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Author: LS

Eastern Libya’s Foreign Minister: we cannot end oil blockade

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 Today, Eastern Libya’s foreign minister claimed that his government, parallel to the internationally recognised administration in Tripoli, cannot force eastern tribesmen to lift oil blockade.

“We cannot use our power to lift the blockade,” Abdulhadi Lahweej told journalists in Geneva.

He also reiterated that his side, led by Khalifa Haftar, will not participate in political talks, adding that there was no agreement with the U.N. mission on the composition of their delegation. “The participation for the moment is suspended,” he said.

Mellitah Oil and Gas suspends flights to mitigate Coronavirus

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Yesterday, Mellitah Oil and Gas along with its Italian side claimed to stop all flights bringing in foreign workers to its sites.

The company clarified that this move was taken as a precautionary measure to mitigate the possible spread of the Coronavirus.

Yet, Melittah Oil and Gas declared that there is no truth in the news circulating about the Italian party’s refusal to suspend land and maritime trips to the company’s fields until further notice, and that voyages are naturally conducted from Malta to Bouri Field, Bahr Essalam offshore field, as well as Melittah Complex.

The company also confirmed that the Libyan state, only, can decide in such sovereign decisions, emphasizing that the company cannot risk the safety and health of the workers.

Libya: Ship crew coming from Italy scanned for coronavirus

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In a statement published yesterday by Libya’s National Centre For Desease Control, the head of the International Health Oversight Office at Benghazi Port, Tarek Sherif, announced that the crew members of a ship coming from Italy were scanned for coronavirus after docking in the Port of Benghazi.

The medical checkups came as a precautionary measure in anticipation of coronavirus infection.

The director of the port’s health control office confirmed that the results of the examinations showed no symptoms of respiratory diseases among the crew, adding that no suspected cases of coronavirus were recorded.

Gold gains as U.S. warning heightens virus concerns

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 Gold prices rose today after a sharp drop in the previous session, as a U.S. warning of an inevitable pandemic prompted investors to seek refuge in safe-haven assets.

Spot gold rose 0.7% to $1,646.19 per ounce by 08:26 GMT, slumping as much as 1.9% in the previous session.

It should be noted that on Monday, prices touched their highest in more than seven years at $1,688.66.

Moreover, U.S. gold futures eased 0.1% to $1,648.30.

Among other precious metals, palladium gained 1.2% to $2,730.91 per ounce, while platinum rose 0.8% to $933.49, touching its lowest in two months on Tuesday.

Silver was up 0.6% at $18.10 an ounce, falling as much as 4.1% in the previous session.

Oil slides for fourth day as pandemic fears deepen

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Today, Crude oil prices gave up early gains and slid for a fourth day as fears of a coronavirus pandemic deepened as the outbreak spread in several countries outside China.

Brent crude fell 31 cents, or 0.6%, to $54.64 a barrel by 07:53 GMT, while U.S. West Texas Intermediate crude dropped 16 cents, or 0.3%, to $49.74.

Fears of a pandemic have escalated as authorities around the world battle to prevent the spread of coronavirus, which has now been found in about 30 countries.

Dollar recovers from two-week lows

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The dollar recovered from a two-week low today as investors reduced expectations that the U.S. Federal Reserve will signal more policy easing as a deadly virus spread quickly outside China

Against a basket of its rivals, the dollar edged 0.1% higher at 99.04, recovering from two-week low of 98.876 hit in the previous session.

The euro also struggled to gain traction with the single currency holding below the $1.088 line versus the greenback.

Libya: no cases of coronavirus confirmed

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 Yesterday, Libya’s National Centre for Disease Control announced that it took a number of measures, among which the formation of the National Committee to Confront the new Coronavirus, as well as the activation of thermal camera detection for passengers at all ports.

Meanwhile, after some unofficial reports stated that some cases were identified in some hospitals in Libya, the Ministry of Health issued a statement today and denied the presence of any cases of the Coronavirus so far.

Tax Department: instructions concerning its administrations located in the clashes areas

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Today, Tax Department issued a statement about its administrations that were forced to suspend their work as they are located in areas of clashes, and highlighted the conditions of financiers registered in these departments.

The statement gave instructions to study each case carefully when receiving any financier via ensuring that the administration, he persues, is closed when taking any procedure , and that the financier is registered with that department.

Financiers should be asked to show their statistical codes taken from the Customs Department, renew their licenses within the Ministry of Economy and register in tenders. Administrations can also provide financiers with fiscal services such as stamp tax.

Gold falls from 7-year high on profit-taking

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Gold prices fell 1% today as investors chose to pocket profits after the metal hit a seven-year high in the previous session, although growing fears over a spike in new coronavirus cases outside of China capped bullion’s losses.

Spot gold was down 0.7% to $1,649.49 per ounce by 01:32 GMT.

U.S. gold futures fell 1.5% to $1,651 an ounce. However, palladium rose 0.6% to $2,642.97 an ounce, while platinum gained 0.3% to $966.53.

Moreover, silver eased about 0.3% to $18.58 per ounce

NOC: losses exceeding 2 billion USD

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Today, Libya’s National Oil Corporation stated that the production, transportation and supply of oil and gas continues to be severely reduced due to the ongoing security situation across Libya.

The Corporation also confirmed that there has been a drop in production as a result of the blockade of ports and pipelines, adding that the current level of production is 122,430 barrels per day, as of Sunday February 23, 2020.

Moreover, forced restriction of production has resulted in financial losses exceeding 2 billion USD at 2,101,739,911 USD since January 24, 2020.