Today, oil prices tumbled nearly 3% towards a one-week low as the rapid spread of the coronavirus in several countries outside Chine left investors fretting about a hit to demand.
Brent crude LCOc1 was at $57.08 a barrel, after it fell about 2.4%.
However, U.S crude decreased about 2.4 % and was at 52.12$ a barrel.
It should be noted that crude oil on the Shanghai Futures Exchange fell 4.7% and the fuel oil contract on the Shanghai exchange’s International Energy Exchange slid 4.2%.
In a statement to “Tabadul”, the head of the Information Office of the General Electricity Company, Mohamed Takouri confirmed that power supplies were cut off from many areas, residential areas as well as farms in Souq Al Jum’aa area, west Zliten, after robbing electrical cables.
In order to restore the electricity, Takouri stressed that the company is working to fix the damage.
He also confirmed that stealing included 5 regions, indicating that the stolen quantities ranged between 700 to 3500 meters, and exceeded 1150 km in some regions.
Italian authorities arrested the captain of a Lebanese-flagged cargo ship which was seized in the port of Genoa on suspicion of trafficking arms to Libya, including tanks and artillery, the city’s chief prosecutor announced yesterday .
Any deliveries of weapons to Libya would be in violation of a United Nations embargo, although U.N. officials say the embargo has been subject to frequent violations.
The shipment included tanks, howitzers, machineguns and air defence systems, the source added.
The ship was originally scheduled to sail from Turkey to Genoa. But according to the informant, who has requested political asylum, Turkish military officers escorting the shipment had told the crew to declare that the stop in Tripoli was due to mechanical problem.
Today, oil prices fell around 1%, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut outpt to buttress the market.
Brent crude LCOc1 was at $58.67 a barrel, down 64 cents after it fell about 1.1 %.
However, U.S crude fell 54 cents to $53.34 a barrel, decreasing about 1%.
The National Oil Corporation and Brega Petroleum Marketing Company condemned the sale of fuel at more than ten times the regular price by distribution companies in the Southern regions.
Internal investigation found that some commercial stations in the city of Sebha are selling gasoline for 1.60 dinars per litre, more than ten times the regular price of 0.15 per litre.
A number of stations which are owned by the distribution companies are selling a litre of gasoline for 0.50 dinars instead of 0.15 dinars.
Yesterday, Brega Petroleum Marketing Company confirmed that a liquid petroleum gas (LPG) tank at its storage facility on airport road was hit by munitions on the evening of February 19, 2020 causing it to bum.
Fortunately, the tank was nearly empty. There were no fatalities but critical infrastructure was compromised.
“We are watching our oil and gas infrastructure being destroyed in front of our eyes day after day,” said Mustafa Sanalla.
“This is yet another new crime against the Libyan people, who continue to suffer while foreign powers try to implement their agendas in our country. These crimes must not go unpunished.” He added.
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.
It also cofirmed a drop in production as a result of the blockade of ports and pipelines. Hence, the current level of production is 122,424 barrels per day, as of Thursday February 20, 2020. Forced restriction of production has resulted in financial losses approaching 1 billion USD at 1,857,677,138 USD.
It should be noted that the gasoline tanker Anwar Libya was given permission to re-enter the port of Tripoli yesterday, following its emergency departure on Tuesday February 18, 2020, due to mortar strikes on the port.
Libya’s National Oil Corporation continues to supply hydrocarbons to the Central and Eastern regions in sufficient quantities to meet the transport and domestic needs of citizens. Moreover, An LPG tanker is preparing to discharge at Benghazi port, while another diesel tanker arrived at the port this morning and will start discharging later. The city of Tobruk and the rest of the Eastern region is being supplied directly from Benghazi.
Yesterday, Brega Oil Marketing Company resumed the distribution process to companies and petrol stations in Tripoli.
Today, an official source in Brega Company confirmed in a statement to “Sada” economic newspaper that fuel is available, and that the reason for citizens’ congestion is because most stations were closed as the tanker carrying supplies designated for Tripoli was forced to flee the port into open waters after the area was hit by missiles.
The source added that the tanker Anwar returned yesterday to unload about 30 million liters of gasoline.
It should be noted that today, GNA’s Fuel Crisis Committee confirmed that fuel is available in sufficient quantities in Tripoli and its suburbs.
Yesterday, National Oil Corporation stated that Chairman Mustafa Sanalla met US Ambassador Norland in prder to discuss the economic and humanitarian impact of recent attacks on Tripoli port and the blockades of oil facilities.
In a statement, Sanalla said, “The events of the last few days and weeks means that the Libyan economy is sliding into a crisis and more Libyans are suffering. The on the port of Tripoli is totally unacceptable. Hospitals, schools, and public services are experiencing power and fuel shortages due to the actions of those who seek to divide Libya.
“US Ambassador Norland and I agreed that the oil and gas sector must be allowed to operate for the benefit of all Libyans, as it represents the only income for state. That means ending the blockade, which is doing severe damage to the economy of country,” Sanalla added.
NOC stressed that it is doing everything possible to support a sustainable solution for an end to the violence that is tearing Libya apart, “The situation is becoming critical as vital public services are prevented from operating and people attempt to provoke an escalation of violence.” Sanalla said.
On the other hand, Ambassador Norland expressed the US Governments’ deep concern over the February 18, attacks against the commercial port of Tripoli, which only served to prevent crucial deliveries of fuel for civilian use and compound the suffering of the Libyan people.
Mustafa Sanalla added, “I am hopeful that the US will continue their efforts to broker peace so that Libya’s economy can slowly rebuild and work towards prosperity for all Libyan people.”
Today, the General Authority for Communications and Informatics issued a decision ordering its affiliated communications companies to lower internet access charges by 50% starting next March.
The decision came after a series of meetings with specialists to examine the new measure and ensure that it does not harm the companies concerned, in addition, to render better services to customers at the lowest possible prices.
