War-torn Libya needs 40% more oil output to ensure country’s reconstruction

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Updated 23 August 2021
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War-torn Libya needs 40% more oil output to ensure country’s reconstruction

  • Libya, with the largest oil reserves in Africa, pumps about 1.3 million barrels of crude per day

RIYADH: Libya needs to increase its oil production by 40 percent to about 1.8 million barrels per day from 2022 to cover its expenditures and implement economic reforms, says the country’s central bank governor.

Libya, with the largest oil reserves in Africa, pumps about 1.3 million barrels of crude per day. 

In an interview with Bloomberg, Central Bank of Libya Gov. Saddek El Kaber said oil is the country’s only source of income and increased production would ensure $35 billion in revenue next year.

He said the funds will help the war-torn country in carrying out development and reconstruction plans.

Libya’s oil revenues are expected to reach $25 billion in 2021 compared to $3.6 billion in 2020 revenues.

El Kaber  said that despite the gross domestic debt reaching 270 percent, it is unlikely to resort to external borrowing in the short and medium terms.

He also said Libya’s gold reserves are estimated at 116.6 tons, and the central bank is working on a plan to ensure that lenders continue to provide liquidity on a daily basis with a high withdrawal ceiling.


Major airlines suspend, reroute flights amid US-Israel strikes on Iran

Updated 35 min 4 sec ago
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Major airlines suspend, reroute flights amid US-Israel strikes on Iran

  • Saudia says decision taken in line with aviation safety and security standards
  • Emirates said it temporarily suspended it's operations out of Dubai

RIYADH: Major international airlines across the Middle East and South Asia have suspended, canceled or rerouted flights following ongoing US-Israel attacks on Iran and the resulting airspace closures, according to official statements issued via X.

Saudia said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The airline said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia said its flights were experiencing cancellations, delays or rerouting as a result of the evolving situation and airspace closures.

The airline advised passengers to check the status of their flights before traveling to the airport by visiting its website or contacting its call center.

Customers booked on affected flights will be notified directly, the airline said, adding that further updates would be provided as the situation develops.

Air India announced a broader suspension, stating that “in view of the developing situation in parts of the Middle East, all Air India flights to all destinations in the Middle East have been suspended.”

The airline said it remains committed to maintaining the highest standards of safety for passengers and crew and will continue to assess the safety and security environment for flight operations, adjusting services proactively as required.

Air India said its teams would extend necessary support to passengers and advised customers to check flight status online or contact its 24/7 call center for assistance.  

All flight operations at Dubai International and Dubai World Central – Al Maktoum International are suspended until further notice, according to a post by Dubai Media Office on X.

Dubai-based Emirates reported that regional airspace closures had caused disruption to several of its flights and that the airline had temporarily suspended its operations from its hub Dubai.

The airline said it is actively monitoring the situation, engaging with relevant authorities and adjusting operations in line with the latest developments. 

The carrier apologized to affected customers and said it is assisting them with rebooking, refunds or alternative travel arrangements, reiterating that the safety and security of passengers and crew remain its highest priority.  

Qatar Airways confirmed a temporary suspension of flights to and from Doha due to the closure of Qatari airspace.

The airline said it is working closely with government stakeholders and relevant authorities to support impacted passengers and will resume operations once the airspace reopens.

It warned that delays are anticipated when usual operations resume and said additional ground staff have been deployed at Hamad International Airport and other key airports to assist passengers.  

Meanwhile, Al Jazeera reported that British Airways had canceled flights to Tel Aviv and Bahrain, adding to the list of carriers adjusting operations.

Across their statements, airlines consistently cited airspace closures and safety considerations as the primary reasons for suspensions and disruptions, while urging passengers to monitor official channels for updates as the situation continues to evolve.