The conflict marches ahead: Brent crude steady; Libya unrest offsets demand concerns

Is WW3 about to begin? Ukrainian president Petro Poroshenko accused Russia of “direct and undisguised aggression” which has changed the balance of the battlefield being the Ukraine. German Chancellor Angela Merkel stressed that Russia’s behaviour was not an option. On the other hand Russian president Vladimir Putin has stated that there is no evidence of … Read more

South Korea’s Hyundai, Doosan suspend work on Libyan power plant

By Aziz El Yaakoubi TRIPOLI (Reuters) – South Korea groups Hyundai and Doosan have suspended construction of a 1,400 megawatt Libyan power plant in the town of Sirte because of security concerns, the plant managing director and a town council spokesman said. “It is only temporary. They had orders from the South Korean government to … Read more

Nearly 50 French, British nationals evacuated from Libya

France has evacuated more than nearly 50 French and British citizens from Libya by ship, French authorities said on Wednesday amid growing lawlessness and unrest in the north African country. A French diplomatic source said 40 French nationals, including the ambassador, were evacuated along with seven British nationals. Government spokesman Stephane Le Foll said the … Read more

Brent dips toward $107 as ample supplies weigh

By Florence Tan and Theodora D’cruz SINGAPORE (Reuters) – Oil prices slipped for a second session on Tuesday, with Brent edging down toward $107 a barrel, as ample supply offset geopolitical tensions in the Middle East, Africa and Europe. Despite conflicts in Ukraine, Iraq and Libya, global oil production has exceeded demand, leaving pockets of excess supply in Africa and Europe. “Barring new supply outages, we see … Read more

Libyan militia tighten control of Tripoli airport

By Ulf Laessing TRIPOLI Libya (Reuters) – Libyan militia fighters with anti aircraft guns and mortars fanned out on Tuesday across Tripoli’s airport, transformed into a battlefield by two days of fighting that has cut the Libyan capital off from the outside world. U.S. Secretary of State John Kerry said Washington was working to help end to violence that has brought the … Read more

Brent crude hovers near $107 on Libya, Iraq concerns

By Keith Wallis SINGAPORE (Reuters) – Brent crude inched lower on Tuesday, but still held near $107 a barrel as worries over conflict in the Middle East and North Africa supported prices. Several soldiers were killed and aircrafts were damaged in Libya on Monday, as rival militias in the OPEC nation fought for control of Tripoli’s airport in the worst violence for six … Read more

Brent holds above $106 as Libya, Iraq violence renews supply worries

By Keith Wallis SINGAPORE (Reuters) – Brent crude held steady above $106 a barrel on Monday, hovering just off three-month lows, as the potential for renewed supply disruptions put a floor under prices that have been tumbling since the last week of June. Brent lost $2.01 on Friday to settle at $106.66 a barrel, the … Read more

Libyan Supreme Court rules PM’s election unconstitutional

TRIPOLI (Reuters) – Libya’s Supreme Court ruled on Monday that parliament’s election of Prime Minister Ahmed Maiteeq a month ago was unconstitutional, state media reported, a decision which means his predecessor will stay on for now, a parliament speaker said. OPEC producer Libya’s government and parliament are struggling to impose authority on a country awash … Read more

Lost oil revenues have cost Libya $30 billion: central bank

By Ulf Laessing TRIPOLI (Reuters) – Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running, a central bank official said. A wave of protests at oil facilities has reduced the North African country’s oil output to less … Read more