World Bulletin / News Desk
Libyan oil output has been reduced by around 300,000 barrels per day (bpd) as protests by groups demanding greater autonomy for eastern Libya a day before national elections have blocked operations at some oil terminals, officials said on Friday.
The protests, combined with other storage and market-related factors, have pushed output down to a round 1.3 million bpd from the level of nearly 1.6 million bpd to which production has steadily climbed since the end of last year's war ousted Muammar Gaddafi.
"You are talking about a shortage in daily production of about 300,000, plus or minus," NOC Chairman Nuri Berruien told Reuters by telephone.
"Most of the cut is because of the unrest."
Berruien said political protesters had prevented the lifting of crude from terminals in the east, such as Al-Sidra and around Ras Lanuf and cited storage and market factors as reasons for the cut.
"(The) unrest has nothing to do with the oil sector," he said. "Some people are stopping the lifting ofcrude... And accordingly the companies have to reduce their production because some of the tanks are full."
Berruien said the disruption by protesters had begun on Thursday evening. He said some of his staff had been told the disruption would last 48 hours.
"For the security of the people working there and the equipment, it was decided to minimise the exportations from the host terminals, Sidra and Ras Lanuf, and in this case you have to reduce the production," Deputy Oil Minister Omar Shakmak told Reuters. He said output was on average at 1.35 million bpd.
Berruien would not be drawn on who the protesters were.
A self-proclaimed autonomous council for the oil-rich province has called on people in the region to boycott the July 7 election for a national assembly, saying it will not give adequate representation to the east.
The anti-election group also now includes some tribes as well as disgruntled former rebel forces gathering at Wadi Ahmar, which lies west of Benghazi, analysts have said.
Libya's east, home to most of the country's oil, was starved of cash during Gaddafi's 42-year rule, and calls for federal rule have been fuelled by long-standing complaints it has been deprived of its fair share of wealth.
Saturday's election for the assembly, which will name a new prime minister, help draft a constitution and enact legislation is a crucial milestone in shaping Libya's institutions.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.