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Libyan oil expert comments on the largest output cut in history

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In a statement to “Sada” Economic Newspaper, the Oil Expert Moncef Al-Shalawi claimed that oil prices rose on Monday after major producers finally agreed their biggest-ever output cut during four days of wrangling under direct pressure from US President Donald Trump.

The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.

Moncef Al-Shalawi stressed that it was the single largest cut in output ever to save oil prices which have plunged more than 40% in early March when Russia and Saudi Arabia commenced a price war.

“On Monday, brent crude futures rose to $32.77 a barrel. This rise comes in accordance with the law of the market (supply and demand) as OPEC+ agreed to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply,” Al-Shalawi stressed.

 The Oil Expert emphasized that the supply deal was about four times bigger than the action taken during the 2008 international financial crisis

On the other hand, he doubted the results of the reduction, and the inadequacy of this cut in output to prevent the supply glut under the haunting demands due to the Coronavirus pandamic.

Gold falls on profit-booking

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Gold fell on Monday as investors booked profits after prices hit a one-month high last week, while worries over a coronavirus-driven steeper global economic downturn and the U.S. Federal Reserve’s stimulus measures limited bullion’s losses.

Spot gold slipped 0.4% to $1,682.65 per ounce by 05:22 GMT, having risen to its highest since March 9 on Friday. U.S. gold futures fell 1.1% to $1,732.90.

Palladium rose 3.4% to $2,245.48 per ounce, while platinum slipped 0.9% to $741.60 and silver fell 0.5% to $15.24.

Libya records new Coronavirus case, bringing total to 26

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The Libyan National Centre for Disease Control has announced registering a new case of Coronavirus in the country, bringing the total to 26 COVID-19 patients.

The NCDC said it had received a total of 10 samples of suspected cases, of which one was found to be positive, noting that the new case is for a 66-year-old woman.

Tripoli: Water supplies will be restored in the capital within 48 hours

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Today, the Municipality of Central Tripoli stated that the Operational Teams of the Man-made River started pumping water right away. Thus, the municipality expects water to reach Tripoli within the next 48 hours.

It will be recalled that, yesterday, the Municipality of Central Tripoli called on the Presidential Council to consider the proposals it put forward since 2017, regarding establishing a desalination plant for seawater.
The proposal was revived on the backdrop of the recent water crisis created by an outlaws group who cut off water supplies to the western region.

The municipality called on the Public Prosecutor to open an investigation and issue arrest warrants against those who shut off the water valves and instigated “this shameful act”.

Fourth shipment of equipment to fight Coronavirus

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Almost a hundred boxes of health care equipment arrived at the NOC warehouse today, for later distribution to clinics and hospitals across all Libya.

National Oil Corporation (NOC)’s Sustainable Development Department received on Monday April 13, 2020, the fourth shipment of medical equipment. This is part of the corporation’s ongoing efforts to help fight the coronavirus disease.

According to the National Oil Corporation, these new supplies will be shared with numerous NOC subsidiaries across the whole of Libya.

Mr Mokhtar Abdedayem, manager of NOC’s Sustainable Development Department, said: “We are working hard to provide more essential medical equipment such as masks, ventilators, protective coveralls and other medical items. We have already sent the first convoy to the south; and municipalities will start the distribution very soon. The feedback I have had from medical experts and doctors has been very positive, saying that these are the right types of materials for the emergency.”

Public statement for collaboration on COVID-19 vaccine development

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Under WHO’s coordination, a group of experts with diverse backgrounds is working towards the development of vaccines against COVID-19.

The group makes a call to everyone to follow recommendations to prevent the transmission of the COVID-19 virus and protect the health of individuals. The group also thanks everyone for putting their trust in the scientific community.

“We are scientists, physicians, funders and manufacturers who have come together as part of an international collaboration, coordinated by the World Health Organization (WHO), to help speed the availability of a vaccine against COVID-19, ” said the group .

While a vaccine for general use takes time to develop, a vaccine may ultimately be instrumental in controlling this worldwide pandemic. In the interim, they applaud the implementation of community intervention measures that reduce spread of the virus and protect people, including vulnerable populations, and pledge to use the time gained by the widespread adoption of such measures to develop a vaccine as rapidly as possible.

“we will continue efforts to strengthen the unprecedented worldwide collaboration, cooperation and sharing of data already underway,” they claimed, adding that they believe these efforts will help reduce inefficiencies and duplication of effort.

“We will work tenaciously to increase the likelihood that one or more safe and effective vaccines will soon be made available to all.” the group of experts stressed.

World Bank sees ‘huge willingness’ to suspend debt payments for poorest countries

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 The World Bank is seeing “a huge willingness” on the part of official bilateral creditors to suspend debt payments by the world’s poorest countries so they can focus on fighting the coronavirus pandemic, a top Bank official said on Monday.

World Bank Managing Director Axel van Trotsenburg said the Group of 20 major economies and the Group of Seven (G7) had been largely supportive of a call by the World Bank and International Monetary Fund for a temporary halt in debt payments. “Everybody understands that we need to help the poorest countries. There is a huge willingness – as in nobody is questioning that, absolutely nobody,” he told Reuters in an interview. “I think we are in a good place to move forward.”

Finance officials from the G7 and G20 countries are due to discuss the debt relief issue this week. Two sources familiar with the process said details were still being finalized, but they expected the G20 countries to back a temporary suspension of debt payments.

Eastern Libya: more than 4 million LYD to pay teacher’s salaries

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The Prime Minister’s Office of the Interim Government in Eastern Libya issued a statement in which it authorized the Finance Ministry to address the Central Bank to disburse 4.970.567.00 million LYD so it will be able to pay the salaries of 2016 contracted teachers.

This statement was posted today on the official page of the Ministry of Education.

Tripoli Municipality urges Libyans to cooperate

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On its Facebook page, Central Tripoli Municipality warned that it will include tighter restrictions and take more strict action against those violating the curfew orders, adding that the new measures will be implemented in cooperation with the security directorate. This step was taken as some citizens are not adhering to the curfew.

In a statement, the municipality urged the Libyan people to cooperate in order to save their health and preserve the public interest.

Fuel subsidy reform proposal approved by Libya’s Presidential Council

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The third extraordinary meeting of Libya’s Presidential Council for 2020 approved -in principle- the elimination of fuel subsidies, in addition to the activation of family allowances and the grant of wives and children under the Acts No. 6 and 27 of 2013.

After an extensive debate within the framework of the Economic Reform Programme, which includes a package of measures that aim at addressing and adjusting the Libyan economy, the meeting did not only support the settlement of basic pension and  job-seekers’ allowance, but it also settled financial advantages to the relatives of martyrs.

According to a statement issued by the Presidential Council, the proposal for the reform of the current fuel subsidies was presented to the Finance Ministry in order to submit the operational project of subsidies’ removal in consultation with the National Policy Decision Support Centre (NPDC), the Ministry of Economy, the Ministry of Labor and Social Affairs as well as other relevant parties.

The meeting was chaired by Faiez Al Serraj, with the participation of the deputy head of the Presidential Council (PC) Ahmed Maiteeq, the members of the Presidential Council (PC) Abdul Salam Kajman, Mohammed Amari Zayed, Ahmed Hamza, along with the Ministers.

It will be reminded that, on March 02, 2020, the Ministry of Economy aligned to the internationally recognized Libyan government in Tripoli presented its government a proposal for the reform of the current fuel subsidies.

The proposal plans to replace in-kind subsidies with monetary subsidies, where the price subsidy is removed from fuel prices and paid directly to Libyan citizens. The Ministry of Economy claimed that this will to achieve several advantages, the most important of which are:

  • The reduction of the foreign exchange fuel purchase bill by about 25 %.
  • The principle of equity in distribution and ensuring that subsidies reach those who need it.
  • The conviction of citizens of the need to replace fuel subsidies through the questionnaires carried out by the Ministry.
  • Elimination of the phenomenon of fuel smuggling.
  • The reforms would take into account the interests of both the state and the citizen simultaneously.
  • Reduction of consumption by about 30 to 40 %.

The Ministry said that its proposal includes the value of the cash subsidy, which it did not publicize, and the distribution mechanism to citizens. It said that ensuring the ability of the Central Bank of Libya will have to ensure that it has the money available to deliver to citizens through the banking in a smooth manner to ensure the success of the fuel subsidy reform programme.