RIYADH // World oil prices pushed upwards for a third day on concerns that Libyan oil and gas exports were on the verge of collapse.
Unrest sweeping through Libya has already halted a quarter of its 1.5 million barrels of daily oil output, and shut a gas pipeline to Europe, some ports, refining units and banks, industry officials said.
Libya is the world's 10th-largest oil exporter and also supplies 12 per cent of Italy's gas needs.
"The whole industry will probably shut within days," said a trading strategist with a major European oil company that operates oilfields in Libya.
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Editor's Pick - Workers flee Libya as uprising escalates
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Brent crude oil futures for April delivery rose US$4.57 to $110.35 a barrel on the ICE Futures Europe exchange in London.
In New York, the US benchmark price rose $2.55 to $97.97 a barrel.
Hundreds of demonstrators have been killed by Libyan security forces and large parts of the country are already in the control of local communities, human rights groups and protesters say.
The son of the Libyan president Muammar Qaddafi, the Libyan president, earlier predicted a bloody civil war and accused protesters of planning to burn Libya's oilfields.
Several senior Libyan officials have defected, including many diplomats, soldiers and managers of the oil industry.
Foreign energy companies in Libya including ENI, Repsol and Wintershall have stopped output and the gas pipeline to Europe closed on Tuesday, company officials said.
Total, the French oil company, said it was winding down production yesterday.
Libyan banks have stopped financing exports, refineries have cut operations and some export terminals are closed, oil traders said.
One trader quoted by Reuters said Libya had declared force majeure on its exports, meaning it could no longer fulfil contractual export obligations.
Output was already down by about 400,000 barrels a day, equal to about a quarter of the normal levels, industry executives said.
Libya's high-quality oil would be tough to replace in the short term and Italy would have to resort to gas in storage to keep its power stations running, they added.
Other Opec nations including Saudi Arabi and the UAE have offered to increase oil supply to compensate for any disruption, but ministers meeting in Riyadh on Tuesday said there was no need for extra oil yet.
"There is no shortage of supply," said Ali al Naimi, the Saudi Arabian minister for petroleum.
Opec has between 5 million and 6 million barrels of daily oil capacity available to cover any disruption, and stands ready to use it at short notice, Mr al Naimi said.
The International Energy Agency (IEA), which represents energy importers, met Opec ministers in Riyadh on Tuesday and said the situation was still unclear.
"We don't know what is going on in Libya," said Nobuo Tanaka, the executive director of the IEA.
"Nobody knows.
"The IEA has 1.6 billion barrels of strategic stockpiles and will use it if a serious disruption happens."
tashby@thenational.ae
ayee@thenational.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
more from Janine di Giovanni
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
HWJN
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Specs%20
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The%20specs%3A%202024%20Panamera
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.9-litre%20twin-turbo%20V6%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E353hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh408%2C200%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Naga
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Company%20Profile
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RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm