Last Updated : GMT 14:28:57
Arab Today, arab today
Arab Today, arab today

US, 5 European allies warned

Libya risks bankruptcy as oil slumps

Arab Today, arab today

Arab Today, arab today Libya risks bankruptcy as oil slumps

Voicing alarm at security situation
Rome - Arab Today

The United States and five of its European allies on Saturday warned that Libya could face bankruptcy if its oil output and prices on international markets continue to fall.
Voicing alarm at the deteriorating security situation in the North African state, the allies said Libya was on the brink of economic implosion because of a collapse in its production and the sliding value of crude.
"We remain deeply concerned about the economic impact of the political and security crisis on Libya's future prosperity," said the statement from Britain, France, Germany, Italy, Spain and the United States.
"In light of low oil production and prices, Libya faces a budget deficit that has the potential to consume all of its financial assets if the situation does not stabilise."
Global oil prices rallied this week having fallen 60 percent in six months.
The joint statement comes after an attack Tuesday on an oil field partly owned by France's Total killed at least 11 workers. Most had their throats slit.
It said: "We share the UN's assessment that these attacks constituted a major break in the public pledges made by the main commanders to refrain from actions that could harm the political process. There can be no military solution to Libya's problems."
It said the Tuesday's assault was "carried out by forces operating under the Alshuruq Operation".
Alshuruq (Sunrise) is the name of an offensive launched by the Islamist-backed Fajr Libya militia alliance in December to try to capture eastern oil facilities from forces loyal to the internationally recognised government.
Libya's oil output has collapsed since the operation began.
- 'Growing terrorist presence' -
The allies urged the warring factions to agree a ceasefire and a national unity government through the UN-led talks.
"The only people who ultimately benefit from continued fighting over Libya's oil terminals and cities are terrorists," said the statement.
"We are concerned by the growing presence of terrorist organisations in Libya, and by the attacks on the Corinthia last week and on the Mabruk oil field earlier this week."
The attack on the luxury Corinthia Hotel in Tripoli, which killed nine people, including five foreigners, was claimed by the Islamic State group.
IS, which has seized chunks of Iraq and Syria, is growing "exponentially" in Libya, the country's ambassador to the United Arab Emirates, Aref Ali Nayed, told AFP on Thursday.
Libya has been plunged into chaos since a 2011 revolution that toppled longtime dictator Moamer Kadhafi.
The country has two rival governments and parliaments, as well as heavily armed militias battling for control of its cities and oil wealth.
Its internationally recognised government is based in the country's far east, near the Egyptian border, while the Fajr Libya (Libya Dawn) alliance took control of Tripoli last summer.
Oil is Libya's main natural resource, with a pre-revolt output of about 1.6 million barrels per day (bpd), accounting for about three-quarters of budget revenues.
But production fell to about 350,000 bpd in December when Fajr Libya attacked the terminals.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today libya risks bankruptcy as oil slumps Arab Today, arab today libya risks bankruptcy as oil slumps


Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today At Milaidhoo Island, Maldives

GMT 08:42 2016 Wednesday ,07 December

At Milaidhoo Island, Maldives
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today Probe finds coalition 'mistake'

GMT 08:00 2016 Wednesday ,07 December

Probe finds coalition 'mistake'
Arab Today, arab today 'Rookie' Trump must fall into line

GMT 08:02 2016 Tuesday ,06 December

'Rookie' Trump must fall into line

GMT 07:57 2016 Wednesday ,07 December

British PM joins Gulf summit

GMT 09:37 2016 Tuesday ,06 December

Asian stocks rebound

GMT 09:17 2016 Monday ,05 December

Euro sinks on Italy worries

GMT 09:46 2016 Saturday ,03 December

Saudi labour minister sacked

GMT 12:03 2016 Friday ,02 December

In Trump's victory lap, a warning

GMT 07:45 2016 Thursday ,01 December

OPEC boosts oil price with output cut

GMT 09:55 2016 Tuesday ,29 November

Samsung Electronics eyes separation

GMT 10:57 2016 Monday ,28 November

UK faces another Brexit legal fight
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today The summer school raising aspirations

GMT 12:49 2016 Tuesday ,06 December

The summer school raising aspirations
Arab Today, arab today Vanessa Redgrave makes directing

GMT 10:52 2016 Tuesday ,06 December

Vanessa Redgrave makes directing
Arab Today, arab today Indonesia expands protection

GMT 11:39 2016 Tuesday ,06 December

Indonesia expands protection
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today It's a squeeze, but Paris Impressionist

GMT 12:06 2016 Saturday ,03 December

It's a squeeze, but Paris Impressionist
Arab Today, arab today To battle Japanese whaling fleet

GMT 11:53 2016 Monday ,05 December

To battle Japanese whaling fleet

GMT 12:58 2016 Friday ,02 December

Trump, politics on the mind

GMT 13:00 2016 Monday ,05 December

Dubai Women Establishment delegation

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday