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Libya: Fighters Clash With Troops Defending Oil Sites

Islamist militia fighters killed at least 22 soldiers on Thursday during a surprise attack in which they used speedboats in a bid to seize some of Libya ’s main oil facilities, officials said. The fighters of the Libya Dawn militia attacked the port of Al Sidra, firing rockets from speedboats and setting an oil tank on fire, security officials said. Clashes also erupted in Surt, the officials said, but the militants were eventually repelled. The soldiers were from a battalion that is affiliated with the forces of a former general, Khalifa Hifter. General Hifter’s forces have been fighting alongside forces from the internationally recognized government of Prime Minister Abdullah al-Thani against Islamist militants who have seized control of several cities, including Tripoli, the capital. A version of this brief appears in print on December 26, 2014, on page A10 of the New York edition with the headline: Libya: Fighters […]

Posted On : Published By : Tom Whipple
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Africa: Falling Oil Prices Threaten Fragile African Economies

The sharp decline in world petroleum prices – hailed as a bonanza to millions of motorists in the United States – is threatening to undermine the fragile economies of several African countries dependent on oil for their sustained growth. The most vulnerable in the world’s poorest continent include Nigeria, Angola, Equatorial Guinea, Gabon and Sudan – as well as developing nations such as Algeria, Libya and Egypt in North Africa. "In the long run, governments in these oil-exporting countries should use oil revenues to support productive sectors, employment generation, and also build financial reserves when oil prices are high." — Dr. Shenggen Fan of IFPRI. Dr. Kwame Akonor, associate professor of political science at Seton Hall University in New Jersey, who has written extensively on the politics and economics of the continent, told IPS recent trends and developments such as the outbreak of Ebola and the fall of global […]

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Nigeria: Shell Loses 30,000 BPD to Oil Thieves

Royal Dutch oil giant, the Shell Petroleum Development Company, (SPDC) said it loses on the average some 30,000 barrels of crude oil every day. The company said oil thieves operating in the Niger Delta region are stealing its crude oil and has expressed worries over the increasing rate of oil theft in the area. Pipeline Asset Manager of the company, Mr. Jurgen Jansen, in Port Harcourt, Rivers State, said recently that some oil thieves tampered with one of the company’s major oil export pipelines, a 24 inch TNP around Okolo lounge, adding that the development resulted in a major loss of barrels of crude oil. According to Shell, a lot of illegal oil refining takes place in the Oloko lounge, a situation the company said had brought about severe pollution of the environment. Jansen added that a total of 243 illegal connections were made on its major pipelines in […]

Posted On : Published By : Tom Whipple
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North Dakota population hits record

North Dakota Gov. Jack Dalrymple says oil-fueled economy drawing in a record number of people to the state. (Photo: Gov. Dalrymple’s office) BISMARCK, N.D., Dec. 24 (UPI) — A booming economy in North Dakota, fed largely by the oil boom, is drawing in new residents at a record pace, the state’s governor said. The state’s population has increased 2.2 percent since last year, the fastest pace of any other state in the nation. Data from the U.S. Census Bureau show the population in North Dakota is 739,482, an all-time high . "Our economic growth over the last decade continues to keep North Dakotans home, and we are attracting new residents who come for good jobs, a stable economy and a quality of life that is second to none," Gov. Jack Dalrymple said in a statement. North Dakota catapulted to the No. 2 spot in terms of oil production in […]

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China needing more energy, data show

A ship offloads oil at an offshore oil dock in Southern China’s Guangdong. Resource security, especially energy, has become a top priority for China and a potential threat to the United States as both countries compete for resources globally. UPI/Stephen Shaver Chinese President Xi Jinping’s efforts to keep economy moving in the right direction leading to growing demand for energy. UPI/Stephen Shaver BEIJING, Dec. 24 (UPI) — Efforts by the Chinese government to encourage sustainable growth have led to an increase in oil demand, government data released Wednesday show. Analysis of government data from Platts found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, increased in November by 3.5 percent to an average 10.31 million barrels per day. The report found demand driven largely by Chinese government efforts to keep the economy growing at a steady pace. […]

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BP Said in Talks for Share in Rosneft East Siberia Oil Producer

BP Plc (BP/) is in talks to buy a direct stake in an East Siberian oil producer from OAO Rosneft, the Russian oil producer facing U.S. and European financing bans, according to a person with direct knowledge of the matter. The talks about Rosneft’s Tass Yuriakh unit started some time ago, according to the person, who asked not to be identified because the information isn’t public. The stake may be valued at $700 million to $800 million, according to Russian daily Kommersant, which reported the deal earlier today. BP has remained committed to its partnership with Rosneft, in which it holds 20 percent, as Russia ’s relations with the U.S. and Europe sour over the conflict in Ukraine. U.S.-led sanctions, which restrict Rosneft from borrowing internationally and limit access to offshore and shale technology, don’t stop it from selling assets. BP has been seeking direct production ventures in Russia […]

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Russia called on to suspend arctic oil ambitions

WWF in Russia says low crude oil prices means arctic energy ambitions aren’t sustainable, suggests 10-year moratorium. (Photo: WWF Russia) MOSCOW, Dec. 24 (UPI) — The Russian branch of the World Wide Fund for Nature said Russia needs to suspend exploration and production efforts in the arctic because of low oil prices. At a press summit organized by the Russian Natural Resources Ministry, WWF Director Igor Chestin said it was time to halt ambitions in the Russian arctic . "We need to declare a 10-year moratorium on oil and gas exploration in the arctic," he said. "At current oil prices, these projects are absolutely unprofitable." U.S. energy company Exxon Mobil has a partnership with Russian oil company Rosneft for work in the arctic waters of Russia. With Western sanctions impeding developments, the Russian government has placed a greater emphasis on domestic exploitation of arctic reserves. Low crude oil prices […]

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Libya Oil Ports Guard Calls In Air Strikes on Islamist Militias

Libya ’s government struck from the air at Islamist militias it said shelled the country’s largest oil port today, according to the military unit in charge of protecting export terminals. The strike comes two days after the Petroleum Facilities Guard gave the militias 72 hours to return to Misrata, their main stronghold, to avoid the airstrikes after an earlier attack on the Es Sider terminal. “We decided to order attacks from the air without waiting after the rocket attack on Es Sider,” Ali al-Hasy, a spokesman for unit, said by phone from the port, where loading was halted Dec. 13 after a first round of clashes. Aircraft belonging to the internationally recognized government of Abdullah al-Thinni attacked the artillery unit that fired on the port and bombed positions in Misrata and along the front line in Bin Jawad, 35 kilometers west of Es Sider, he said. The self-proclaimed government […]

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Ruble Defense Cuts Russian Reserves by $15.7 Billion in Week

Russia ’s international reserves plunged the most in six years, losing $15.7 billion last week as the government and central bank pledged measures to support banks and defend the currency. The value of the stockpile, which includes the central bank’s reserves and two sovereign wealth funds, fell to $398.9 billion (RUREFEG) in the week through Dec. 19, the Bank of Russia said today on its website. That is 22 percent drop from January. Policy makers, led by central bank Governor Elvira Nabiullina, are fighting to stem the ruble’s worst slump since the 1998 default. With oil prices and sanctions over the Ukraine conflict pushing Russia toward recession, the authorities have raised rates and sought to ease dollar demand. The steps have helped stem the currency rout, after the ruble collapsed to a record low 80 against the dollar last week. “Such a sharp decline is clearly negative news for […]

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Russia says Kiev’s move to join NATO dangerous for Europe

MOSCOW (Reuters) – Russian Foreign Minister Sergei Lavrov said Ukraine’s pursuit of NATO membership posed a danger to European security and that the West was using Kiev’s bid to join the Atlantic alliance as a way to fuel confrontation between Russia and Ukraine. The Kiev parliament’s renunciation of Ukraine’s neutral status this week as a step toward joining NATO has outraged Moscow and deepened the worst confrontation between Russia and the West since the end of the Cold War. Lavrov is the latest Russian official to speak out against the Kiev’s bid in recent days, and who have made clear Russia would see the NATO membership of such a strategic former Soviet republic with a long common border as a direct military threat. "There are a few Western countries that want to maintain the crisis in Ukraine and to maintain and boost the confrontation between Ukraine and Russia, including […]

Posted On : Published By : Tom Whipple