Libya sends out warning signs
Uncertainty over the fate of Tripoli and recent statements by the government there are sending negative messages to IOCs
A shudder went through international oil companies in May when Libya's Tripoli government abruptly suspended 40 foreign companies, including Total. The announcement, via a hand-written decree from the UN-backed Government of National Accord (GNA), also named non-energy players Alcatel, Thales, Siemens and a division of Nokia. Economy minister Abdulaziz Issawi gave no reason for the decree, but diplomats see it as punishment meted out to European governments for their lack of support for the GNA in its battle for Tripoli against forces of the rival Tobruk government and its commander General Khalifa Haftar. Compounding the confusion, the GNA changed its mind hours later, saying the companies
Also in this section
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions