Oil prices settled slipped on Tuesday as traders focused on rebounding crude output in parts of the U.S., along with rising supply in Libya and Norway, rather than risks to supply posed by conflict in Europe and the Middle East, according to Reuters. Brent crude settled at $79.55 a barrel, losing 51 cents, or 0.6%. U.S. West Texas Intermediate crude settled at $74.37 a barrel, shedding 39 cents, or 0.5%.

In a letter to United Nations Secretary-General Antonio Guterres, Greece’s permanent representative to the organization, Evangelos Sekeris, says that Libya’s recent decision to declare a 24-nautical mile contiguous zone, extending beyond its 12-nautical mile territorial sea, violates international law in three key respects. The letter, which is dated January 17th, says that first, the limits of the Libyan claimed contiguous zone to the north of the Gulf of Sirte are measured from a closing line across the mouth of the gulf which is not justifiable under the relevant customary international law rules as reflected in the United Nations Convention on the Law of the Sea (UNCLOS). The letter stresses that Greece has challenged since 1974 Libya’s claim to the Gulf of Sirte as “a unilateral act affecting basic principles of international law.”Secondly, it is noted that the remaining limits of the claimed contiguous zone are measured from straight baselines established by Libya in 2005. “Since the coastline of Libya is neither deeply indented nor fringed with islands, such baselines are inappropriate and unlawful” under the same convention, the letter says. The third violation, as outlined in the letter, concerns the demarcation of the eastern limit of Libya’s claimed contiguous zone, which is based on the Turkey-Libya maritime boundaries deal of 2019.

● This GMP certification for the company’s production facilities has added to its portfolio of international approvals from 25 regulators● The recognition demonstrates Venus Remedies’ persistence in adhering to stringent manufacturing standards and providing greater access to life-saving drugs in the African continentBengaluru, January 24, 2024: Venus Remedies, a globally recognised pharmaceutical company, has been awarded the Good Manufacturing Practices (GMP) certification for its facilities from the Ministry of Health, Libya. Mr. Saransh Chaudhary, CEO of Venus Medicine Research Centre, said, ” The GMP certification from Libya adds to Venus Remedies’ portfolio of international approvals from 25 regulators, complementing our existing certifications in Africa from Morocco, South Africa, Tanzania, Kenya, Uganda, Sudan and other African countries. Its strategic location in Africa and evolving pharmaceutical landscape provide Venus Remedies with an opportunity to contribute positively to the region’s healthcare sector. This certification is a step towards enhancing the company’s presence in Africa, aligning with its broader vision of improving access to life-saving medicines across the continent. Lauding the achievement, Mr. Akshansh Chaudhary, Executive Director of Venus Remedies, said, “We are thankful to our customers, partners and stakeholders for their constant support.

Crude oil faced a decline of -1.39%, settling at 6178, as traders grappled with contrasting factors of rising crude supply in Libya and Norway against production outages in the United States and geopolitical tensions. Norway's crude production exceeded expectations, rising to 1.85 million barrels per day (bpd) in December, compared to the previous month's 1.81 million bpd, as reported by the Norwegian Offshore Directorate (NOD). The International Energy Agency (IEA) raised its 2024 global oil demand growth forecast, predicting an increase of 1.24 million bpd, in contrast to OPEC's projection of 2.25 million bpd. Crude stocks at the Cushing, Oklahoma, delivery hub also decreased by 2.1 million barrels. Crude oil finds support at 6109, and breaking below could test 6040 levels.

AFCON: Nigeria Defeat, To Face Libya On WednesdayBy AdminNigeria, Tuesday, dug really deep to defeat Congo 27-26 in a placement match at the Africa Men Handball Cup of Nations ongoing in Egypt. The Golden Arrows started the match with a determined zealousness but fell short to an intelligent Congo side as they lost the first half 14-16. In the second half, Coach Rafiu Salami tutored side matched up to the Congolese side and the match was end to end stuff till about 20 seconds to the end of the match when it was 26-26 before Nigeria, on a fast break, scored the penultimate goal to win the match 27-26. Center back, Hakeem Salami was voted the man of the match. Nigeria will now play Libya in another placement match on Wednesday, January 24th, 2024 at 7pm.

The Libyan Investment Authority (LIA) reported that its chairman, Ali Mahmoud Hassan, discussed at its Tripoli headquarters today with the Deputy Ambassador of the British Embassy in Libya, Katherine Wilde, the lifting of the UN Security Council freeze on the LIA’s assets and funds. The LIA reported that the Deputy British Ambassador was briefed on the LIA’s steps to avoid the negative effects of the sanctions imposed on its funds and assets.

A visiting Italian medical team specialising in congenital malformations and muscular dystrophy will start conducting operations at the Misrata Medical Centre from 25 January, the Department of Support and Development of Medical Services (DSDMS) reported yesterday. The DSDMS said these operations will be conducted for the first time at Misrata Medical Centre and the visiting Italian medical team will work in cooperation with national medical personnel. The DSDMS said the visit by the Italian specialists, like several previous medical team visits from Europe and the USA, are part of its plan to localise treatment for Libyans domestically.

Speaker of Libya’s House of Representatives, Aguila Saleh, met in Benghazi today with U.S. Ambassador to Libya, Richard Norland, Deputy Assistant Secretary of the U.S. State Department, Joshua Harris and Chargé d’Affaires, Jeremy Berndt. According to a statement by the U.S. Embassy in Libya, the House Speaker and American diplomats discussed “the importance of advancing the political process to allow the Libyan people to elect their leaders.”The American diplomats expressed “appreciation for the work of the 6+6 committee and emphasized the need for institutional stakeholders to come together to address the remaining politically contested issues, including the formation of a caretaker government.”“They also discussed the importance for Libyan leaders from all sides to work together to ensure a conducive environment for Libyans to freely choose their representatives as Libya prepares for the upcoming municipal elections,” as per the American embassy’s statement.

Oil prices (CL=F, BZ=F) have come under pressure Tuesday morning, trading down slightly as geopolitical tensions continue simmering in Libya, the Red Sea, and Russia. TD Cowen analysts have also upgraded ExxonMobil (XOM) to "Outperform" while downgrading Chevron (CVX) to "Market Perform." Editor's note: This article was written by Angel SmithVideo TranscriptINES FERRE: We have seen oil prices wavering today. So that's part of the reason why you saw some pressure on oil prices. So the TD Cowen analyst talking about more compelling upside to ExxonMobil as the stock has declined with an unchanged valuation.

All evidence and testimony previously gathered in the proceedings against Mohamed Ali Ahmed Elmushraty, better known by his nickname “Lilu King,” is to be re-heard, after drug trafficking charges were added this morning. Elmushraty had been charged with money laundering, tax evasion and participation in organised crime, in May last year. At one stage, the court, too, had expressed disappointment at the lack of compelling evidence to back up the charges. His lawyers reacted with anger and surprise when the court read out and upheld the Attorney General’s request, asking for the offence of drug trafficking to be added to the charge sheet, this morning. The maximum sentence for drug trafficking is imprisonment for life.

The General Commander of the Libyan National Army (LNA), Field Marshal Khalifa Haftar, held talks in Benghazi today with U.S. Ambassador to Libya, Richard Norland, Deputy Assistant Secretary of the U.S. State Department, Joshua Harris and Chargé d’Affaires, Jeremy Berndt. According to a statement by the U.S. Embassy in Libya, the Libyan army leader and the American diplomats discussed the importance of supporting the of efforts U.N. Envoy to Libya Abdoulaye Bathily to “bring together institutional stakeholders and for Libyan leaders from all sides to work together to ensure a conducive environment for Libyans to freely choose their representatives as Libya prepares for the upcoming municipal elections.”“They also emphasized U.S. support for efforts to unify Libya’s military, safeguard Libyan sovereignty, and ensure reconstruction efforts in Derna and other flood-affected areas be carried out in a timely and transparent manner based in the assessments of experts and the needs of the people,” stated the American embassy.

Libya resumes production at major oilfieldTRIPOLILibya's state-owned energy firm has said production resumed at Al-Sharara oilfield, which provides a quarter of the country's daily oil output, two weeks after protests led to a shutdown. The National Oil Corporation (NOC) announced the "lifting of force majeure" and the resumption of "full production" at Al-Sharara, which normally produces up to 315,000 barrels per day. The NOC on Jan. 7 declared "force majeure" at the southwestern oilfield "due to the closure of the site by protesters." Repeated interruptions in crude production in the war-torn North African country have been caused by social and political protests amid clashes between rival factions. Libya sits on Africa's largest oil reserves but production has been frequently disrupted during over a decade of chaos since a NATO-backed uprising led to the ouster and killing of former dictator Moamer Kadhafi in 2011.

Norway's crude production rose to 1.85 million bpd in December, up from 1.81 million bpd the previous month and beating analysts' forecasts of 1.81 million bpd, according to the Norwegian Offshore Directorate. Halliburton's total revenue for the fourth quarter of 2023 was $5.7 billion, flat when compared to the third quarter of 2023. Operating income was $1.1 billion in the fourth quarter of 2023, a 2% increase when compared to the third quarter of 2023. Expected fourth quarter finished product yield of 65%-67%, in line with previously forecasted range of 64%-68%. Average fourth quarter crack spreads on finished refined products declined 40% vs. third quarter average levels.

Oil prices were largely flat Tuesday after Libya restarted production at a major oilfield and as output slowly recovered in North Dakota after a winter storm. Libya restarted production at the Sharara oilfield on Sunday, which has the capacity to produce 300,000 barrels per day. Prices also edged lower as reports circulated that Israel had proposed a two-month pause of fighting in Gaza in exchange for the release of all remaining hostages. U.S. envoy Brett McGurk is travelling in the Middle East discussing the potential for another hostage deal and humanitarian pause in the fighting, according to the White House. A rescue package in China would raise oil demand expectations, said Phil Flynn, an analyst with the Price Futures Group.

Libya restarts production, exports from country’s largest oil field(Bloomberg) – Libya is restarting oil exports and production from its largest oil field after it had been shuttered for about three weeks. Production at Sharara, which previously pumped about 270,000 bpd, will resume and force majeure, a clause in contracts allowing deliveries to be suspended, will be lifted, the OPEC country’s state-run National Oil Corp. said in a statement. The restart came after the government in Tripoli agreed to implement most of the demands from protesters, Deputy Prime Minister Ramadan Boujannah told Libya’s Al-Ahrar TV earlier Sunday. Sharara’s closure cut Libya’s oil production to below 1 MMbpd for the first time in months. The North African nation managed to keep production stable at around 1.2 MMbpd for most of the last year.