عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oil Tanker Approved for Entry into Libya's Zueitina Port

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
TT
TT

Oil Tanker Approved for Entry into Libya's Zueitina Port

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad

Oil tanker Kriti Samaria has been approved for entry into Libya's Zueitina port on Thursday evening or Friday to load 600,000 barrels of crude oil and will head to Italy, engineers told Reuters.

The tanker will be permitted to load oil from storage, the engineers said, without providing further detail.

Libya's two legislative chambers said on Tuesday they had agreed a mechanism for resolving the dispute over control of the central bank.
Libyan crude exports have been largely shut for more than a week amid a political showdown over control of the central bank, which is the sole legal depository for Libyan oil revenue and pays state salaries across the country.
Another tanker, the Front Jaguar, was loading crude from storage at Libya's Brega port, engineers told Reuters on Wednesday.

The crisis was triggered when western factions moved on Aug. 18 to oust veteran central bank governor Sadiq al-Kabir, who has since fled the country. Eastern factions responded by declaring a shutdown to all oil output on Aug. 26.
The National Oil Corporation, which oversees the country's oil resources, said on Aug. 28 that total oil output had dropped by more than half from typical levels to just over 590,000 bpd. It was not immediately clear where current production stood.
A member of the Organization of the Petroleum Exporting Countries (OPEC), Libya produced about 1.18 million barrels per day of crude in July, according to OPEC, citing secondary sources.

Most Viewed

 
 
Business

US Job Openings Fall as Demand for Workers Weakens

A retail store advertising a full-time job on its open door in Oceanside, California, US, May 10, 2021. Photo by Mike Blake/REUTERS
A retail store advertising a full-time job on its open door in Oceanside, California, US, May 10, 2021. Photo by Mike Blake/REUTERS
TT
TT

US Job Openings Fall as Demand for Workers Weakens

A retail store advertising a full-time job on its open door in Oceanside, California, US, May 10, 2021. Photo by Mike Blake/REUTERS
A retail store advertising a full-time job on its open door in Oceanside, California, US, May 10, 2021. Photo by Mike Blake/REUTERS

America’s employers posted fewer job openings in July than they had the previous month, a sign that hiring could further cool in the coming months.
The Labor Department reported Wednesday that there were 7.7 million open jobs in July, down from 7.9 million in June and the fewest since January 2021. Openings have fallen steadily this year, from nearly 8.8 million in January, according to the Associated Press.
Layoffs rose from 1.56 million to 1.76 million, the most since March 2023, though that level of job cuts is roughly consistent with pre-Covid 19 levels, when the unemployment rate was historically low.
Layoffs have been unusually low since the economy’s rapid recovery from the pandemic recession, with many employers intent on holding onto their workers.
Overall, Wednesday’s report painted a mixed picture of the job market. On the positive side, total hiring rose in July, to 5.5 million, after it had fallen to a four-year low of 5.2 million in June.
And the number of people who quit their jobs ticked up slightly, to about 3.3 million.
The number of quits is seen as a measure of the job market’s health: Workers typically quit when they already have a new job or when they’re confident they can find one.
Still, quits remain far below the peak of 4.5 million reached in 2022, when many workers shifted jobs as the economy accelerated out of the pandemic recession.
July’s figures indicate that fewer companies are seeking to add workers despite recent data showing that consumer spending is still growing. Last week, the government estimated that the economy expanded at a healthy 3% annual rate in the April-June quarter.
Even as openings have fallen for the past two years, there are still roughly 1.1 job openings for every unemployed person, Wednesday’s report showed.
That reflects the economy’s continuing need for workers and marks a reversal from before the pandemic, when there were always more unemployed people than available jobs.
The July report on job openings is the first of several measures this week of the labor market’s health that the Federal Reserve will be watching closely.
If clear evidence emerges that hiring is faltering, the Fed might decide at its next meeting Sept. 17-18 to start cutting its benchmark interest rate by a relatively aggressive half-percentage point. If hiring remains mostly solid, however, a more typical quarter-point rate cut would be likelier.
In a speech at an annual economic symposium in Jackson Hole, Wyoming, Fed Chair Jerome Powell said that hiring has “cooled considerably” and that the Fed does not “seek or welcome further cooling” in the job market.
Economists saw those comments as evidence that the Fed may accelerate its rate cuts if it decides it is needed to offset a slowdown in hiring.