DUBAI: The ongoing closure of several oilfields in Libya has cost the North African country the production of 340,000 oil barrels, oil minister Mohamed Aoun told Dubai-based Asharq TV.
Production at the El Feel, Sharara and 108 oilfields was shut on Thursday in a protest by the Al-Zawi tribe against the abduction of former finance minister Faraj Bumatari, according to a tribal leader.
Before the closures, Libya was producing about 1,2 million barrels per day (bpd).
In a statement released early on Saturday, the oil ministry said the closure of the three Libyan oil fields could lead to the declaration of force majeure.
“The loss of confidence in the continuity of Libyan oil supply to the global market will result in a loss of market share for Libyan oil and decreased demand for it,” the ministry said.
It added that the oilfield closures could lead to an “irreversible loss of importers” due to concerns about supply instability.
The Sharara field is one of Libya’s largest production areas, with a capacity of 300,000 bpd. It has been a frequent target of political strife.
Zawi tribe leader Al-Senussi Al-Ahlaiq told Reuters that the closure of El Feel was aimed at pressuring authorities in Tripoli to release Bumatari, who was kidnapped after arriving at Mitiga airport on Tuesday.
Bumatari is a candidate for central bank governor, which “makes him vulnerable to danger and kidnapping,” the tribe said in a statement.
Libya’s oil minister says closure of oilfields cost 340,000 barrels
https://arab.news/whtur
Libya’s oil minister says closure of oilfields cost 340,000 barrels
- Production at the El Feel, Sharara and 108 oilfields was shut on Thursday in a protest by the Al-Zawi tribe
- Before the closures, Libya was producing about 1,2 million barrels per day
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
