Archive for the ‘Libya’ Category

Libya’s oil output nears 1 million bpd, highest in four years: source – Reuters

LONDON Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and "close to" 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with direct knowledge of the matter told Reuters on Thursday.

Production has been fluctuating mainly due to technical and power generation problems, the source said, declining to be named because he was not authorized to speak to the media.

At near one million bpd, Libya has succeeded in beating a production target the National Oil Corp (NOC) announced recently by a month, the source added.

The source said that production should stabilize at the higher end of the range "very soon".

Also on Thursday, oil began to be pumped from storage tanks at Al-Majid field, which has been closed for eight months because of power problems, said Omran al-Zwai, a spokesman for Arabian Gulf Oil Company (AGOCO), an NOC subsidiary that operates the field.

The field, with an output of about 5,000 bpd, is expected to reopen fully on Saturday, Zwai said. Oil from Al-Majid is pumped to Zueitina, one of three eastern terminals that was blockaded until September last year.

Libya, a member of the Organization of the Petroleum Exporting Countries, has been exempted from OPEC-led supply cuts as it tries revive its battered oil industry.

It had produced more than 1.6 million bpd before a 2011 uprising, and average production has not exceeded 1 million bpd since July 2013.

(Reporting by Ahmad Ghaddar and Ayman al-Warfalli, editing by David Evans and editing by John Stonestreet)

SYDNEY BHP Billiton and Vale have won a four-month extension from a Brazilian court to negotiate a settlement to a $47 billion claim stemming from the Samarco mine disaster in 2015, BHP said on Friday.

BEIJING China's top online retailers and U.S. superstore giant Walmart are scrambling to satisfy the voracious appetites of consumers excited about the first American beef to arrive in the world's most populous nation in 14 years.

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Libya's oil output nears 1 million bpd, highest in four years: source - Reuters

Oil Stuck at $47: Blame Nigeria, Libya & Frackers, Goldman Says – Barron’s


Barron's
Oil Stuck at $47: Blame Nigeria, Libya & Frackers, Goldman Says
Barron's
The fast ramp-up in U.S. shale drilling and the unexpectedly large rebound in oil production in Libya and Nigeria means oil is likely to hover at $45 per barrel in the near term, Goldman Sachs analysts says. Oil prices were up 0.8% per barrel in recent ...
Goldman Sachs slashes oil price projection amid US shale surgeCNBC
Oil prices edge up to two-week high on dip in US outputNew York Daily News
Oil prices rise to two-week high on dip in US outputNasdaq
Reuters -ETEnergyworld.com
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Oil Stuck at $47: Blame Nigeria, Libya & Frackers, Goldman Says - Barron's

Italy considers closing its ports to ships from Libya – Irish Times

A Libyan coast guardsman during the rescue of 147 illegal immigrants attempting to reach Europe off the coastal town of Zawiyah, west of the capital Tripoli, on Tuesday. Photograph: Taha Jawashi/AFP/Getty Images

The Italian government is considering banning ships from Libya from landing at its ports after the arrival of nearly 11,000 refugees from there in the past five days.

It has been reported that the government has given its ambassador to the EU, Maurizio Massari, a mandate to raise the issue formally with the European commission to seek permission for a drastic revision of EU asylum procedures.

One idea being discussed is denying docking privileges to ships not carrying Italian flags that seek to land in Italian ports, mainly in Sicily or Calabria.

The surge in the number of refugees reaching Italy prompted the interior minister, Marco Minniti, to fly back en route to Washington to address the crisis. An intense debate has raged in Italy about whether NGOs waiting to rescue people off Libyan coastal waters act as an incentive for people-smugglers.

The centre-right fared well in local government elections at the weekend, placing pressure on the left coalition government ahead of elections due by next year.

Both Germany and France have said Italy, after the closure of the Turkey route, has been left alone to fend with the refugee crisis for too long. The German chancellor, Angela Merkel, is proposing a Compact for Africa at the G20 designed to boost private sector investment in the continent, and reduce the incentive for Africans to try to migrate to Europe to escape poverty.

Mattia Toaldo, a Libyan expert at the European Council on Foreign Relations said: This is a panic measure and I would very much be surprised if it is legal. The law requires the rescue of people in distress on the high seas, and this self-blockade of Italian ports would leave migrants floating in the Mediterranean, including those in most NGO rescue ships.

It is most likely designed to force Europe to take some kind of other action. It also shows that the ideas tried so far have failed. It was first proposed that the Libyan coastguard take more action to push the boats back. It was then suggested the tribes in southern Libya act as detention guards and then it was proposed to take action in Niger. Nothing has worked.

The dramatic rise in numbers, prompted by good weather and a well-organised trafficking route also draws greater scrutiny to the plans prepared by Merkel for a long-term solution. Efforts to strengthen the Libyan coastguard by providing extra boats and training appears to have had little impact.

In the four days between 24 and 27 June, 8,863 migrants arrived, including more than 5,000 on Monday alone, according to the International Office for Migration. A further 2,000 people were reported arriving on Tuesday.

The June surge means comes after the arrival of 60,228 migrants in Italy by sea in the first five months of 2017, with 1,562 reported to have died on the central Mediterranean. The number of migrants from Libya this year is on course to exceed the 200,000 recorded last year.

There were 22,993 arrivals in May. Since the beginning of 2016, only in July and October last year were higher numbers of arrivals by sea recorded.

Nigerian is the first declared nationality of about 15 per cent of those arriving in 2017, followed by Bangladeshi (12 per cent), Guinean (10 per cent) and Ivorian (9 per cent).

Renato Brunetta of Forza Italia has pressed Minniti to block ships with migrants heading to Italy and ask the EU to allow them to be diverted to other Mediterranean ports.

Dr Merkel fears that long-term demographic trends mean 100 million Africans could be driven to Europe by climate change and poverty, and that European governments are unprepared.

Her guiding idea is to stem migration by combating poverty in Africa. Her specific initiative is to team up African nations committed to economic reforms with private investors who would then bring jobs and businesses.

Under the G20 compacts plan, an initial seven African nations would pledge reforms to attract more private sector investment. Leaders from these countries have been to Berlin to discuss the plan, meet investors and identify the practical reasons global finance shuns Africa.

Guardian service

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Italy considers closing its ports to ships from Libya - Irish Times

Libyan Crude Gushes Into Tankers as Nation’s Output Accelerates … – Bloomberg

By

June 28, 2017, 8:39 AM EDT

Libyan oil shipments are poised to hit the highest in at least three years in the latest sign the North African country is managing to sustain a production revival.

Exports are on course to reach about 715,000 barrels a day this month, the most since July 2014, when Bloomberg began monitoring Libyan shipments, tanker-tracking data show. With relatively limited capacity to process that crude in its domestic refineries, the shipments have been moving in lock-step with production.

Libyas surging output is a key factor helping to undermine the Organization of Petroleum Exporting Countries efforts to reduce global supply and increase oil prices. The group met last week in Vienna to discuss how to deal with rising production in Libya and Nigeria -- both OPEC nations exempt from supply curbs -- rather than deepening output cuts by other members. U.S. production climbing to the highest since August 2015 has further derailed OPECs efforts.

Exports from Libya are recovering with Sharara, the countrys largest oil field, resuming output, as well as the fields operated by Wintershall AG. The country was pumping 902,000 barrels a day as of June 20, according to the state National Oil Corp. It would be the highest level since June 2013.

The NOC and Germany-based Wintershall agreed earlier this month to restart production in some areas, allowing for crude to flow again from the Agkhara deposit. The deal also allowed Libyas Sarah oil field to resume output, according to a person familiar with the situation. Sharara was pumping 270,000 barrels a day as of the start of last week.

So far this month, 30 cargoes comprising 25 Aframax-class tankers and five Suezmaxes have loaded from Libyan ports, totaling 20.03 million barrels, according to Bloomberg estimates. An additional five tankers are set to load in the coming days.

Italy is the most popular destination for Libyan barrels, accounting for 10 of Junes shipments. A further six headed to Spain, and two cargoes each were shipped to France, Greece, the U.K. and the U.S.

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Libyan Crude Gushes Into Tankers as Nation's Output Accelerates ... - Bloomberg

Call to all residents of Libya to reduce energy consumption – The Libya Observer

Call to all residents of Libya to reduce energy consumption
The Libya Observer
The General Electricity Company has pleaded with citizens, factory owners and companies to reduce their energy consumption as much as possible during the coming days. The company is doing its best to make citizens more aware in order to maintain some ...

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Call to all residents of Libya to reduce energy consumption - The Libya Observer