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Crude oil falls below $30 as coronavirus spreads

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Brent and U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.

Brent crude LCOc1 was down $4.03, or almost 12%, to $29.82 a barrel by 13:39 GMT. The front-month price had risen $1 earlier in the session.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $28.63, down $3.10 or almost 10%.

To combat the economic fallout of the pandemic, the Fed on Sunday slashed its key rate to near zero, triggering an unscheduled rate cut by the Reserve Bank of New Zealand to a record low as markets in Asia opened for trading this week.

The Libyan Presidential Council calls on the Central Bank to resume selling foreign currencies

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The Libyan Presidential Council called on the Central Bank of Libya (CBL) to resume selling foreign currencies for trade and personal reasons at the fee-added rates – 163%.

This decision was made on Sunday as a response to the CBL’s request to increase the fees imposed on the foreign currency transactions.

Quoting the Libya Observer, the Head of the Presidential Council Fayez Al-Sarraj told the Governor of the CBL Al-Siddiq Al-Kabir in a letter to facilitate the transactions for trade and industry firms in order for them to import the goods and commodities needed on the markets.

The Presidential Council cited the shortages on the markets as well as the hike in prices and the exchange rates of foreign currencies on the black market due to the halt of foreign currency transactions by the CBL without consulting the Presidential Council, according to the letter.

Over the last week, dollar to Libyan dinar as well as other foreign currencies to the dinar hit new highs as $1 reached LYD5 on the black market due to the CBL’s halt of foreign currency transactions, citing the need to up the fees amid the oil blockade that had been in place since last January.

The Ministry of Finance transfers January and February salaries to the Central Bank of Libya

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Today, the Ministry of Finance announced that January and February salaries of 2020 will be transferred to the Central Bank of Libya so that it diffuse them to the public authorities’ accounts.

This came after a meeting held by the Governor of the Central Bank of Libya Saddek El-Kabeer, along with the Chairman of the Presidential Council Fayaz Serraj,Tripoli-based Audit Bureau chief Khaled Shakshak, and a number of other officials to urgently pay January and February salaries.

The closure of land border between Libya and Tunisia

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After recording a number of confirmed cases in Tunisia, the Libyan authorities decided to close the land border at Wazin as a precautionary measure against the spread of Coronavirus.

A source at the border crossing stated that the decision does not include Libyan Nationals returning to their country or, for that matter, Tunisians returning to Tunisia, adding that the closure will stay in effect for at least 15 days, until further notice.

Libya: the suspension of all foreign flights

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Today, the Head of the Civil Aviation Authority, Nasr Al Din Shayeb Al Ain, informed the directors of all airline companies to suspend all foreign flights at airports from midnight for three weeks as a way to prevent Coronavirus, except for any emergency or ambulance flights, any diplomatic missions, air freight or cargo, internal flights as well as any flights that left yesterday night.

Concerning Corona, the Ministry of Health instructs medical practitioners

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In order to instruct 30 medical practitioners on how to deal with any future confirmed cases of Coronavirus in isolation facilitie, the Ministry of Health launched the first training program in coordination with the World Health Organization (WHO).

“Another similar program will be launched with Medecins Sans Frontieres (MSF) on how to deal with suspected cases of the virus,” claimed Tawfiq Harisha, The Director of the Health Emergencies Administration.

Italian Ministry of Foreign Affairs delays a meeting on Libya

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After a phone conversation between the Director General of Political Affairs in the Italian Ministry of Foreign Affairs, Sabastiano Cardi, and the Russian Deputy Foreign Minister, Mikhail Bogdanov, the Italian Ministry of Foreign Affairs announced it has postponed a meeting of the International Follow-up Committee on Libya, scheduled for March 19 in Rome, due to the Coronavirus.

During the talks, the two parties discussed the present Libyan situation and the importance of harmonizing efforts in the international community to assist in finding a political solution to the present Libyan crisis as soon as possible.

NOC takes austerity measures as a result of blocking its facilities

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Yesterday, Libya’s National Oil Corporation announced that it has implemented austerity measures due to the continued illegal shut down of facilities.

The corporation is yet to receive its 2020 budget after more than 70 days of the new year which will force it and its subsidies to cut all non-essential expenses.

This includes freezing or postponing some contracts, stopping most overtime pay, reduction of some services and other measures.

“This was not an easy decision, but the lack of revenue caused by blockading facilities means that we will have to reduce our costs. We call on those responsible for the closure to immediately lift the imposed blockade and spare oil sector workers and citizens from more suffering. We also call on the rest of the state’s bodies to maintain the remaining reserves and reduce their expenses as well,” said NOC Chairman Mustafa Sanalla.

“I would like to reassure all workers in the sector that their situation is stable as their basic salaries will continue to be paid. I want to ask them to stay strong and united during these difficult times.” He added.

Libya closes schools over coronavirus

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Libyan schools in areas controlled by both the Tripoli government and a rival administration in Benghazi will close for two weeks, both have announced.

The Ministry of Education announced that it suspended classes at all levels of education, for a period of two weeks from Sunday, March 15, as a measure of prevention against the Coronavirus due to its detection in neighboring countries.

The Minister of Education, Mohamed Amari, said that the precaution comes after meetings with the Minister for Health, he also called on parents, teachers and staff to take the necessary preventative and detection measures to assist in advising students of the dangers of mingling and the possible infection in public places.

Libya has not yet confirmed any cases of the coronavirus but the head of its disease control center said on Thursday that the country lacked adequate isolation facilities.