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Libyan national oil company suspends production at largest oilfields over political rivalries

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Libya’s National Oil Company (NOC), has suspended operations at two of the country’s major oil sites, the Zouetina terminal and the al-Charara field, after shutting down several other facilities in connection with protests and political rivalries.

The closures which were announced on Tuesday, came at a time the Libya is struggling to leave the shadow of the Muammar Gaddafi’s regime which was overthrown in 2011.

The country’s parliament had in February, appointed Fathi Bachagha as the new head of government but he has not succeeded in ousting the current executive in Tripoli led by Abdelhamid Dbeibah, who refused to hand over power before elections were held.

In a statement, the NOC regretted “the beginning of a painful wave of closures of oil facilities coming at a time when oil and gas prices are soaring on international markets under the impact of the war in Ukraine.”

As at Tuesday afternoon, the NOC had been forced to close the al-Fil oil field, Zouetina terminal in the east, Mellitah terminal in the north-west, al-Sarrir, east and Al Khaleej also in the east, saying they were “forced to stop production completely and gradually.”

“Production “at the Abu Al-Tifl (east), al-Intissar (east), al-Nakhla (east) fields also ceased on Sunday, as did gas production at plants affiliated to these sites and at the port of Zouetina. A group of individuals forced their way in to force employees to stop operations,” the NOC said.

“In such a context, the NOC is forced to declare a state of force majeure on the oil port of Zouetina as well as on all the fields and factories associated with this port until further notice,” the NOC said.

The closure of Zouetina, one of the four oil terminals in the so-called “Oil Crescent” region (east), will deprive Libya of the export of nearly a quarter of its production.

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South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

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Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

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Fitch upgrades Egypt’s credit rating to ‘B’

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Fitch, a credit rating agency has upgraded Egypt’s rating from “B-” to “B” citing tighter monetary circumstances and the country’s improved financial standing thanks to a number of foreign investments and assistance.

“Egypt’s external finances have been bolstered… FX buffers have recovered, and we have somewhat greater confidence that the more flexible exchange rate policy will prove more durable than in the past,” Fitch said, as it also assigned Egypt a stable outlook.

As it attempts to recover from a protracted economic crisis that has resulted in record inflation, a growing debt load, and significant currency devaluations over the last two years, the North African country has been looking for significant investments.

In order to stabilise its economy, Egypt obtained a $8 billion loan package from the International Monetary Fund (IMF) this year, along with a $35 billion real estate investment package from Abu Dhabi and about $1 billion from the EU.

The IMF insisted that the loan amount was suitable, despite Egyptian President Abdel Fattah al-Sisi’s suggestion last month that his government should reevaluate the agreement in light of the country’s growing regional concerns.

Fitch also cautioned on Friday that Egypt faces a significant risk from a further escalation of the regional conflict.

Yemen’s Houthi attacks on Red Sea ships have caused trade to be rerouted from the Suez Canal, which has negatively impacted tourism and Egypt’s revenue stream. There are also dangers associated with the larger Middle East conflict.

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