Crude Oil Price Update – Supply Worries Driven by Political Unrest in Libya, Labor Problems in Norway
Short-Term OutlookTrader reaction to a minor pivot at $109.06 is likely to determine the direction of the August WTI crude oil market early Monday. Bullish ScenarioA sustained move over $109.06 will indicate the presence of buyers. Bearish ScenarioA sustained move under $109.06 will signal the presence of sellers. A trade through this level will lead to a test of the major retracement zone support at $103.85 – $99.82. The retracement zone at $103.85 to $99.82 is controlling the near-term direction of the market.
Source:Libya Today
July 04, 2022 10:43 UTC
Egypt's Local development ministry wins prize of best applied project for economic empowerment of women
CAIRO - 4 July 2022: Trainees of the Ministry of Local Development won the prize of the best applied project in a UN-organized training course targeting the economic empowerment of Egyptian women. The training titled "boosting the economic empowerment of the Egyptian women" was organized by United Nations Industrial Development Organization (UNIDO) and UN Women in coordination with the National Council for Women within the framework of "Rabeha" project which is funded by the Canadian government. In a statement on Monday, the ministry said that the participants of the training include: 47 trainees; 21 from the ministry and the governorates of Qena, Sohag, Beni Suef, Minya and Fayyoum in addition to 26 trainees from the ministries of international cooperation, youth and sports and trade and industry and Small and Medium Enterprises Development Authority (SMEDA).
Source:Libya Today
July 04, 2022 10:38 UTC
Egypt, Netherlands talk cooperation in field of water ahead of COP27
CAIRO - 4 July 2022: Egyptian Minister of Water Resources and Irrigation Dr. Mohamed Abdel-Aty, met Jaima de Bourbon, Envoy of the Kingdom of the Netherlands for Climate, in the presence of Ambassador Hahn Mauritz, Ambassador of the Netherlands in Cairo and the accompanying delegation, to discuss water-related activities as part of the program of the upcoming COP27 summit. In the below lines, et highlights the details of cooperation between Egypt and the Netherlands in the field of water:1- There is a long-standing cooperation between Egypt and the Netherlands in the field of water, dating back 46 years, since the establishment of the Egyptian-Dutch Consultative Council for Water Management in 1976. 2- Cooperation is one of the prominent signs of distinguished cooperation between both countries, based on the exchange of benefits and experiences. 3- The bilateral cooperation between both countries contributed to building bridges of trust, and this was reflected in the increasing experiences gained by the two countries in the fields of water management and treatment, water quality improvement and integrated coastal zone management. 4- There is a great similarity between the two countries in the challenges that are being faced, such as protecting the beaches from the effects of climate change, which requires further cooperation in this regard.
Source:Libya Today
July 04, 2022 10:35 UTC
UN rights mission finds ‘probable’ mass graves in Libya
GENEVA: A UN-appointed mission to Libya said on Monday there are “probable mass graves” yet to be investigated, possibly as many as 100, in a town where hundreds of bodies have already been found and it urged Tripoli to continue searching. Based on the testimonies of residents and two site visits, the mission found “reasonable grounds” that the Kaniyat militia committed crimes against humanity. Already, Libyan authorities have recovered 247 bodies in mass and individual grave sites in the Tarhouna area in Western Libya. “According to insider knowledge, there might still be up to 100 as of yet undiscovered mass graves,” the report said. Diplomats and UN sources told Reuters that Libya had in the past expressed reservations about continuing the mission, which expires this month.
Source:Libya Today
July 04, 2022 10:28 UTC
UN rights mission finds 'probable' mass graves in Libya
GENEVA :A U.N.-appointed mission to Libya said on Monday there are "probable mass graves" yet to be investigated, possibly as many as 100, in a town where hundreds of bodies have already been found, and it urged Tripoli to keep searching. Already, Libyan authorities have recovered 247 bodies in mass and individual grave sites in the Tarhouna area in Western Libya. "According to insider knowledge, there might still be up to 100 as of yet undiscovered mass graves," the report said. In its conclusions, the Fact-Finding Mission (FFM) calls on Libyan authorities to continue searching for the graves. Tracy Robinson, one of the three heads in charge of the 18-person team, said it did not have the resources or authority to investigate the Tarhouna graves alone.
Source:Libya Today
July 04, 2022 10:24 UTC
Oil slips as recession fears balance tight supply
Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia, according to Reuters. Despite concern of a recession, tight supply is limiting losses, Reuters reported. Ecuador’s production has been hit by unrest recently, and a strike in Norway could cut supply this week. “This backdrop of mounting supply outages is colliding with a possible spare production capacity shortage among Middle Eastern oil producers,” said Stephen Brennock of oil broker PVM. “And without new oil production hitting markets soon, prices will be forced higher.”
Source:Libya Today
July 04, 2022 10:19 UTC
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Oil prices reverse losses, gain on tight supply concerns
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, March 1, 2021. Brent crude futures for September rose 55 cents, or 0.5%, to $112.18 a barrel at 0650 GMT, after falling over $1 in early trade. Libya's exports have dropped to between 365,000 bpd and 409,000 bpd, down about 865,000 bpd compared to normal levels, the National Oil Corp said last week. In a further hit to supply, a planned strike by Norwegian oil and gas workers this week could cut the country's oil and condensate output by 130,000 bpd. read moreFears of a global recession however are seen capping oil's price gains, said CMC Markets analyst Tina Teng.
Source:Libya Today
July 04, 2022 09:21 UTC
What is Immersive Learning?
What is Immersive Learning? Key Benefits of Immersive LearningEnable reusability and reduce costsIn an immersive setting, students may go through learning modules as many times as necessary to master it. Considerations to RememberWhile immersive learning offers sizeable benefits, it is important to remember that it may not be the best fit for everyone as XR may have higher startup costs than other modes of learning. The industry will probably see more immersive learning in both online and classroom settings as this technology develops and becomes more accessible. With immersive learning solutions that mainly depend on XR, businesses like Walmart, ExxonMobil, Hilton, Airbus, Deutsche Bahn, and DHL are already paving the way.
Source:Libya Today
July 04, 2022 08:26 UTC
Total Global Recoverable Oil Reserves Are Falling At An Alarming Rate
Recoverable oil corresponds to the industry term “remaining technically recoverable crude oil and lease condensate”, i.e. Of the 1,572 billion barrels of technically recoverable oil, only about 1,200 billion barrels are likely to be economically viable before 2100 at $50 per barrel. Referring to the report on recoverable oil resources, Saudi Arabia holds onto the top spot with 275 billion barrels, followed by the US with 193 billion barrels. Russia with 137 billion barrels, Canada with 118 billion barrels and Iraq with 105 billion barrels round out the top five. In Europe, both the UK and Norway’s recoverable volumes have fallen by one billion barrels and now stand at 10 billion and 17 billion barrels respectively.
Source:Libya Today
July 04, 2022 05:52 UTC
Explained: The legitimacy crisis in Libya’s political institutions
Libyan protesters want the political authorities to quit and hold elections after previous transitional periods created institutions that clung on long after their mandates expired. Critics of the House of Representatives say its mandate and legitimacy have expired and accuse Saleh of abusing parliamentary rules to push his own agenda. High State CouncilThe High State Council is drawn from members of Libya’s first transitional parliament elected in 2012. Under the 2015 Libyan Political Agreement, the High State Council was a consultative second chamber with an advisory role. House of Representative’s rival governmentThe House of Representatives swore in Bashagha and his cabinet in March.
Source:Libya Today
July 04, 2022 02:46 UTC
Political stalemate in Libya
Political stalemate in LibyaEurope is closely following the repercussions of the political stalemate that has characterised the Libyan political landscape since the expiry of the mandate of the Unified Executive Authority (GNA and CP). The aforementioned action by the Presidential Council, which succeeded in distancing itself from the political quarrels between the clan of the west and that of the east, aimed at ending the institutional fragmentation and the failure of the political process, was among the key demands expressed by a wide range of political parties, tribal and civil society actors, as well as Libyan citizens, before and during the demonstrations of July 1st. It was widely noted that the CP published a press release on July 2nd in which it stressed that it continues to meet in a permanent manner until the fulfilment of the will of the Libyan people in the production of an elected authority. This declaration shows a predisposition of Mohamed Yunus al-Menfi (pictured) to activate his prerogatives as President of the State and Supreme Leader of the Libyan Army. Follow EU Today on Social media:
Source:Libya Today
July 03, 2022 22:05 UTC
The Oil Conundrum
Such is the case of Libya, a smaller but significant oil supplier, that has been recently accused by some Western media outlets of “misrepresenting oil production figures” to create unnecessary volatility in the market. The President has already asked oil companies to push the pedal on their drilling and oil production capacities to help avert any future crises. Previously, America’s “Shale Oil Production” had helped offset minor shortages of oil. Shale oil is a high-quality crude oil that lies between layers of shale rock, and the USA has the biggest shale oil reserves in the world. Nevertheless, the production of shale oil has conventionally been more expensive than the extraction of conventional crude oil.
Source:Libya Today
July 03, 2022 20:25 UTC
IOM calls for stronger action for migrant protection along Chad-Libya border
The International Organization for Migration (IOM) deplored the deaths of at least 20 migrants in the Libyan desert and renewed its call for stronger action to protect migrants along the Chad-Libya border. On 28 June, the bodies of 18 persons believed to be Chadian and two Libyans were reportedly recovered near the border with Chad. Last month, clashes between gold miners in the town of Kouri Bougoudi, close to the border with Libya, left hundreds dead and displaced an estimated 10,000 mine workers in northern Chad. Over 45,000 migrants were recorded at the Faya, Zouarké and Ounianga Kébir Flow Monitoring Points in Northern Chad between January and March 2022. Among the migrants surveyed by IOM during that period, 32 per cent were headed towards Libya despite the lack of basic preconditions to ensure their safety and protection.
Source:Libya Today
July 03, 2022 18:16 UTC
UN secretary general urges calm in Libya as protests spread
The UN secretary general, António Guterres, has appealed for calm as street demonstrations spread across Libya in protest over power cuts and the failure to hold national elections. On Friday night, protesters stormed the parliament in the eastern city of Tobruk as anger exploded over deteriorating living conditions and the political deadlock. “The secretary general is following with concern the demonstrations that held in several cities in Libya, including Tripoli, Tobruk and Benghazi,” the office of Guterres said in a statement. The UN chief called on protesters “to avoid acts of violence and on the security forces to exercise utmost restraint”. According to the statement, Guterres also urged “Libyan actors to come together to overcome the continued political deadlock”, which was negatively “deepening division”.
Source:Libya Today
July 03, 2022 17:18 UTC
UN condemns riots, protesters’ storming of Libya’s parliament
The Secretary-General is following with concern the demonstrations that were held in several cities in Libya, including Tripoli, Tobruk and Benghazi, on 1 July. UN Secretary-General Antonio Guterres called on all protesters “to avoid acts of violence and on the security forces to exercise utmost restraint,” UN spokesman Stephane Dujarric said. The protesters, frustrated from years of chaos and division, have called for the removal of the current political class and elections to be held. Protesters also rallied on Saturday in Tripoli and several towns in western Libya, blocking roads and setting tires ablaze, according to livestreaming on social media. Libya has been wrecked by conflict since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.
Source:Libya Today
July 03, 2022 16:12 UTC