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Algeria still facing “important challenges”, IMF team

Algerian Currency Takes Nosedive after Oil Revenue Plummeting

A team from the International Monetary Fund (IMF) led by Jean-Francois Dauphin which had consultations with the Algerian authorities warned that the North African country “continues to face important challenges posed by lower oil prices.” The statement released by the team noted that despite Algiers’ heavy dependence on hydrocarbon revenue, its foreign reserves are “still […]

March 21st, 2017 | Posted in Energy | Read More »

Libya: Western ambassadors urge for restraint as outright battle nears

Libya

The ambassadors of the U.S., UK and France to Libya have called on the warring parties in the country to hand over the revenues of the oil ports under their control to the National Oil Corporation (NOC) based in Tripoli. They urged them to recognize the authority of the NOC despite the ongoing clashes, which […]

March 8th, 2017 | Posted in Energy,Headlines | Read More »

Libya: Oil crescent to become a fierce battle ground, LNA spokesperson

waha-oil-libya

The Libyan National Army (LNA) loyal to the Tobruk-based House of Representatives (HoR) has vowed that it will retake control over the oil ports of Sider and Ras Lanuf after it lost them to the Benghazi Defense Brigades (BDB) in a defiant message issued through its spokesman Ahmed Mismari. “There is a very large air […]

March 7th, 2017 | Posted in Energy,Headlines | Read More »

Libya: Turkish tanker seized in oil smuggling city of Zuwarah

oil-tanker

Armed men in the Libyan city of Zuwarah, hub of oil smuggling activities, have seized a Turkish tanker. The vessel according to Turkish media is called Haci Telli and is operated by the Istanbul-based Transpacific Shipping Company. The tanker headed from the Turkish port of Tuzla to Malta before arriving in Zuwarah on February 24. […]

March 3rd, 2017 | Posted in Energy,Headlines | Read More »

Oman to accept advance payment for its oil

oman-oil

Oman could be accepting advance payment for its oil in order to curb its budget deficit and debt as the government is challenged by a significant budget deficit gap expected to continue increasing due to the low oil prices. Sources familiar with the dossier hinted that payments could be made for up to two years […]

February 16th, 2017 | Posted in Energy,Headlines | Read More »

Libya: UNDP Funds Solar Power Panels in Hospitals

libya-solar

The United Nations Development Program is funding the installation of solar power panels on the roofs of hospitals in several cities across Libya to ensure a steady supply of electricity. Power outages are a frequent occurrence in the North African nation’s towns and hospitals always bear the brunt of these recurring blackouts. Solar panels have […]

February 1st, 2017 | Posted in Energy,Headlines | Read More »

Iran Warns Trump against Suspending P5+1 Nuclear Agreement

Iran

Iran’s President Hassan Rouhani has warned U.S. President-elect Donald Trump against sidelining the nuclear agreement that was reached between the so-called P5+1 because it is a “finished” deal that has been “approved by the UN Security Council and has become an international document.” Rouhani vowed that there would be “no (new) negotiations” with regards to […]

January 18th, 2017 | Posted in Energy,Headlines | Read More »

Oil Production Output Cut Target Missed, OPEC SG Optimistic

KSA

The target of the Organization of Petroleum Exporting Countries (OPEC) to reduce the total output by 1.2 million barrels per day is expected to be missed as a source within the oil cartel revealed that “compliance (regarding the agreement to cut output) won’t be 100%, it never is.” Oil producing countries are hoping that reducing […]

January 16th, 2017 | Posted in Energy,Headlines | Read More »

BP Signs 1bln Deal to Drill for Gas Offshore Mauritania, Senegal

BP, oil and gas giant multinational, announced that it has signed a $916 billion joint agreement with US explorer Kosmos Energy to drill for gas offshore Mauritania and Senegal. Under this agreement, BP will acquire 62% interest in Kosmos explorations offshore Mauritania and 32.49% interest in Senegal’s exploration blocks. In a press release issued on […]

December 19th, 2016 | Posted in Energy,Headlines,World News | Read More »

First Meeting on Morocco-Nigeria Gas Pipeline in Casablanca

King Mohammed VI of Morocco chaired Tuesday at the Royal Palace in Casablanca, the first meeting on the giant gas pipeline project that will go up from Nigeria to Morocco via several West African countries. This landmark project, the biggest in West Africa, was announced during the latest visit of the Moroccan Sovereign to Abuja […]

December 14th, 2016 | Posted in Energy,Headlines,World News | Read More »

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