Libya Oil Exports Plunge as NOC Cancels Cargoes due to Crisis

FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
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Libya Oil Exports Plunge as NOC Cancels Cargoes due to Crisis

FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo

Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya's central bank and oil revenue.

The standoff began last month when western Libyan factions moved to oust a veteran central bank governor, prompting eastern factions to declare a shutdown to all oil output.

Libyan ports shipped 194,000 barrels per day (bpd) on average of crude last week, down about 81% from just over 1 million bpd in the previous week, Kpler's data showed, Reuters reported.

Although Libya's two legislative bodies said last week they agreed to jointly appoint a central bank governor within 30 days, the situation remains fluid and uncertain.

The United Nations Support Mission in Libya (UNSMIL), which is attempting to defuse the crisis, said on Tuesday it would resume facilitating talks on Wednesday in Tripoli.

NOC, which manages Libya's fossil fuel resources, has not declared force majeure on all port loadings and has so far opted to use the measure on individual cargoes, trading sources with knowledge of the matter said.

It had declared force majeure on all crude production at El Feel oilfield on Sept. 2 and on exports from the Sharara field on Aug. 7, before the crisis over the central bank began.

NOC last week cancelled several Es Sider cargoes, Reuters reported and two trading sources told Reuters NOC has also cancelled cargoes of the Amna and Brega crude grades.

Some tankers have been allowed to load crude from storage at Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source has told Reuters.

NOC said on Aug. 28 that oil production had dropped by more than half from typical levels to about 590,000 bpd. It was not immediately clear where production levels now stand.



GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
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GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)

The first day of the third Global Artificial Intelligence Summit (GAIN) in Riyadh featured ministers responsible for technology and communications sectors, showcasing their countries' experiences in implementing regulations and controls to maximize the benefits of AI technologies.

GAIN is organized by the Saudi Data and AI Authority (SDAIA) and runs through September 12.

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.

Ministers emphasized the importance of implementing regulations to neutralize the risks and threats associated with AI technologies and highlighted the need to use and benefit from AI in accordance with international ethics and norms.

South African Minister of Science and Technology and Innovation Dr. Bonginkosi Nzimande commended the important role of the global summit hosted by SDAIA. He emphasized that the summit provides an ideal environment and platform for international coordination.

He said this coordination will help developing countries keep up with and compete against technologically advanced countries through genuine international cooperation. This technology is a significant contributor to the renaissance of countries and humanity.

Gabon’s Minister of Communication and Media Laurence Ndong emphasized her country's commitment to collaborating with the United Nations Educational, Scientific and Cultural Organization (UNESCO) to develop policies for governing and regulating AI technologies.

Such policies aim to ensure the optimal use of AI technologies for the benefit of Gabon's infrastructure and national development, she stressed.

Ndong also highlighted the importance of addressing the challenges and threats posed by these technologies to government institutions and societies, emphasizing the need for international cooperation to ensure that AI serves humanity as a whole.

Bahrain’s Information and eGovernment Authority Chief Executive Mohammed Ali Al-Qaed reviewed the experiences of several leading countries in AI fields. He discussed the measures and regulations these countries have taken for the use of technologies based on value-based principles that preserve the ethics and culture of their people.

Bahrain is also following a similar path, taking into account the continuous and instant development in this field, he added. Legislation is being constantly developed, especially as it experiences significant and ongoing advancements.

Cambodia’s Ministry of Post and Telecommunications Secretary of State Makara Khov emphasized that his country recognizes the inherent dangers and threats posed by AI technologies.

Cambodia has taken significant measures to address such risks by implementing regulations and procedures governing the use of AI in government institutions and society. The measures have enabled Cambodia to mitigate many risks and threats, while harnessing the potential of essential technologies such as AI.

Oman’s Ministry of Communications and Information Technology Undersecretary Dr. Ali Al-Shidhani agreed with the ministers and officials noted the Sultanate’s successful experience using technologies to develop human resources in various fields and improve its education and health sectors.

Germany’s Ministry of Digital and Transport State Secretary Stefan Schnorr emphasized the importance of addressing the risks associated with technology, especially AI, at the social and geopolitical levels. He called for collaborative efforts between countries and organizations to neutralize these dangers and promote innovation.

Serbia’s Ministry of Science, Technological Development, and Innovation State Secretary Dr. Miroslav Trajanovic warned of the rapid changes and advancements in AI technologies. He emphasized the need for flexible and dynamic measures and laws that can be continually updated to keep pace with these evolving technologies.

Trajanovic stressed that effectively addressing the challenges and threats accompanying AI technologies requires intelligence, professionalism, and the implementation of optimal ways and mechanisms to benefit from them.

Senegal Director of Information and Communication Technology Aissatou Jeanne Ndiaye confirmed that the Senegalese government has utilized AI technologies to support education and scientific research. She emphasized the importance of considering these technologies' potential risks and threats and noted that measures, procedures, and regulations have been implemented to address such concerns.