Alwaght | News & Analysis Website

Editor's Choice

News

Most Viewed

Day Week Month

In Focus

World against US Recognizing Al-Quds as Israeli Capital

World against US Recognizing Al-Quds as Israeli Capital

undefined
Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

undefined
Awamiyah: Saudi Regime Killing Own Civilians

Awamiyah: Saudi Regime Killing Own Civilians

undefined
Qatar Row Deepens Persian Gulf States Rifts

Qatar Row Deepens Persian Gulf States Rifts

undefined
Ansarullah

Ansarullah

A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite

Shiite

represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance

Resistance

Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council

Persian Gulf Cooperation Council

A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
ISIS Terrorist Group

ISIS Terrorist Group

A terrorist group that fights against Resistance Axis in Syria and Iraq. It was founded & armed by America and its allies covertly.
Taliban

Taliban

Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
  Wahhabism & Extremism

Wahhabism & Extremism

Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds

Kurds

Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO

NATO

The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening

Islamic Awakening

Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda

Al-Qaeda

A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
New node

New node

Map of  Latest Battlefield Developments in Syria and Iraq on
alwaght.com
News

Oil Price Rises after Libyan Oilfield Shutdowns

Monday 20 January 2020
Oil Price Rises after Libyan Oilfield Shutdowns

Alwaght- Oil price rose to its highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, Reuters reported.

Brent crude LCOc1 futures were up by 74 cents, or 1.1%, to $65.59 by 0331 GMT, having earlier reached $66.00 a barrel, the highest since Jan. 9. The West Texas Intermediate CLc1 contract was up by 58 cents, or 1%, at $59.12 a barrel, after rising to $59.73, the highest since Jan. 10.

In the latest development in a long-running conflict in Libya, where two rival factions have claimed the right to rule the country for more than five years, the National Oil Corporation (NOC) on Sunday said two big oilfields in the southwest had begun shutting down after forces loyal to the Libyan National Army closed a pipeline.

“If this sort of disruption endures, it’s meaningful ... the market is right to be reacting with a bullish tone,” said Lachlan Shaw, head of commodity research, at National Australia Bank in Melbourne.

“It just continues to emphasize, notwithstanding that the world market is clearly in surplus and there are plenty of stocks, the fact is the market still depends on a number of key regions that have heightened geopolitical risk.”

Oil prices had fallen back in the last two weeks. After the outbreak of hostilities between the United States and Iran at the beginning of the year triggered a jump, both sides took steps to pull back from conflict, calming the market’s mood.

If exports are halted for any sustained period, tanks for storage will fill within days and production will slow to 72,000 barrels per day (bpd), an NOC spokesman said. Libya has been producing around 1.2 million bpd recently.

Also on Sunday, foreign countries agreed at a summit in Berlin on Sunday to shore up a shaky truce in Libya, even as the talks were overshadowed by the latest blockade.

German Chancellor Angela Merkel told reporters that the Berlin summit, attended by the main backers of the rival Libyan factions, had agreed that a tentative truce in Tripoli over the past week should be turned into a permanent ceasefire to allow a political process to take place.

 

Tags :

Oil Price Libya

Comments
Name :
Email :
* Text :
Send

Gallery

Photo

Film

Winter in Syrian Refugee Camps

Winter in Syrian Refugee Camps