep a lid on their output, CNBC reported. Both OPEC members are exempt from the cartel's deal to remove 1.2 million barrels a day from the...

Algeria to resume flights to Libya, reopen embassy in Tripoli soon

  • 16 May 2017 - 13:11
Algeria to resume flights to Libya, reopen embassy in Tripoli soon

The Algerian government is mulling over resumption of flights and sea journeys to Libya after the latter's authorities had lodged a request urging the Algerian authorities to do so, according to the Algerian Elmihwer newspaper. Algeria has agreed to resume the flights with Libya after the visit...

Libya oil output on the rise as OPEC moves to cut supply glut

  • 15 May 2017 - 23:10
Libya oil output on the rise as OPEC moves to cut supply glut

Libya is increasing oil output with less than two weeks to go before the world’s biggest exporters decide whether to extend production cuts to clear a supply glut, Bloomberg reported. The OPEC member with Africa’s largest crude reserves is pumping more than 814,000 barrels a day, thanks...