The Libyan House of Representatives (HoR) unanimously voted on Tuesday to allocate 500 million Libyan dinars (over $100 million) for the reconstruction of the affected cities in the Western Region, entrusting the Reconstruction and Stabilization Committee with implementation. HoR also approved, in its second session this year, a request from some representatives to invite the Governor of the Central Bank of Libya (CBL) to give a briefing on monetary policies. HoR Speaker, Aqila Saleh, stressed the importance of these decisions in enhancing stability and achieving the aspirations of the Libyan people.

Oil steadied on Wednesday, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth, according to Reuters. While the Organization of the Petroleum Exporting Countries and allies are cutting production to bolster the market, U.S. crude production will hit a record high in 2024, the Energy Information Administration said on Tuesday. Brent crude futures was up 5 cents to $77.64 per barrel at 1050 GMT, while U.S. West Texas Intermediate crude futures were down 17 cents, or 0.2%, to $72.07.

It was agreed that the LBC, which represents the private sector, would communicate with the competent authorities to address issues that would support this sector and issue supporting laws and decisions. Accordingly, the LBC requested the following:A silent seat in the Prime Minister’s Office so as to convey the voice of the private sector. The LBC undertakes communication to bring together all spectrums of merchants, the private sector, and manufacturers. The LBC had objected to a recent Economy Ministry decree changing regulations on import labelling. It is also an attempt to stop the government from issuing such decisions that affect the economy – without prior consultation with the private sector and to reverse the decades-long dominance of the state sector over the private sector.

Chairman of Libya’s National Oil Corporation (NOC), Farhat Ben Qaddara, met in Benghazi today with community representatives from the country’s southern region of Fezzan. According to a brief statement by the NOC, they discussed causes and repercussion of Sharara oilfield’s closure by a group protesters from the region. Last Wednesday, a group protesters shutdown oil production at the oilfield, calling on authorities to address fuel shortage in the country’s southern region of Fezzan, among other demands. On Sunday, NOC declared force majeure at the country’s largest oilfieldCrude oil shipments to the port of Zawiya, some 49 km (30.4 miles) west of Tripoli, have been halted as a result of the closure, the NOC said in its Sunday statement. “Negotiations are currently ongoing in an attempt to resume production as soon as possible,” said NOC.

The legal case challenging the validity of Farhat Bengdara’s appointment as Chairman of the National Oil Corporation (NOC) is moving forward. During a hearing held yesterday, Monday, 8 January, the Third Administrative Division of the Tripoli Court of Appeal announced that it will issue an urgent ruling on 22 January. It will be recalled that during local media appearances Bengdara has denied that he holds any other citizenships. (libyaherald.com)Oil Minister Aoun suspends NOC Chairman Sanalla from his post and refers him for investigation for a second time (libyaherald.com)Ministry of Oil says NOC board will be reformed and Sanalla still suspended – will Sanalla survive Aldabaiba’s planned reshuffle? (libyaherald.com)NOC welcomes Aldabaiba’s reversal of Oil Minister’s decision to suspend chairman Sanalla (libyaherald.com)

The Libyan Iron and Steel Company (LISCO) announced yesterday that it is exporting 10,000 tons of rebar (reinforcing or reinforcement carbon steel bars) to Albania. The rebar is of various sizes, it reported. LISCO exports 9,000 tons of HBI to Egypt (libyaherald.com)LISCO exports 27,000 tons of HBI to Germany – another 10,000 tons to be shipped to Italy (libyaherald.com)LISCO exports 8,000 tons of hot ductile iron (HBI) to Turkey (libyaherald.com)Libyan Iron and Steel Company is preparing to export more than 100 thousand tons of iron (libyaherald.com)ibyan Iron and Steel (LISCO) exports to 38 countries – 136,000 tons to be exported in coming months (libyaherald.com)LISCO exports 5,800 tons of hot rolled coils to Egypt (libyaherald.com)Libyan Industrialists Conference 13 November, LISCO, Misrata (libyaherald.com)Ministry of Industry congratulates LISCO for its record-breaking production of 230 rolls of 8mm rebar (libyaherald.com)LISCO to increase production by 200,000 tons per annum (libyaherald.com)LISCO ships 650 tons of scrap (libyaherald.com)Zawia Technological Industrial Park seeks cooperation with LISCO – to open branches in Misrata and other cities (libyaherald.com

Crude futures rebounded on Tuesday on signs that Russia is adhering to its promised export cuts while production restraints in Libya buoyed prices. Protests in Libya continue to keep roughly 300,000 barrels per day off the market following the shutdown of a major oil field last week. The latest Russian crude export data tracked by Bloomberg shows the OPEC+ member started the year in line with cuts promised. The markets have remained skeptical of OPEC+ promises to adhere to deeper production cuts announced in late November. (Lisa Leutner/AP Photo, File) (ASSOCIATED PRESS)Analysts have noted increased oil production from the US and other countries will increase supply in the markets this year, despite OPEC's cuts.

Lord Cameron has robustly defended his decision to intervene in Libya during his time as prime minister, calling criticism of the action “bunk”. The Foreign Secretary, who appeared before the Foreign Affairs Committee on Tuesday, faced questions from MPs about the military action in 2011. A Foreign Affairs Committee report in 2016 described Britain’s military intervention in Libya as based on “erroneous assumptions” and an “incomplete understanding” of the rebellion against the former dictator. It also heavily criticised Lord Cameron for turning a limited intervention intended to protect civilians into an “opportunist policy of regime change” based on inadequate intelligence. They didn’t want to have that help in reconstruction.”During the two-hour-long hearing, Lord Cameron also faced questions about the Israeli bombardment of Gaza and the UK’s relationship with China.

A Nigerian man has been arrested in the Kufra District of Libya for the murder of another Nigerian. This was made known in a post by the Migrant Rescue Watch on their X account on Monday. The post disclosed that the accused, who was arrested following an investigation into an unidentified deceased person delivered to a hospital in Kufra, confessed to the crime, citing a personal dispute with the victim. The post read, “05.01.24 – Police, in response to a report of an unidentified deceased person delivered to hospital in Kufra, launched an investigation and arrested a Nigerian. “The accused, during interrogation admitted to killing the victim (also of Nigerian nationality) following a personal dispute.

Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. The Israeli military has said its fight against Hamas will continue through 2024, worrying markets that the conflict could grow into a regional crisis that could disrupt Middle Eastern oil supplies. Brent and WTI incurred 3 per cent and 4 per cent losses respectively on Monday after sharp cuts to Saudi Arabia's official selling prices (OSP), prompting both supply and demand concerns. Commerzbank analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions".

Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. The Israeli military has said its fight against Hamas will continue through 2024, worrying markets that the conflict could grow into a regional crisis that could disrupt Middle Eastern oil supplies. Brent and WTI incurred 3 per cent and 4 per cent losses respectively on Monday after sharp cuts to Saudi Arabia’s official selling prices (OSP), prompting both supply and demand concerns. But Saudi Arabia on Tuesday emphasized its desire to support efforts aimed at stabilizing oil markets.

A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/file photoLCO +2.19% Add to/Remove from Watchlist CL +2.43% Add to/Remove from WatchlistBy Robert HarveyLONDON (Reuters) -Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day's heavy losses. At their intra-day peaks both benchmarks were up by more than $2 a barrel but prices have since cooled. Brent and WTI incurred 3% and 4% losses respectively on Monday after sharp cuts to Saudi Arabia's official selling prices (OSP), prompting both supply and demand concerns. Commerzbank (ETR: ) analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions".

Oil prices rose by more than $2 on Tuesday on tensions in the West Asia and reduced Libyan output, but were yet to fully recovered from steep losses earlier this week. Tensions in the West Asia and an ongoing supply outage in Libya offered support to prices on Tuesday, analysts said. Brent and WTI incurred 3% and 4% losses respectively on Monday, following sharp cuts by top exporter Saudi Arabia to its official selling prices (OSP), prompting both supply and demand concerns. But Saudi Arabia on Tuesday emphasised its keenness to support efforts aimed at stabilising oil markets. Commerzbank analyst Carsten Fritsch added that the OSP cut "indicates a weakening of demand for oil in the three most important demand regions."

Earth last year shattered global annual heat records, flirted with the world’s agreed-upon warming threshold and showed more signs of a feverish planet, the European climate agency said Tuesday. The European climate agency Copernicus said the year was 1.48 degrees Celsius (2.66 degrees Fahrenheit) above pre-industrial times. While that seems a small amount in global record-keeping, it’s an exceptionally large margin for the new record, Burgess said. Earth’s average temperature for 2023 was 14.98 degrees Celsius (58.96 degrees Fahrenheit), Copernicus calculated. And for the first time, every day of the year was at least one degree Celsius (1.8 degrees Fahrenheit) warmer than pre-industrial times.

A recent report by Oil Price pointed to the continued impact of Libya’s political and security turmoil on the country’s oil sector. The forced closure of the giant Sharara oil field by protestors highlights the obstacles still facing the revival of Libya’s oil industry. The oil blockade also relates to an unresolved political crisis over the equitable distribution of oil revenue among Libya’s factions. Rival administrations headed by Dbeibeh and Prime Minister Osama Hammad have attempted maneuvers to redirect oil income, including replacing the NOC chairman. While progress was made in the gas sector, political instability severely constrains Libya realizing its oil output goals.