The U.S. Embassy in Libya has announced that it “fully supports the temporary freezing of oil revenues in the National Oil Corporation account at the Libyan Foreign Bank until there is agreement on a revenue management mechanism.”
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An official statement issued by the Libyan Parliament Speaker Aqila Saleh confirmed Saturday the freezing of oil revenues at the Libyan Foreign Bank until “the establishment of guarantees and a mechanism for all Libyans to benefit from this income, in a manner that achieves justice and equality for all.”
Oil prices fell more than 1 percent on Thursday in a volatile week as economic and recession fears hobbled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Libya is planning to prioritize a $3 billion offshore expansion project to be undertaken by its biggest oil and gas…
The “Crescent Oil Bloc” decided to reopen the oil fields and ports, after a blockade that lasted for more than 3 weeks, in protest against the policies of Abdel Hamid Dbeibeh’s government.
UN Special Adviser on Libya Stephanie Williams said she met with the Libyan National Oil Corporation (NOC) Chairman Mustafa Sanallah on Sunday in Tripoli, where they discussed the national and international impact of the oil fields and ports shutdown, according to Williams.
The oil port of Zueitina received today the first oil tanker, the Melos 21, after the state of force majeure…
OPEC+ ministers are set to meet on Thursday and are expected to agree to raise production targets by 432,000 barrels per day (bpd) for June, four OPEC+ delegates told Reuters.
Armed clashes, damaged storage tanks and political protests at key ports have hobbled Libya’s ability to export oil, cutting shipments…
Libya’s National Oil Corporation (NOC) announced on Sunday the “temporary” lifting of force majeure and resumption of operations at the…