Global oil stocks drop...  The offset of decline from Libyan oil sources

Global oil stocks drop... The offset of decline from Libyan oil sources

In the heart of the Libyan capital of Tripoli, the political scene is turning into an oil conflict between France and Italy and the acceleration of the process of presidential and parliamentary elections to achieve foreign interests in Libya.

One of the most prominent promotional events was in the coming elections later this year, which is likely to be postponed until 2019 for many reasons, especially the oil crescent conflict, which is controlled by armed militias from time to time.

The Libyan oil and gas industry has expressed satisfaction with some of the statements made by the General Command of the Libyan army, Gen. Ahmed Al-Mesmari in the past period on the conflict between France and Italy, demanding that the conflict must be out and away from Libya, measures taken by the Libyan National Army to help among all countries in the world to attract investments in Libya.

But investment opportunities in Libya have not yet been determined with foreign investors of different nationalities; we call for the United Nations to request the unification of financial and sovereign institutions in Libya and the acceleration of the Libyan legislative and presidential elections.

Oil inventories in the United States fell more-than-expected last week, the lowest level since 2015 with a halt in exports and a decline in delivery centers in the state of Oklahoma, according to the US Energy Information Administration.

In contrast, the United States is working to avoid conflict between France and Italy. UN Secretary-General Stephanie Williams has appointed diplomat for Arab affairs as Deputy Special Representative of Libya Ghassan Salameh.

The US move will have a global impact on the fall of 6.1 million barrels of crude oil, which does not include the strategic oil reserves used by the US in emergencies; US imports of crude oil will rise as exports rise.

At the same time, President Trump's administration has softened demands from countries such as China and India for all oil imports from Iran, but an American still wants to support against Tehran as the United States prepares to reinstate sanctions on the energy sector.

Iran still produces about 1 million barrels of oil a day, equivalent to 2 percent of global supplies, but the United States wants to significantly reduce Tehran's ability to sell its natural resources and eat any additional supplies from Saudi Arabia, Russia or elsewhere such as Libya.

Saudi Arabia has promised more oil production to curb high prices, but the rise in prices is due to oil reserves in Ras Tanura, the country's most promising oil reserve, which has not been enough to offset dips in Iran, Libya, and Venezuela.

Despite the agreement of the Vienna meeting of the big oil producers, who agreed that they would curb high prices by increasing production, prices in world markets continued to rise and global stocks were falling.

For its part, Britain is working to support the National Oil Corporation (NOC) as the official responsible body in the management of the oil and gas sector, which has already begun restructuring and reorganizing the National Oil Corporation.

But the main problem in Libya is not the reorganization of the Libyan National Oil Corporation but in the fighting between the various Libyan armed factions, Libya's position in North Africa at present can only provide 850 barrels per day of most of its production.

As the global economy grows and energy demand continues to rise, Libya can take advantage of prices that could exceed $ 100 a barrel, unless Libya is working to bring new investors to Libya's oil and gas fields, bringing with it high levels of storage in Libyan oil tanks.

On the Libyan political scene, Libya's long-term growth in Libya's national economy is being reviewed by of Libya's natural resource-based development patterns and the global demand for oil and gas after the process of covering and compensating for declines in global stocks.

The conflict is fundamentally rooted in Libya's oil and gas infrastructure, through the accelerated development of non-oil commodity activities, and on the basis of oil and gas manufacturing in Libya, with the removal of structural obstacles of international competitiveness in pumping oil and gas into the global economy.

By Professor Ramzi Halim Mavrakis

A Libyan businessman based in the United States