The PeninsulaAmbassador of Qatar to Libya H E Khalid Mohammed Al Dosari took part in a meeting of Head of the Government of National Unity (GNU) of Libya H E Abdul Hamid Muhammad Al Dbeiba with ambassadors of the Arab, African and Islamic states accredited to Libya. During the meeting, the ambassadors were apprised of the latest political developments in Libya.
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Oil prices stabilised somewhat on Thursday, as concerns over Libyan supplies were allayed by worries about slowing economic growth and demandADVERTISEMENTOil prices slowed their rally somewhat on Thursday, with crude oil falling 0.64% to $72.2 (€65.8) per barrel and Brent crude oil dipping 0.51% to $77.8 (€70.9) per barrel on Thursday (4 December) afternoon. Earlier in the week, oil prices saw some gains after Libya’s largest oilfield, the Sharara, shut down completely amid protests. Oil markets rocked by Libya’s supply pauseThe Sharara oilfield can produce up to 300,000 barrels per day, and is operated in a joint venture between Equitor, Repsol, TotalEnergies, OMV and Libya’s National Oil Corporation. Added geopolitical concerns such as the wider impact of the Israel-Hamas war on oil supply and prices further inflamed supply concerns and supported the price rally early this week. Unrelenting inflation in major European economies could cause higher rates for longerHowever, since then, worries about slowing economic growth and lagging demand have taken centre stage.
SpaceX launched the Ovzon 3 satellite for Swedish satellite operator Ovzon on Wednesday evening, after many delays. Ovzon 3 is the first privately funded and developed Swedish Geostationary Orbit (GEO) communications satellite, and it will support Ovzon’s satcom-as-a-service solutions. It is also Maxar Space Systems’ first flight of Roll-Out Solar Arrays (ROSAs). It is the first proprietary satellite for Swedish satcom company Ovzon, which invested in its own satellite as it is rolling out satcom-as-a-service capabilities. CEO Norén spoke with Via Satellite in 2022, saying the satellite will “revolutionize” the company’s satcom-as-a-service offering and allow service for new generations of small, mobile satellite terminals.
(MENAFN) According to two engineers who spoke to Reuters on Wednesday, ongoing local demonstrations have significantly impacted the production output of Libya's Sharara oil field, a crucial energy asset with a production capacity of approximately 300,000 barrels per day. The engineers' accounts were corroborated by a circulating video clip on social media platforms, depicting demonstrators from the Fezzan region in southern Libya publicly announcing the suspension of operations at the Sharara field until their stipulated demands are adequately addressed. Providing further context to the immediacy and proximity of the demonstrations, the engineer emphasized the presence of protesters directly at the entrance gate of the Sharara field. Meanwhile, a protester from the Fezzan region conveyed their community's grievances and underlying motivations propelling the demonstrations. As the situation continues to unfold, stakeholders remain vigilant, monitoring developments and assessing potential ramifications on Libya's critical oil production infrastructure amidst escalating socio-economic tensions in the Fezzan region.
The European Union Border Assistance Mission in Libya (EUBAM Libya) announced today that Jan Vyčítal was appointed as its new Head of Mission. According to EUBAM, Vyčítal is “a seasoned Czech diplomat with over 20 years of experience” and “will lead the mission in supporting Libyan authorities in the fields of border management, combating cross-border crime, and countering terrorism.”“I am honored to take on this important role,” said Vyčítal. The mission contributes to enhancing the capacity of the relevant Libyan authorities and agencies in the management of Libya’s borders; fighting cross-border crime, including human trafficking and migrant smuggling; and countering terrorism. In carrying out its tasks, EUBAM Libya provides technical advice, and capacity-building activities at the operational and technical levels, including projects and specialized training. Furthermore, the mission provides strategic advice where requested by the Libyan authorities.
The Dow Jones Industrial Average (^DJI) closed just above the flatline, while the benchmark S&P 500 (^GSPC) fell about 0.3%. Investors looking for confirmation of bets on a March rate cut got uncertainty instead in the Fed minutes released Wednesday. In single stock moves, Apple (AAPL) stock stumbled for a fourth straight day as Wall Street highlighted concerns about weakening iPhone demand. The monthly labor report from the Bureau of Labor Statistics, slated for release at 8:30 a.m. Story continuesClick here for in-depth analysis of the latest stock market news and events moving stock prices.
Crude oil prices moved lower today after the Energy Information Administration reported substantial fuel inventory builds for the week to December 29. In crude oil, the authority estimated an inventory decline of 5.5 million barrels for the last week of 2023. This compared with a weekly inventory draw of 6.9 million barrels for the previous week, when fuel inventories posted mixed inventory changes with gasoline stocks falling and middle distillate inventories swelling. Gasoline production averaged 8.8 million barrels daily last week, which compared with 10 million barrels daily. Middle distillate production averaged 5.1 million barrels daily in the final week of December, which compared with 5.1 million bpd for the previous week.
(Bloomberg) -- Oil fell as rising gasoline stockpiles in the US signaled a shaky picture for demand, undercutting the effect of output disruptions in Libya. Traders weighed rising tensions in the Middle East against data showing US gasoline inventories swelling the most since in three decades and implied demand dropping to a yearly low. Still, the unrest in the Middle East is diverting attention from weak near-term fundamentals, contributing to greater upside potential than downside risk, he said. A renewed focus on geopolitics, both in the Middle East and Libya, is showing the potential to reintroduce a conflict premium for oil. Crude fell by about a fifth in the previous quarter as rising production from non-OPEC+ sources, including the US, threatened to outstrip demand.
Oil futures: Prices lower after huge builds in US product inventoriesQuantum Commodity Intelligence – Crude oil futures Thursday were trading lower following another choppy session, as markets rowed back from earlier highs after US data revealed a sharp build in reserves of refined products. For gasoline, it was the highest weekly build in three decades, although oil prices were already off from the day's highs prior to the EIA data release. Oil prices had sparked into life on Wednesday following reports that Libya's 300,000 bpd El Sharara field was shut following renewed protests that started the previous day. But so far the decision to divert away from the Red Sea has not had a huge impact on oil prices, with benchmarks broadly drifting lower since the latest wave of attacks started prior to the holiday season. InventoriesEarlier in the session, crude prices were neutral after data from the American Petroleum Institute revealed that crude inventories tumbled by 7.4 million barrels last week, beating forecasts for a drop of 3 million barrels.
As the Libya Energy & Economic Summit prepares for its second edition on January 13-14, 2024, Robert Abela, Prime Minister of Malta, is confirmed to speak at the transformative event, reflecting the growing interest of European countries in Libya’s energy prospects. Following growing cooperation between Libya and Malta, Prime Minister Abela is expected to discuss trade and commercial ties between the two countries and explore the feasibility of a proposed renewable energy interconnector project. The Prime Minister will also be accompanied by Dr. Miriam Dalli, Maltese Minister of Environment, Energy and Enterprise, who will participate in a panel on renewable power and its role in supporting Libya’s broader economic growth. The Libya Energy & Economic Summit returns for its second edition in Tripoli on January 13-14, 2024 under the theme, A New Libya: Built on Energy. The historic event is poised to explore and unlock partnership and investment opportunities within Libya’s dynamic energy sector.
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Crude oil prices received additional support from the Weekly Crude Oil Stock data released by the American Petroleum Institute (API) on Wednesday. Moreover, anticipation builds as the Energy Information Administration (EIA) is set to release the US Crude Oil Stocks Change on Thursday. West Texas Intermediate (WTI) price trades higher near $73.00 per barrel during the Asian session on Thursday. Furthermore, disruptions at an oilfield in Libya are contributing to the strengthening of Crude oil prices. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
The Sharara oil field is managed by Spain's Repsol, France's TotalEnergies, Austria's OMV, and Norway's Equinor. Libya's National Oil Company (NOC) did not immediately respond to a request for comment. Protesters shut down production at Al-Sharara oilfield over shortage of fuel in Libya’s southern region of Fezzan. The #Libya Update pic.twitter.com/ow5USF8pwl— The Libya Update (@TheLibyaUpdate) January 2, 2024The Sharara field, one of Libya's largest, has been a frequent target for local and broader political protests. Libya's oil output has been disrupted repeatedly in the chaotic decade since the 2011 NATO-backed uprising against Muammar Gaddafi.
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