Oil prices settled higher on Thursday for the third consecutive session after US jobs data eased demand concerns and war in the Middle East helped prices recover from an eight-month low on Monday. Brent crude futures settled up 83 cents or 1.06% to US$79.16 a barrel. US West Texas Intermediate crude settled up 96 cents, or 1.28%, to US$76.19. “The latest US data on jobless claims indicates still a growing US economy, reducing some of the oil demand concerns,” UBS analyst Giovanni Staunovo said. “It will spike the price of crude oil if there is an Iranian retaliation on a large scale and I think that is what everyone is most worried about,” said Tim Snyder, chief economist at Matador Economics.

Libya’s sovereign wealth fund was one of the victims of the collapse of order in the North African state, restricted by sanctions and legal disputes since the fall of Muammar Qaddafi’s regime amid the 2011 Arab Spring uprisings and the resulting civil war.Regaining Control Through Good GovernanceThe US$68 billion Libyan Investment Authority...Libya’s sovereign wealth fund was one of the victims of the collapse of order in the North African state, restricted by sanctions and legal disputes since the fall of Muammar Qaddafi’s regime amid the 2011 Arab Spring uprisings and the resulting civil war.Regaining Control Through Good GovernanceThe US$68 billion Libyan Investment Authority...

Libya’s state National Oil Corporation (NOC) declared a state of force majeure yesterday at the Sharara oilfield. This was after the partial political shutdown of the field by Saddam Khalifa Hafter in revenge for an arrest warrant issued by Spanish authorities accusing him of arms smuggling. The NOC said it will end the force majeure status as soon as the circumstances that caused the force majeure end. Tripoli based Libyan government condemns attempt to shut down Sharara oil field – Spain, arms smuggling and Saddam Hafter? (libyaherald.com)

TRIPOLI, Aug. 8 (Xinhua) -- The International Organization for Migration (IOM) said on Thursday that it helped 292 migrants return from Libya to their home countries. "On Aug. 6, 2024, the first charter flight from Sabha carried 163 migrants from Brak Alshati and Sabha (Southern Libya) to Lagos, Nigeria," the IOM said in a statement. "On Aug. 7, 2024, a second flight carried 129 migrants to Mali, including 23 women and 19 families," the statement added. Libya has been a popular transit point for some African migrants who attempt to cross the Mediterranean Sea to reach European shores. So far this year, a total of 12,584 migrants have been intercepted and returned to Libya, while 411 died and 512 others went missing off the Libyan coast, according to the IOM.

Just a day after Libya was forced, once again, to reduce oil production from its largest field, Sharara, over protests, the Tripoli-based Libyan Prosecutor’s Office has ordered the arrest of the country’s oil minister on corruption charges, according to Libyan media reports. An arrest warrant was ordered on Wednesday for Oil Minister Khalifa Abdul-Sadiq on charges of corruption in connection to a reported 600,000 euros used “for the benefit of a foreign company”, according to the Libya Observer, citing the arrest order. The post of oil minister in LIbya has been embroiled in controversy for months, and for all intents and purposes, Libya has had dueling oil ministers since March. In May, Oun was cleared of wrongdoing, the investigation was wrapped up, and he was officially presumed fit to maintain his position as oil minister. Now, with Abdul-Sadiq under arrest, it remains unclear whether the country still has an oil minister, and whether Oun will also be replaced.

The Attorney General’s Office reported yesterday that its Deputy Public Prosecutor has ordered the detention of Acting Minister of Oil and Gas, Khalifa Abdel Sadig – and his Office Director. As a result, the investigator detained the defendants – pending the case.‎Abdel Sadig, it will be recalled, had replaced former Oil and Gas Minister Mohamed Aoun when Aoun was suspended by the Administrative Control Authority (ACA) on 25 March this year. Aldabaiba kept Abdel Sadig in his post despite Aoun being subsequently cleared by the ACA. Comment: Aldabaiba meeting Acting Oil and Gas Minister Abdel Sadig. Is Aoun still suspended?

The National Oil Corporation (NOC) has declared a force majeure at the Sharara oil field, effective Wednesday, due to circumstances impeding its ability to carry out crude oil loading operations. In a statement, the NOC announced that the current conditions prevent crude oil loading, impacting production and halting exports at the Zawiya port. It emphasized that the force majeure will not apply to petroleum production loading and unloading operations and assured stakeholders that normal operations will resume once the issues are resolved. Despite these reports, the NOC accused the local protest group Fezzan Movement, which has previously disrupted operations at the field, of being responsible for the shutdown. However, Bashir Sheikh, leader of the Fezzan Movement, denied involvement, stating that Saddam ordered the shutdown in response to his attempted arrest.

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Iran's acting foreign minister Ali Bagheri-Kani "was mostly trying to lay down the case that would justify Iran's response [to the assassination of Ismail Haniyeh]," the source said. "He said the response would be definite and decisive, but did not say when it would come or how." Haniyeh was killed on 31 July while in Tehran for the inauguration of Iran's new president, Masoud Pezeshkian, the day prior. Jordan's foreign minister Ayman Safadi was in Tehran on Sunday, 4 August, to discuss escalating regional tensions with Bagheri-Kani. "We want our region to live in security, peace and stability, and want the escalation to end," Safadi said.

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52. [MKTS/GLOB]U.S. crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels to 429.3 million barrels last week, government data showed, against analyst expectations in a Reuters poll for a 700,000-barrel draw. In 2024 alone, ProPicks‘ AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

JOHANNESBURG - The Presidency has welcomed the swift action taken by Psira against the security company which was training the 95 Libyans in Mpumalanga. Spokesperson Vincent Magwenya says communication between the South African and Libyan governments has taken place. This after the Libyan government said it would cooperate and assist South Africa with ongoing investigations looking into their activities. eNCA's Pule Letshwiti spoke to Magwenya.

The Deputy Head of the Presidential Council, Musa Al-Koni, has underscored the need for countries interested in the Libyan issue to be more serious in rallying their efforts to develop an implementable road map aimed at achieving stability in order to reach the electoral entitlement. This came during Al-Koni’s meeting on Wednesday with the German Ambassador to Libya, Ralph Tarraf, as he welcomed the ambassador, wishing him success in his recent assignment to represent his country in Libya. Al-Koni praised Germany’s active role in Berlin’s previous paths, according to a statement issued by the Presidential Council. During the meeting, emphases were made on developing Libyan-German relations in many fields, especially economic ones, and activating joint technical committees, in preparation for German companies resuming work in Libya to contribute to development, reconstruction and infrastructure projects, according to the presidential statement. The new German ambassador to Libya, Ralph Tarraf, as he assumed his new position last July, voiced commitment to work to strengthen German-Libyan cooperation.

CAIRO – 7 August 2024: Minister of Foreign Affairs, Immigration and Egyptian Expats made Wednesday a phone call to his Moroccan counterpart Nasser Bourita to express eagerness for boosting economic relations, and continuous consultations on regional and international issues of joint concern. In that context, the two ministers conferred over Gaza War, updates in Libya, the current escalation in the Middle East, and ways to inhibit the expansion of the scope of conflict. Minister Abdelatty presented the communication he had carried out in the past period in order to achieve de-escalation, as well as the mediation contacts Egypt had made to attain ceasefire and captive exchange agreements between Israel and Hamas.

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ANKARA, Turkey (AP) — Turkey on Wednesday filed a request with a U.N. court to join South Africa’s lawsuit accusing Israel of genocide in Gaza, the foreign minister said. Turkey's ambassador to the Netherlands, accompanied by a group of Turkish legislators, submitted a declaration of intervention to the International Court of Justice in The Hague. “We have just submitted our application to the International Court of Justice to intervene in the genocide case filed against Israel,” Foreign Minister Hakan Fidan wrote on the social media platform X. South Africa brought a case to the International Court of Justice late last year, accusing Israel of violating the genocide convention through its military operations in Gaza. Preliminary hearings have already been held in the genocide case against Israel, but the court is expected to take years to reach a final decision.