Today, despite the recent production and export cuts by Russia and Saudi Arabia, the outlook for oil markets remains unmistakably bearish. A combination of global economic indicators, well-supplied oil markets, and the resurgence of the trade war can all be read as bearish for oil markets going forward. Global Economic IndicatorsWhen examining global economic indicators, it becomes apparent that most of them are either in decline or headed in a downward direction. These ongoing trade tensions contribute to the bearish sentiment in oil markets. Considering these factors, the writer believes that oil prices will likely touch the lower 60s before the end of 2023.

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A British couple who spent £13 million on property deals, money that was meant to train Libyan pilots, have been ordered to pay it back by a UK court. Tevfik and Sera Jane Sekerci ran an education consultancy, Prime Education, which won a contract with Libya to provide training for up to 250 pilots, engineers and other specialists. PE Turkey owns land on which buildings were built on two sites in the Bagcilar district of Istanbul, the judgment said. EACS alleged they “conspired and combined” with Prime Education, each other, PE Turkey and York Property to “use unlawful means, including the misappropriation of moneys with intent to defraud” them. The couple claimed in their defence that they obtained verbal permission from EASC’s chief executive at the time, Jamil Shubana, who had signed the deal, to transfer funds to PE Turkey.

Currently, Eni produces gas at the Wafa and Bahr Essalam fields operated by Mellitah Oil & Gas, a joint venture with NOC. In 2022, Eni produced 207 Bcf of gas in Libya, up by 4.5% from 2021 levels, according to the company's website. Oun said he is concerned "to a certain extent" about the threats impacting the country's 1.2 million b/d production. Libya, which is exempt from OPEC+ quotas, pumped 1.15 million b/d in May, according to the latest Platts survey. Libya may be able to raise its crude production capacity to 1.4 million-1.5 million b/d in 2024 as part of plans to hit 2 million b/d in the medium-term, Oun added.

The European Commission says there is a clear indication that the Libyan coast guard, which it subsidises, is infiltrated by criminal groups. The statement on Thursday (6 July) from EU commissioner for migration, Ylva Johansson, follows the recent EU handover over of patrol boats to the Libyan coast guard. On 22 June, the European Commission along with Italian authorities gave the Libyan coast guard two patrol boats. The Libyan coast guard are estimated to have intercepted and returned to Libya 120,000 people since 2017. And a UN fact-finding mission, earlier this year, linked the Libyan coast guard to crimes against humanity.

Libyan Oil and Natural Gas Minister Mohamed Aoun said that Turkish companies are the top choice for seismic research in Libya. "Due to the geographical proximity Türkiye has and the experience that Turkish companies have in the field of seismic research, priority will be given to Turkish firms,” Aoun told Anadolu. - Libya’s oil productionAoun said Libya was excluded from the "decision to reduce oil production" taken by the Organization of Petroleum Exporting Countries (OPEC) last year. He said: “Libya cannot reduce oil production due to its economic conditions.”“Oil production in the country has stabilized since July 2022, and crude oil production has reached an average of 1.2 million barrels per day,” he added. Aoun also stated that according to research, Libya is the 5th country in the world in terms of shale oil and natural gas wealth.

Indian Muslims are an integral part of the diverse fabric of Indian society, and they lead lives of dignity and respect. - Advertisement -It is vital to recognize that Indian Muslims are not a minority but the second-largest majority in the country. Contrary to Obama’s misguided comments, Indian Muslims have the right to vote, hold public office, and contribute to the nation’s progress. Indian Muslims do not need a self-proclaimed savior like Barack Obama. While acknowledging the challenges faced by some, Indian Muslims are fully capable of addressing and resolving them without external interference.

Twenty-two migrants from sub-Saharan countries in Africa also were detained for questioning in connection with crimes in the area, Masmoudi said Wednesday. Videos posted on social media showed crowds of local men in Sfax attempting to knock down doors and set fire to a building in what appeared to be an attempt to chase Black migrants out. Migrants reported being taken to an isolated beach near Libya's border with armed men from both countries on each side. More migrants were taken from their homes in Sfax in the middle of the night in the following days, he claimed. The man spoke to the AP Wednesday and Thursday surrounded by other Black migrants, including women and small children.

MOSCOW (UrduPoint News / Sputnik - 06th July, 2023) The number of migrants using the route from Libya to come the European Union has grown by 600-700% in 2023, EU Commissioner for Home Affairs Ylva Johansson said on Thursday. "(It is) on this route that this vessel (with hundreds of migrants that sank off the coast of Greece in June) used, leaving from the eastern part of Libya, on this big unseaworthy fishing vessel with many hundred people on board. On June 14, a fishing boat carrying migrants capsized in international waters 47 nautical miles southwest of the Greek town of Pylos. The boat was heading from the Tobruk area in eastern Libya to Italy. The International Organization for Migration said the boat was carrying at least 400 migrants, while the survivors estimated that 700 migrants had been on board.

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Libya’s revenues from crude oil in the first half of the year fell to $6.95 billion (33.4 billion Libyan dinars)—down from 37.3 billion dinars in H1 2022, according to a Thursday statement from Libya’s central bank. Libya’s crude oil production in the first part of this year is higher than it was during the same period last year. In Q1 2023, Libya’s crude oil production averaged 1.157 million bpd, according to OPEC’s secondary sources, rising only slightly to average 1.169 million bpd by May of this year. This is an increase on 2022, when 1st quarter production averaged 1.063 million bpd, with May 2022 production averaging just .707 million bpd. But Brent crude oil prices are down nearly $30 per barrel from May 2022 to May 2023.

Four days after Wagner group mercenaries marched on Moscow, a Russian envoy flew into Benghazi to meet a worried warlord. “For the moment, it looks like Wagner’s operations are on hold. Sergei Lavrov, the Russian foreign minister, last week reassured allies in Africa that Wagner group fighters deployed to the continent would not be withdrawn. Just four months ago, Wagner was mounting recruitment campaigns specifically for African operations, as evidence suggested deployments were being reinforced in CAR, Mali and elsewhere. Wagner’s operations have always been closely aligned with Russia’s longer-term foreign policy objectives, analysts point out.

If they are dead, take them out,” Adil Hussain said, urging Greece to hire a vessel to recover them. Lawyers representing families of the missing plan on Thursday to ask judicial authorities investigating the case for the boat to be retrieved. “It is a fundamental obligation towards the victims who are at the bottom of the sea, an obligation towards their families, and of the families towards their loved ones,” Takis Zotos, a lawyer representing four Pakistani families, told Reuters. Survivors have said that the ship capsized after a disastrous towing attempt by the Greek coast guard, which Greece denies. A spokeswoman for the Foreign Office, Mumtaz Zahra Baloch, said bodies would be transported to Pakistan upon verification and release by the Greek authorities.

(@ChaudhryMAli88)VIENNA (UrduPoint News / Sputnik - 06th July, 2023) Libya plans to increase oil production by 2 million barrels per day in a three-to-five years term, Libyan Oil and Gas Minister Mohamed Oun told Sputnik on Wednesday. "The Libyan Government of National Accord has allocated significant sums to increase (oil) production from 1. 2 million barrels (per day) � this is what is being produced now � to 2 million barrels (per day)," Oun said on the sidelines of the OPEC International Seminar in Vienna. He added that it would take three to five years to increase oil production.

In a few days, he would see hundreds of these people drown as a Greek coastguard ship floated nearby. We saw him.”Ahmed and Mohammed said the passengers started telephoning the Italian authorities and the Greek coastguard to ask for help. The passengers could not understand from the deck, but it was the Greek coastguard. Once taken to the larger coastguard boat, Ahmed was reunited with Mohammed. Regarding the details of the operation plan of the Hellenic coastguard, no further comments can be made by our service.”Fingers have been pointed at the Greek coastguard for both the shipwreck and its large death toll.