Fundamental analysis: IEA cut its 2020 demand forecast for oil- Advertisement -The price of crude oil advanced last week despite the fact that Libyan warlord General Khalifa Haftar said that the country will reopen oil ports closed since January. Libya could return up to 1.1 million barrels per day of production although the International Energy Agency (IEA) cut its 2020 demand forecast. The EIA predicts that global oil demand will be 93.1 million b/d in 2020 which is down 8.3 million b/d from 2019. In the second half of 2021, analysts are expecting the price to continue to grow at a similar rate (they also expect continued growth in oil demand). The coronavirus crisis has reduced global oil demand and OPEC made a decision to limit production until December.
September 19, 2020 21:22 UTC
Common sense remedy for eastern Mediterranean crisisSinem CengizShort Url https://arab.news/583szTurkish Foreign Minister Mevlut Cavusoglu during a news conference in Istanbul, Turkey June 15, 2020. (Reuters)After weeks of thunderstorms in the eastern Mediterranean, the rain finally seems to have cooled the troubled situation in the region. As for how the conflicts have become internationalized in recent years, the row in the eastern Mediterranean includes several other states due to clashes with their own national interests. While beneath the warm waters of the eastern Mediterranean there is a search for gas reserves, on the surface there is a multi-dimensional proxy war. Thus, the layers of multinational complexity in the eastern Mediterranean are vulnerable to any development that could trigger a chain reaction.
September 18, 2020 16:30 UTC
Protestors in the Libyan city of Benghazi set a government building on fire after the third straight day of protests condemning the living conditions and continued corruption within the country. Several hundred demonstrators gathered in Eastern towns to protest against the political elite and the lengthy power cuts and a severe banking crisis. Some of the demonstrators in Benghazi, were armed with guns and set fire to the government building leaving its white walls charred black but the burning flames were later brought under control. The building was constructed after Haftar’s Libyan National Army (LNA) gained control of Benghazi, which left parts of the port city in ruins. The power cuts and economic crisis were worsened by a blockade of most of the country’s oil facilities by LNA however negotiations are ongoing about ending the blockade.
September 18, 2020 14:26 UTC
Spain and Malta have distanced themselves from France’s pro-Greek position as the EU draws diplomatic battle-lines on tensions in the Eastern Mediterranean between Turkey and a host of countries. The two countries’ foreign ministers said they are neutral parties that are working to facilitate dialogue between the feuding countries. “We have to help the countries resolve the conflict, not tell them what to do,” said foreign minister Evarist Bartolo said in Oviedo. Malta has fostered dialogue with Turkey as the main military ally of the UN-recognised GNA in Libya. The Turkish military effort in Libya has repelled incursions by Khalifa Haftar’s LNA, which is backed by Egypt, the UAE, but also France.
September 18, 2020 09:11 UTC
In the absence of a clear-sighted economic recovery strategy with Libya, Tunisia may lose this market for good. Before 2014, Tunisian agri-food products dominated the Libyan market, which are replaced today by those of Turkey because 80% of the products currently on the shelves of Libyan supermarkets are Turkish. Tunisia hopes to see its trade with this market intensify further in order to regain the level of 2010. Already, the volume of Tunisia’s trade with Libya has reached 1.7 billion dollars in 2019. The Libyan civil war in 2011 has had a very negative impact on Tunisian companies operating on Libyan territory.
September 18, 2020 08:15 UTC
Since late August, protests have erupted across the country as ordinary citizens, polarised by years of conflict, have united in collective grievance. Libya currently has two governments: one UN-recognised outfit, the Government of National Accord (GNA), in the capital, Tripoli; the other aligned with the Libyan National Army (LNA) and based in the country’s east. Authorities in both Tripoli and eastern Libya have tried to quash the demonstrations, arresting and sometimes firing at protesters. Some younger Libyans have become so desperate that they have started taking the smugglers’ boats to Europe. The country’s leaders should take heed – and remember where street protests have led in the past.
September 18, 2020 05:15 UTC
The EU will help write Libya's national strategy of border security and management, according to an internal EU document. It had, for instance, launched a pilot project along with Italy and the EU's border agency Frontex to train the Libyan coast guard. But it is in his closing remarks where Tagliaferri places emphasis on a so-called 'white paper', EU parlance for proposals. He said the white paper, once implemented, "will include a comprehensive reform of border administration, aiming at stabilising control and security of borders and migration administration". The white paper was not annexed to the leaked report and still needs to be endorsed by Libya's presidential council.
September 18, 2020 04:52 UTC
Armenia’s football squad has advanced one spot in today’s FIFA world rankings. Since the last FIFA world ranking, North Macedonia beat Armenian 2-1, and Armenia beat Estonia 2-0. Of the former Soviet Union countries, Ukraine leads in 24th place, followed by Russia (32), Uzbekistan (85), Belarus (87), Georgia (89), Kyrgyzstan (95). Of Armenia’s neighbors, Iran leads in 30th place, followed by Turkey – 32nd, Georgia - 89th, and Azerbaijan - 112th. FIFA will publish its next world ranking on October 22.
September 17, 2020 13:18 UTC
An iconic statue of Republican president Theodore Roosevelt was removed from the front of the American Museum of Natural History in New York City following complaints that it’s racist. Fox News host Laura Ingraham said the statue removal is another example of caving to left-wing mobs trying to rewrite and erase history. The Teddy Roosevelt statue in New York City was removed this week despite criticism from George Floyd’s family, who said tearing down statues is not the answer. To this day, black slavery exists in many Muslim countries around the world. — Thomas Sowell (@ThomasSowell) September 14, 2019A black slave in Libya today costs as little $200 dollars.
September 17, 2020 12:56 UTC
The departure of Fayez al-Sarraj is the preliminary to the discussions scheduled for October in Geneva. Their objective is to lead to the composition of a new Presidential Council and the appointment of a new head of government. “who takes office in a peaceful manner”, said Fayez al-Sarraj. A new Presidential Council, a new head of government guarantees nothing, as the chaotic mission of al-Sarraj has proved. The deadly clan game is undoubtedly not over in Libya, with or without al-Sarraj.
September 17, 2020 11:32 UTC
On Tuesday, May 4, 1982, Argentina’s two Super Etendard fighter jets fired Exocet missiles on British warships heading to the Falkland Islands. The Falkland Islands were 12,000 kilometers (approximately 7,400 miles) from France, while they were only 1,500 kilometers away from Argentina. Today, France is summoning the same spirit in distant geography – though not as far as the Falkland Islands – in the Eastern Mediterranean, of which it does not border. Thus, it could be considered normal that France is selling Greece billions of dollars worth of weapons, vessels and helicopters as the tension in the Eastern Mediterranean peaks. President Recep Tayyip Erdoğan must feel that France might let down Greece just as it did to Argentina in the Falkland Islands 38 years ago.
September 17, 2020 10:52 UTC
In this archive photo, Migrants intercepted by the Libyan coast guard return to port in Tripoli, Libya. On 28 July, three Sudanese teenagers were shot dead by members of a militia linked to the Libyan Coast Guard while trying to flee from a disembarkation point. Up to half of those taken back to Libya by the Libyan Coast Guard are unaccounted for after passing through ‘disembarkation’ centres. They provide direct funding, training and equipment to the Libyan Coast Guard, whose members are implicated in smuggling and sustaining informal detention centres. The coast guard has also been accused of ignoring distress calls and allowing boats to disappear.
September 17, 2020 09:56 UTC
Malta needs "concrete action" by the EU on migration, Prime Minister Robert Abela said as he accompanied European Council President Charles Michel on an army helicopter that took them on a flight over the Maltese islands. During yesterday’s meeting with the Prime Minister, Michel heard about the challenges Malta was facing as a result of migratory flows. “It is no longer a solution to continue receiving money to keep immigrants in Malta - the solution is to have burden sharing. After all, this is not only the border of Malta, but the border of the European Union,” the Prime Minister said. Joint coordination centres in Valletta and Tripoli were also set up between the Armed Forces of Malta and the Libyan coastguard.
September 17, 2020 09:45 UTC
CAIRO - 17 September 2020: Libyan security forces managed to set free a number of Egyptian nationals who were kidnapped earlier, and sent them back to their country, according to MENA. This came as part of coordination efforts between Egyptian Intelligence Service and libyan authorities, in order to protect Egyptians in Libya.
September 17, 2020 09:00 UTC
Thank you for your reading and interest in the news Libya's Fayez Al Sarraj to step down by end of October and now with detailsHind Al Soulia - Riyadh - Libya’s Prime Minister Fayez Al Sarraj announced that he will step down by the end of October to make way for a new government to unite the North African country divided by war and foreign military interventions. Libya's oilfields, its main source of revenue, have been closed since January by eastern tribes allied with Field Marshal Haftar. The rival Libyan administrations have been holding talks in Morocco and plan to meet next month in Geneva to agree on a new presidential council and elections. Mr Al Sarraj called on them to speed up their dialogue and appoint a new prime minister so that he could hand over power by the end of October. In western Libya, Mr Al Sarraj has been accused by rivals of protecting unruly militias that have infiltrated security services.
September 17, 2020 08:48 UTC