See also:
» 31.03.2011 - Libya's Foreign Minister defects
» 18.03.2011 - Africa defies AU chief's support for Ghaddafi
» 11.03.2011 - African Union praises Ghaddafi "reform offer"
» 02.03.2011 - "Kenya, Niger, Mali troops support Ghaddafi"
» 01.02.2011 - Ghaddafi siblings prepare for Libya unrest
» 18.03.2010 - Nigeria Senate leader calls Gaddafi "mad man"
» 16.03.2010 - Gaddafi: "Split Nigeria into two nations"
» 01.02.2010 - Court overturns Swiss man’s jail term











China wholesale online through DHgate.com


Houlihan's coupons


Finn autentiske matoppskrifter fra hele verden på Verdensmat.no:
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares


Autentiske matoppskrifter fra hele verden finner du på Verdensmat.no:
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike


Libya
Politics | Economy - Development

Libya says oil price plunge is "temporal"

afrol News, 1 August - A sharp decline in oil prices from record high earlier this month is only temporary, the Chairman of Libya's National Oil Corporation Shokri Ghanem said.

Oil has dropped from 11 July record high of US $147.27 a barrel to around US $121 a barrel on lower demand since May this year. It rose again by US $5 on Wednesday, amid US announcement that its supplies were down by 3.5 million barrels.

Shokri Ghanem said despite a sharp drop in prices, there is a hope for rebound. He however said if the trend continues, it will be a cause for concern, especially for a country like Libya whose economic base depends on oil.

Some members of Organization of the Petroleum Exporting Countries (OPEC) have expressed concern about sharp decline in oil prices.

OPEC members will meet September 9 in Vienna to review the cartel's output maximisation. Mr Ghanem said it is too early to speculate what OPEC will decide upon regarding a decline in oil prices.

"At this stage, we do not know because the market is sending mixed signals," he stated, adding that OPEC is unsure whether the market oversupplied.

Libya's output is expected to drop by 145,000 barrels per day for at least another month, longer than previously thought, due to maintenance on a pipeline and work at the al-Jurf field. He said work on the pipeline from Waha will take another month at least, lowering output by 100,000 barrels per day.

"The maintenance is still going on and it will take another month or two," Ghanem said.

The President of OPEC, Chakib Khelil, has ruled out the possibility of a rise in crude output, indicating that OPEC should not consider cutting output.

OPEC, the source of two in every five barrels of oil, has mostly blamed factors such as speculation and political tension in the Middle East for oil's record run, rather than a lack of supply.

But since oil hit its record, OPEC and others have lowered forecasts for world oil demand, and reports from tanker tracking consultants have estimated that OPEC production is rising, suggesting a more comfortable supply and demand balance.


- Create an e-mail alert for Libya news
- Create an e-mail alert for Politics news
- Create an e-mail alert for Economy - Development news


 
    Printable version


On the Afrol News front page now

Rwanda
Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Guinea
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.



front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com