Business News Libya

  • HOUSTON, July 23- Oil edged down, with Brent at around $63 a barrel on Tuesday under pressure from weaker global demand forecasts and the full restart of Libya's largest oil field despite continuing supply worries stemming from Iran's capture of a British oil tanker. Libya's Sharara oil field returned to normal production on Tuesday, pressuring prices that...

  • LAUNCESTON, Australia, July 23- Crude oil markets are having to grapple with how to price the risk of an escalation in the conflict threatening shipments through the Strait of Hormuz and the reality that there isn't an actual physical shortage of supplies. There is nothing incorrect about this assessment, and it could be argued that crude futures haven't...

  • SINGAPORE, July 23- Oil prices inched lower on Tuesday as the International Energy Agency said it would act quickly if needed to keep the market supplied amid tensions in the Middle East and traders eyed a weaker demand outlook. Brent crude futures slipped 2 cents to $63.24 a barrel by 0121 GMT. The International Energy Agency said it was closely monitoring...

  • July 22- Struggling construction and engineering firm SNC-Lavalin Group Inc on Monday withdrew its forecast for 2019, citing significantly lower results as it considers options for its resources unit and exits fixed-price contracts. Montreal- based SNC has been facing a trial in Canada over fraud and corruption charges related to allegations that former...

  • BENGHAZI, Libya/ LONDON, July 22- Libya's National Oil Corporation has restarted the Sharara oilfield and lifted force majeure on loadings of its crude oil from the Zawiya terminal, it said on Monday. The oilfield, the OPEC member's largest, was shut on Friday evening after an unidentified group shut a valve on the pipeline linking it to Zawiya, 49 km west of Tripoli.

  • *Prices gain after Iran seizes British tanker. SINGAPORE/ TOKYO, July 22- Oil prices rose on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shut down of its largest oil field. Iran's Revolutionary Guards said on Friday they had captured a British-flagged oil tanker...

  • A picture taken on July 21, 2019, shows Iranian Revolutionary Guards patrolling around the British-flagged tanker Stena Impero as it's anchored off the Iranian port city of Bandar Abbas.

    Oil edged down, with Brent at around $63 a barrel on Tuesday under pressure from weaker global demand forecasts and the full restart of Libya's largest oil field despite continuing supply worries stemming from Iran's capture of a British oil tanker.

  • NEW DELHI, July 19- The International Energy Agency doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. If we see the market today we see that the demand is slowing down considerably, "said IEA's Fatih Birol, in public comments made during a two-day energy...

  • NEW DELHI, July 18- The International Energy Agency is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.- China trade spat, its executive director said on Thursday. The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day and may cut it again if the global economy and especially China shows...

  • NEW DELHI, July 18- The International Energy Agency is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.- China trade spat, its executive director said on Thursday. The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day and may cut it again if the global economy and especially China shows...

  • TRIPOLI, July 15- Libya's oil revenue dropped 11.2% to 14.3 billion dinars in the first six months of 2019, compared with the same period last year, the central bank said on Monday. Libya's internationally recognised government of national accord in Tripoli imposed in September a 183% fee on hard currency transactions, effectively devaluing the Libyan dinar,...

  • Emergency workers and other recover bodies after an airstrike killed nearly 40 at Tajoura Detention Center, east of Tripoli on early July 3, 2019.

    An airstrike hit a detention center for migrants in the Libyan capital early Wednesday, killing at least 40 people and wounding dozens.

  • *OPEC exempt producers cut more oil than rest of group. LONDON, June 26- Oil output in Iran and Venezuela, under U.S. sanctions, has fallen by more than that of other OPEC members party to a supply cut pact, suggesting President Trump's policies have had a greater impact on oil production than OPEC itself. The actual cut is more than 2.5 million bpd, according to OPEC...

  • TRIPOLI, June 18- A storehouse belonging to Libya's Mellitah Oil& Gas, a joint-venture between the National Oil Corporation and Italy's ENI, was damaged in an air strike on Tuesday, wounding three workers, the state oil firm said in a statement. It was the first confirmed attack on a foreign oil asset since eastern forces led by Khalifa Haftar started a campaign with...

  • *Boycott left Qatar scrambling to secure food in 2017. Qatar is the world's top liquefied natural gas exporter but a net importer of nearly everything else. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt accuse Qatar of supporting Islamist terrorist groups.

  • CAIRO, June 17- Egyptian cement maker Tourah Cement, a subsidiary of Germany's HeidelbergCement, says it has suspended production because of financial distress caused by oversupply in the Egyptian market and is considering liquidation. "This extra capacity is more than the total consumption in one year of countries like Italy, Spain, Morocco or South Africa,"...

  • The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday. It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism...

  • TRIPOLI, June 14- France's Total and other foreign firms have started to renew their business licences with Libya's internationally recognised government to keep operating in the country, the Tripoli- based economy minister told Reuters. The comments by Ali Abdulaziz Issawi could appease Western concerns the Tripoli government will try to suspend oil and...

  • TRIPOLI, June 14- France's Total and other foreign firms have started to renew their business licenses with Libya's internationally recognized government to keep operating in the country, the Tripoli- based economy minister told Reuters. The comments by Ali Abdulaziz Issawi could appease Western concerns the Tripoli government will try to suspend oil and...

  • TOTAL AND OTHER FOREIGN FIRMS HAVE STARTED PROCESS TO RENEW LICENCES WITH LIBYA'S TRIPOLI GOVERNMENT- MINISTER.