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REUTERS/Dado Ruvic/Illustration/File PhotoThe poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year, little changed from last month’s $49.76 outlook. “The global oil demand outlook remains precarious given the resurgence of the pandemic and resulting lockdowns in Europe and the U.S.,” said Marshall Steeves, energy markets analyst at IEG Vantage. Global demand was seen growing by 5.1 million to 6.3 million bpd in 2021, led by China. The survey forecast U.S. WTI crude futures would average $46.40 a barrel in 2021, versus October’s $46.03 consensus. rigs are coming back to life but a Joe Biden administration should derail anything that allows for a massive upswing with production,” said Edward Moya, senior market analyst at OANDA.
Persons: Dado Ruvic, Brent, , Marshall Steeves, Giovanni Staunovo, Joe Biden, Edward Moya Organizations: Reuters, REUTERS, IEG, of, Petroleum, , October’s Locations: Europe, U.S, Libyan, Russia, OPEC, China
Oil drops as rally fizzles out on supply concerns, vaccine doubts
  + stars: | 2020-11-27 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
TOKYO (Reuters) - Oil prices were lower on Friday in quiet trade due to the U.S. Thanksgiving holiday, dropping amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. U.S. crude prices did not settle on Thursday due to the holiday. But questions have been raised over the so-called “vaccine for the world” as several scientists have sounded doubts over how robust the results of the trials were. Rising Libyan output is contributing to concerns about oversupply in the market as many people are ignoring lockdown advice and travelling.
Persons: Angus Mordant Brent, , Jeffrey Halley Organizations: U.S, REUTERS, West Texas, AstraZeneca, OANDA, of, Petroleum, ., Centers for Disease Control, U.S . Transportation Security Administration Locations: TOKYO, Loving County , Texas, U.S, Russia, OPEC, Libyan
Oil prices set for weekly gain ahead of OPEC+ meeting
  + stars: | 2020-11-27 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -1.00   time to read: +2 min
LONDON (Reuters) - Oil prices were mixed on Friday but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are leaning towards delaying next year’s planned increase in oil output, said three sources close to the OPEC+ group. OPEC+ was planning to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - after record supply cuts this year. The OPEC member, which is exempt from the oil cuts, has added more than 1.1 million bpd of output since early September.
Persons: Angus Mordant Brent, ” JP Morgan, Organizations: REUTERS, West Texas Intermediate, AstraZeneca, of, Petroleum, ., OPEC Locations: Loving County , Texas, U.S, Russia, OPEC, Libyan
Oil prices post weekly gain ahead of OPEC+ meeting
  + stars: | 2020-11-27 | by ( Stephanie Kelly | ) www.reuters.com sentiment -0.98   time to read: +2 min
NEW YORK (Reuters) - Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $45.53 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are leaning towards delaying next year’s planned increase in oil output, said three sources close to the OPEC+ group. The OPEC member, which is exempt from the oil cuts, has added more than 1.1 million bpd of output since early September.
Persons: Angus Mordant Brent, Brent, WTI, ” JP Morgan, , Bjornar Tonhaugen, Rystad Organizations: YORK, REUTERS, . West Texas, AstraZeneca, of, Petroleum, ., OPEC Locations: Loving County , Texas, U.S, Russia, OPEC, Libyan
But meetings of the Joint Military Commission in northern Libya, attended by five officers each from the two sides, have yet to make progress on other key demands of a U.N.-brokered agreement, underlining its fragility. Its domed Ouagadougou Conference Centre, an undamaged part of which is now the Joint Military Commission headquarters, serves as a reminder of what is at stake. Today a new banner for the commission hangs where GNA and LNA negotiators hash out details of their October ceasefire. The U.N. process helped resolve an eight-month LNA blockade of oil exports which aggravated economic problems in both east and west. The third strand of talks beyond the military commission and the political process is economic negotiations.
Persons: Omran, , Mohammed Mofteh, Khalifa, Hamad, Gaddafi, Stephanie Williams, Williams Organizations: REUTERS, Military Commission, National Accord, Libyan National Army, OPEC, Ouagadougou Conference Centre, Islamic, Security, National Oil Company, Central Bank of Locations: SIRTE, Libya, TUNIS, Sirte, Benghazi, Tripoli, Misrata, Turkey, Russia, UAE, Egypt, FRONTLINES, Libya’s, Ouagadougou, frontlines, Western, Central Bank of Libya
U.S. blacklists Libyan militia, leader after Russia stops U.N. sanctions
  + stars: | 2020-11-25 | by ( Michelle Nichols | ) www.reuters.com sentiment -1.00   time to read: +2 min
NEW YORK (Reuters) - The United States unilaterally blacklisted Libya’s Kaniyat militia and its leader on Wednesday after Russia last week prevented a U.N. Security Council committee from imposing sanctions over human rights abuses by the group. “Mohamed al-Kani and the Kaniyat militia have tortured and killed civilians during a cruel campaign of oppression in Libya,” U.S. Treasury Secretary Steven Mnuchin said in a statement. The United States and Germany earlier this month proposed that the U.N. Security Council’s 15-member Libya sanctions committee impose an asset freeze and travel ban on Kaniyat militia and al-Kani. Last month Libyan authorities dug up 12 bodies from four unmarked graves in Tarhouna, adding to the scores of corpses already discovered since June. Russia, the United Arab Emirates and Egypt support the LNA.
Persons: Libya’s, “ Mohamed al, Steven Mnuchin, Kani, Khalifa, Muammar Gaddafi Organizations: YORK, United, Russia, Security, Global, National Accord, Libyan National Army, NATO, United Arab Locations: U.S, Libya, ” U.S, United States, Germany, Kani, Russia, Libyan, Tarhouna, Turkey, United Arab Emirates, Egypt
Lockerbie bomber appeal set to begin at Scotland's High Court
  + stars: | 2020-11-24 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: A rose lies on the base of the main headstone in the Lockerbie Air Disaster Memorial garden in Lockerbie, Scotland May 20, 2012. REUTERS/David Moir (BRITAIN - Tags: DISASTER TRANSPORT CRIME LAW OBITUARY)LONDON (Reuters) - Scotland’s High Court will begin hearing an appeal on Tuesday against the conviction of a Libyan man found guilty of the 1988 Lockerbie aircraft bombing, the deadliest militant attack in British history. Five judges will hear the appeal including the head of Scotland’s judiciary, Lord Justice General Colin Sutherland. Megrahi first appealed in 2002 but this was refused by Scotland’s High Court. However, Megrahi’s family and some relatives of the Scottish victims have always doubted his guilt.
Persons: Abdel Basset al, Megrahi, David Moir, Pam Am, Aamer Anwar, Colin Sutherland, Muammar Gaddafi Organizations: Lockerbie Air Disaster, REUTERS, LONDON, Lockerbie Locations: Lockerbie, Scotland, Libyan, Scottish, London, New York, Libya, United States, United Kingdom
LONDON (Reuters) - Scotland’s High Court was told on Tuesday that the conviction of a Libyan man over the 1988 Lockerbie aircraft bombing, the deadliest militant attack in British history, rested on evidence that was badly flawed. FILE PHOTO: A rose lies on the base of the main headstone in the Lockerbie Air Disaster Memorial garden in Lockerbie, Scotland May 20, 2012. His family’s barrister, Claire Mitchell, told the court that the prosecution’s evidence in the original trial was flawed to the extent that the case against Megrahi was not proven. “No reasonable jury, properly directed, could have reached a guilty verdict” based on the evidence, she said. Megrahi’s family and some relatives of the Scottish victims have always doubted his guilt.
Persons: David Moir, Abdel Basset al, Megrahi, Pam Am, Claire Mitchell, Mitchell, Muammar Gaddafi, Gaddafi, Aamer Anwar Organizations: Lockerbie, Lockerbie Air Disaster, REUTERS, Scottish Locations: Libyan, Lockerbie, Scotland, Scottish, London, New York, Malta, Libya, United States, United Kingdom
Germany says Turkey stopped it checking ship for arms-running to Libya
  + stars: | 2020-11-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
BERLIN (Reuters) - Turkey prevented German forces belonging to a European Union military mission carrying out a full search of a Turkish cargo ship that they suspected of taking weapons to Libya, both countries confirmed on Monday. FILE PHOTO: German Navy armed personnel stand in front of the Frigate Hamburg, docked at Port Rashid, in Dubai May 26, 2013. “By the time the soldiers left the ship, they had not found anything suspicious,” a German defence ministry spokesman said. It said the soldiers had found nothing despite spending the entire night opening containers on the ship. The 16,000-tonne container ship left the Turkish port of Gemlik near Bursa last week, and was last seen off Athens, heading southwest towards Libya, according to Refinitiv Eikon data.
Persons: Ahmed Jadallah, , Der Spiegel Organizations: BERLIN, European Union, Navy, Frigate, REUTERS, EU Locations: Turkey, Turkish, Libya, Frigate Hamburg, Port Rashid, Dubai, , Hamburg, Libyan, Benghazi, Gemlik, Bursa, Athens
Turkey cries foul at German attempt to police Libya blockade
  + stars: | 2020-11-23 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: German Navy armed personnel stand in front of the Frigate Hamburg, docked at Port Rashid, in Dubai May 26, 2013. Turkey said the search, at sea southwest of the Greek Peloponnese peninsula, violated international law as permission had not been granted. A German Defence Ministry spokesman also said they had not found anything suspicious by the time they were ordered off the ship. Turkey said the Hamburg violated international law by not waiting for permission to board. “All procedures were followed correctly,” a German Foreign Ministry spokeswoman said, adding that the sailors had withdrawn as soon as Turkey objected.
Persons: Turkey, Ahmed Jadallah, Hami Aksoy, , Der Spiegel Organizations: Navy, Frigate, REUTERS, EU, German Defence Ministry, European Union, Russian, Turkish Foreign Ministry, German Foreign Ministry Locations: BERLIN, ANKARA, Germany, EU, Turkish, Libya, Ankara, Frigate Hamburg, Port Rashid, Dubai, Turkey, Greece, Cyprus, Hamburg, Libyan, Benghazi, Gemlik, Bursa, Athens
Russia stops U.N. blacklisting of Libya militia, leader
  + stars: | 2020-11-21 | by ( Michelle Nichols | ) www.reuters.com sentiment -1.00   time to read: +2 min
NEW YORK (Reuters) - Russia on Friday stopped a U.N. Security Council committee from blacklisting a Libyan militia group and its leader for human rights abuses because it said it wanted to see more evidence first that they had killed civilians. The United States and Germany proposed that the council’s 15-member Libya sanctions committee impose an asset freeze and travel ban on the al-Kaniyat militia and its leader Mohammed al-Kani. Such a move has to be agreed by consensus, but Russia said it could not approve. Libya descended into chaos after the NATO-backed overthrow of leader Muammar Gaddafi in 2011. In addition, UNSMIL verified numerous summary executions at Tarhouna Prison conducted by the al-Kaniyat militia on September 13, 2019,” the proposal read.
Persons: Mohammed al, Kani, Khalifa, Muammar Gaddafi, Organizations: YORK, Security, Reuters, National Accord, Libyan National Army, NATO, United Arab, Tarhouna Locations: Russia, United States, Germany, Libya, Russian, Libyan, Tarhouna, Turkey, United Arab Emirates, Egypt
Oil reverses steep loss to gain nearly 3% despite rising Covid-19 cases
  + stars: | 2020-11-02 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
Global oil trading companies and analysts expect further demand destruction because of the resurgence of virus cases, though estimates differ. Vitol sees winter demand at 96 million barrels per day (bpd) while Trafigura expects demand to drop to 92 million bpd or lower. Rystad Energy sees demand peaking in 2028, instead of in 2030, and sees a slower recovery next year. OPEC and allies including Russia are cutting output by about 7.7 million bpd to support prices. Top managers of Russian oil companies discussed with Russian Energy Minister Alexander Novak a possible extension of current oil output restrictions into the first quarter of 2021, Interfax news agency reported.
Persons: Brent, Analysts, Donald Trump, Joe Biden, Harry Tchilinguirian, Trafigura, Tchen, Alexander Novak Organizations: Texas Intermediate, Democratic, U.S, Rystad Energy, Organization of, Petroleum, Reuters, Russian Energy Locations: Huntington Beach, United States, ., U.S, Europe, Libyan, OPEC, Russia
OPEC+ made a record cut of 9.7 million bpd, or 10% of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC’s share is 4.868 million bpd. Another 2 million bpd increase is scheduled in January, although Saudi Arabia and Russia are in favour of continuing with the current cuts, OPEC sources said. LIBYA, IRAQOctober's increase means OPEC is pumping about 2.2 million bpd more than June's figure, which was the lowest since 1991. The survey found output increased by 250,000 bpd in October, a faster rebound than some analysts and OPEC officials expected.
Persons: Leonhard Foeger, , Stephen Brennock, PVM, Khalifa Haftar, Since August Organizations: Reuters, Organization of, Petroleum, REUTERS, , OPEC, Eastern Libyan, Iraq, Saudi, United Arab Emirates, Petro, Logistics, REUTERS, OPEC, Oil, Saudi Arabia kept output Locations: OPEC, Vienna, Austria, ” Libya, Saudi Arabia, Russia, LIBYA, IRAQ, Iraq, Kuwait, Iran, UAE, Venezuela, October, Vienna, June, Kuwait
OPEC+ made a record cut of 9.7 million bpd, or 10% of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC’s share is 4.868 million bpd. Another 2 million bpd increase is scheduled in January, although Saudi Arabia and Russia are in favour of continuing with the current cuts, OPEC sources said. LIBYA, IRAQOctober's increase means OPEC is pumping about 2.2 million bpd more than June's figure, which was the lowest since 1991. The survey found output increased by 250,000 bpd in October, a faster rebound than some analysts and OPEC officials expected.
Persons: Leonhard Foeger, , Stephen Brennock, PVM, Khalifa Haftar, Since August Organizations: Reuters, Organization of, Petroleum, REUTERS, , OPEC, Eastern Libyan, Iraq, Saudi, United Arab Emirates, Petro, Logistics, REUTERS, OPEC, Oil, Saudi Arabia kept output Locations: OPEC, Vienna, Austria, ” Libya, Saudi Arabia, Russia, LIBYA, IRAQ, Iraq, Kuwait, Iran, UAE, Venezuela, October, Vienna, June, Kuwait
OPEC+ made a record cut of 9.7 million bpd, or 10% of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC’s share is 4.868 million bpd. Another 2 million bpd increase is scheduled in January, although Saudi Arabia and Russia are in favour of continuing with the current cuts, OPEC sources said. LIBYA, IRAQOctober's increase means OPEC is pumping about 2.2 million bpd more than June's figure, which was the lowest since 1991. The survey found output increased by 250,000 bpd in October, a faster rebound than some analysts and OPEC officials expected.
Persons: Leonhard Foeger, , Stephen Brennock, PVM, Khalifa Haftar, Since August Organizations: Reuters, Organization of, Petroleum, REUTERS, , OPEC, Eastern Libyan, Iraq, Saudi, United Arab Emirates, Petro, Logistics, REUTERS, OPEC, Oil, Saudi Arabia kept output Locations: OPEC, Vienna, Austria, ” Libya, Saudi Arabia, Russia, LIBYA, IRAQ, Iraq, Kuwait, Iran, UAE, Venezuela, October, Vienna, June, Kuwait
OPEC+ made a record cut of 9.7 million bpd, or 10% of global output, from May as the pandemic destroyed demand. Since August, the group has been pumping more as the cut tapered down to 7.7 million bpd, of which OPEC’s share is 4.868 million bpd. Another 2 million bpd increase is scheduled in January, although Saudi Arabia and Russia are in favour of continuing with the current cuts, OPEC sources said. LIBYA, IRAQOctober's increase means OPEC is pumping about 2.2 million bpd more than June's figure, which was the lowest since 1991. The survey found output increased by 250,000 bpd in October, a faster rebound than some analysts and OPEC officials expected.
Persons: Leonhard Foeger, , Stephen Brennock, PVM, Khalifa Haftar, Since August Organizations: Reuters, Organization of, Petroleum, REUTERS, , OPEC, Eastern Libyan, Iraq, Saudi, United Arab Emirates, Petro, Logistics, REUTERS, OPEC, Oil, Saudi Arabia kept output Locations: OPEC, Vienna, Austria, ” Libya, Saudi Arabia, Russia, LIBYA, IRAQ, Iraq, Kuwait, Iran, UAE, Venezuela, October, Vienna, June, Kuwait
Oil drops more than 3% amid demand fears, Libyan output rebound
  + stars: | 2020-10-26 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices fell more than 3% on Monday, extending last week's losses as coronavirus cases continued to surge in the United States and Europe, while Libya's rebound in crude production raised fears of oversupply. The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. "It's a dark Monday in the oil market," said Bjornar Tonhaugen, head of oil markets at Rystad Energy. That could complicate efforts by the Organization of the Petroleum Exporting Countries to restrict supply to cope with lackluster demand. OPEC's secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world.
Persons: Bjornar Tonhaugen, Brent, majeure, Warren Patterson, ING's, PVM's Tamas Varga, Saturday Organizations: United, Rystad Energy, Texas, National Oil Corp, Organization of, Petroleum, Gulf, Rystad Energy Locations: Huntington Beach, United States, Europe, France, Italy, Spain, OPEC, Russia, U.S, Gulf Coast, Gulf, Mexico
- Libya's National Oil Company said Monday it had restarted production at Al-Fil oil field, closed since January by the forces of eastern military strongman Khalifa Haftar. Libya's main warring factions signed a purportedly permanent truce last week, a month after a blockade on the country's oil exports by one faction in the country's six-year-long civil war was lifted. Oil prices are still firmly in correction territory, with international benchmark Brent crude down 33% year to date and stuck between $40 and $43 per barrel for several weeks. Unbridled by OPEC output restrictions imposed in April due to its long-running conflict, Libya's exports and outlook for output growth already appear to be weighing on markets. A roller-coaster year for Libyan productionBlockades by rebel militias of the eastern-based Libyan National Army and force majeur declarations by the state oil company have strangled war-stricken Libya's oil production for much of the past year.
Persons: Khalifa Haftar, Libya's, Ras Lanuf, Tamas Varga, Varga, Brent, Edward Bell Organizations: National Oil Company, Al, Haftar, AFP, Getty, OPEC, Brent, National Oil Corporation, PVM, Emirates, U.S, ANZ, Libyan National Army, OPEC Locations: Libya's, Ras Lanuf, Libya's Tripoli, Libya, OPEC, London, Dubai, Europe
It was like hell," Sallah told CNN. Between 2014 and 2018, the IOM estimates more than 35,000 Gambians reached Europe through "irregular means." While in detention, Sallah met a fellow Gambian who suggested they set up the non-profit organization Youth Against Irregular Migration (YAIM) to warn others back home about the risks of irregular migration. Weeks after returning to The Gambia, Sallah said he met with some members of YAIM who signed up in the detention center. Community awarenessThrough YAIM, the returnees began campaigns around irregular migration in The Gambia, warning others about the perils of journeying to Europe.
Persons: Sallah, Europe Sallah, he'd, Yahya Jammeh, Etienne Micallef, Weeks, YAIM, Tombong, Kuyateh, Miko Alazas Organizations: Libyan Coast Guard, CNN, International Organization for Migration, IOM, Detention, National Accord, Global, Human Rights Watch, Amnesty International, EU, Banjul, The Gambia told CNN, CNN, IOM, The Gambia Locations: Europe, Tripoli, Serekunda, Banjul, Taiwan, Gambia, Abuja, Nigeria, Africa, It's, Northern Africa, Italy, Agadez, Niger, Libya, Gambian, The Gambia, West African, Europe, Taiwan, Nigeria, Africa, Tripoli
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