Today, gold gained after a sharp rise in new coronavirus cases and deaths in China dampened risk sentiment, prompting investors to buy the metal.
Spot gold was up 0.6% at $1,574.50 per ounce at 12:50 GMT, and U.S. gold futures were 0.4% higher at $1,577.70.
Palladium shed 0.4% to $2,395.80 per ounce, having hit a one-week high earlier in the session.
However, silver rose 1% to $17.64, while platinum gained 0.2% to $963.14.
The United Nations Support Mission in Libya (UNSMIL) welcomes the adoption by the Security Council of Resolution 2510 (2020).
The Security Council of Resolution 2510 endorses the conclusions of the International Conference on Libya held in Berlin, affirms the need for a lasting ceasefire, demands full compliance by all Member States with the arms embargo, and expresses unequivocal support for SRSG Ghassan Salame as well as the ongoing UNSMIL-facilitated intra-Libyan dialogue.
UNSMIL stated that “With the passage of Resolution 2510, the Libyan people have received a strong signal that the Security Council supports their quest towards peace, stability and a brighter future.”
Today, the dollar dropped to 4,18 LYD while it recorded 4,21 LYD yesterday.
As far as the Euro is concerned, it decreased in the parallel market to 4.54 LYD.
After being targeted multiple times, Mitiga Airport Administration announced that it suspended its flights after the airport was targeted with new airstrikes today.
Yesterday, OPEC cut its forecast for global growth in oil demand for 2020 due to COVID-19 outbreak, and stressed that its output fell sharply.
In a report, OPEC stated that 2020 demand for its crude will average 29.30 million barrels per day, that is 200,000 barrels per day less than previously thought.
“The impact of the coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth,” OPEC said in the report.
It is important to underline that in January, OPEC over-delivered on its cuts, lowering supply by 509,000 barrels per day to 28.86 million barrels per day, due to involuntary losses in Libya.
International Energy Agency claimed that global oil demands will increase in the third quarter of the year to grow to 105 million barrels per day on an annual basis as a result of the stimulus measures expected in China.
The agency pointed out that oil demand expectations were reduced at the lowest level since 2011 due to the spread of COVID-19.
NOC welcomes the adoption by the UN Security Council of Resolution 2509 authorizing measures against the illicit export of crude oil and other petroleum products from Libya, continuing to allow member states to inspect designated vessels on the high ares.
In a report published today, NOC condemns attempts by the Interim Government to take control of NOC’s General Administration of Inspection and Measurement.
For instance, this body plays a crucial role in the oil export process and answers to the NOC in Tripoli. However, NOC stressed that attempting to interfere with it work is illegal under Libyan law.
The report also emphasized that successive resolutions by the UN Security Council have condemned attempts by parallel institutions to export Libyan oil, and warned of UN sanctions against those responsible individuals.
Last but not least, NOC is very concerned about supply to power stations in the area (North Benghazi and Zueitina). Crude oil storage at Zueitina port is full, resulting in the shutdown of the Faregh oil field resulting in the loss of 100 million cubic feet of gas per day.
The National Oil Corporation reported a drop in production as a result of the blockade of ports and pipelines to the current level of 191,475 barrels per day, with losses exceeding 1 billion USD at 1,380,468,480 USD.
NOC also stated that it continues to supply hydrocarbons to the Central and Eastern regions in sufficient quantities in order to meet the transport and domestic needs of citizens.
Hence, a gasoline tanker is unloading today at benghazi port. Moreover, the city of Tobruk and the rest of the Eastern region is being supplied directly from Benghazi.
It is worth noting that daily production was about 1,220,000 barrels per day before the declaration of force majeure on January 18, 2020.
The Libyan Investment Authority (LIA) revealed the new 2020 strategy that comes in the framework of reorganizing the entity in accordance with best practice of leading sovereign wealth funds, maximizing market value, achieving its aims, clearly increasing confidence in governance as well as management to the UN Sanctions Committee.
The reform strategy included seven points. First, developing management, improving operational processes, and improving governance. Second, disclosure and transparency through reports and a comprehensive assessment of its assets. Third, auditing, checking and closing financial statements and final accounts for the previous years. Fourth, protecting the assets of the LIA. Fifth, resolving all existing and potential disputes. Sixth, improving the LIA’s compliance with the Santiago Principles. Seventh, following-up on the LIA’s frozen funds.
Yesterday, the UN Security Council passed a resolution calling for a lasting ceasefire as soon as possible without preconditions in Libya. The resolution was backed by 14 of the Council Members, noting that Russia abstained.
The resolution, drafted by the UK, also calls for an immediate end to the supply of arms to both sides of the conflict (GNA, LNA).