A fire raging for almost a week at Libya's biggest oil port of Es Sider has destroyed up to 1.8 million barrels of crude and damaged seven storage tanks, causing total damage of $213 million, a top oil official said on Tuesday.
Libya
Cheap oil benefits consumers, hits governments
The lower oil price for about 19 months is benefiting the consumers, but creating a lot of problems for the global governments and business firms. Many banks and the US government forecast oil price above $40 a barrel this year. The oil price fell to below $30 during the past 19 months from $107 a barrel.
Oversupply hitting oil prices, not a secret plot: Saudi Arabia
Saudi Arabia has ruled out allegations that Iran has been targeted in the oil price war. Saudi Arabian foreign minister said that it's demand-supply situation that determines price in the global oil market. The low price is also hitting US shale oil, which involves high cost of production.
UN needs $500-mln fund requirement for Syrian children education
The United Nations (UN) has received funding of $250million and needs additional $500 million for education programs for over one million Syrian children. Gordon Brown, the former UK Prime Minister and UN envoy for global education, is committed to mobilize money in next month. Brown has decided to raise money from the World Economic Forum (WEF) in Davos and other international conferences.
First oil tanker docks at Libya's Hariga since strike, storm
An oil tanker has docked at Libya's port of Hariga for the first time since security guards ended a strike this week and a storm passed, a port official said on Thursday.
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An oil field in southwest Libya has closed down, officials said on Sunday, becoming the third oil facility in the chaotic country to shut within a week.
Countries such as Libya, Syria and Afghanistan as well as African countries such as Mozambique have become prime targets for Indian investments.
Libyan Prime Minister Ali Zaidan had been kidnapped by a revolutionary group from Tripoli and was taken at dawn into an unknown destination, said a Bloomberg report.
HSBC issued a comprehensive report as to the effects of the Arab Spring with the Gulf countries' economies.
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