EconSource: Libya Returning to Oil Market Despite Violence

Follow the latest in economic news and developments about the Arab transition countries.

Libya may be on the brink of chaos but it is gradually boosting output in the vital oil sector after a crisis blocked export terminals for a year, sector executives say. Mohamed Hrari, spokesman for Libya’s National Oil Corporation (NOC), said: “Production on Monday reached 550,000 barrels, up from around 400,000 barrels a day previously.” [AFP, WSJ]


According to reports by the Telegraph newspaper, Libya’s $60 billion sovereign wealth fund is close to appointing a senior executive at the World Bank, Ahmed Ali Attiga, in an attempt to restore the financial credibility of the crisis-hit African state. [Telegraph]


The electricity deficit reached approximately 6,180MW on Monday, resulting in power outages for periods exceeding five hours daily, said an official at the Ministry of Electricity. The electricity crisis faced by Egypt was exacerbated by utilization of fuel oil supplies that failed to meet factory specifications, poor technical conditions within power plants, and widespread failure to conduct regular maintenance and repair operations. Some stations operate at no more than 25% of capacity. [Ahram, DNE]


Governor of the Central Bank of Yemen Mohammed bin Hamam said the fiscal conditions and banking activity in Yemen is stable mainly due to increasing trust in investors in the Yemen rial and increasing demand for foreign currency. According to reports issues by the Central Organization for Statistics, the inflation rate is still below 8 percent. [Yemen Post]






Also of Interest:

Egypt gov’t preparing a text message service to notify citizens of subsidy shares | Cairo Post

Egypt awards ambitious Suez project to army-linked Gulf firm | Reuters

Egypt urban-rural divide stunts job creation | Zawya DJ

Egypt upbeat as foreign funds buy in; oil prices weak | Reuters

Gallup survey: Morocco, economic leader in MENA region | MWN

Morocco falling short of new housing targets | Zawya DJ

Tunisia’s border dilemma | AAWSAT

Tunisia signed two loan agreements with the World Bank  | TAP

Analysis: How is the Iraq crisis impacting oil markets? | Bloomberg TV