Libya Seeks to Restore its Shares in Global Energy Markets

Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar. (Asharq Al-Awsat)
Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar. (Asharq Al-Awsat)
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Libya Seeks to Restore its Shares in Global Energy Markets

Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar. (Asharq Al-Awsat)
Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar. (Asharq Al-Awsat)

Libya is seeking to restore its shares in the global oil and gas markets, after establishing production stability at 1.2 million barrels per day, announced Undersecretary of the Libyan Oil Ministry, Refaat Mohammad al-Abbar.

Speaking to Asharq Al-Awsat, Abbar indicated that the country is currently seeking to protect its shares in the global oil market and benefit from the price recovery.

The official noted that political disagreements delayed the necessary approvals for the sector's budgets, causing losses in billions.

Oil prices are currently trading above $80 per barrel, an over 60 percent increase since the beginning of the year, while gas prices have jumped more than 800 percent.

Libya is a member of OPEC and constantly cooperates with member states to achieve market stability, said the minister, adding that it seeks to be part of the solution of the global energy crisis and high prices, which affect producers in the long term, even if prices are recovering.

He announced that Libya aims to produce more than two million barrels per day during the following year and four million barrels per day in 2025, noting that these targets need about $12 billion in development, maintenance, and rehabilitation operations.

The official said the oil sector's major challenges are obtaining finances to pay the debts, carrying out maintenance, and reaching production targets.

“We are working with the National Oil Corporation to develop the productivity of the fields,” he stated, adding that the Ministry aims to maintain the stability of exports.

Moreover, the ministry wants to hold international oil and gas conferences during the coming period in Tripoli and Texas, the US, to attract foreign investments to the Libyan oil sector.

“We are making great efforts to overcome obstacles and attract foreign investments, which will certainly contribute to consolidating stability in the country and enhancing the efforts of the oil and gas sector to achieve production targets, develop reserves and create job opportunities,” stressed Abbar.



EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
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EU Says Ready to Resume Free Trade Talks with Gulf

Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)
Chair of the European Parliament’s Foreign Affairs Committee David McAllister. (European Parliament)

Chair of the European Parliament’s Foreign Affairs Committee David McAllister said the European Union is ready to resume free trade negotiations with the countries of the Gulf Cooperation Council (GCC).

In an interview to Asharq Al-Awsat, he said Europe, along with the rest of the world, was shocked by US President Donald Trump’s 20% tariffs on European imports.

He stressed that the partnership with Saudi Arabia was stronger than ever, noting that the European Parliament is seeking to elevate ties to the level of strategic partnership agreement in various fields.

McAllister stressed that Saudi Arabia is a main bilateral and regional partner to the EU in the Gulf region and beyond.

The partnership is stronger than ever, he stated, while hailing Saudi Arabia’s growing regional and international diplomatic role.

He also noted untapped potential in bilateral relations between the EU and the Kingdom.

The European Parliament supports the development of the relationship towards the level of strategic partnership, he added. This will provide a binding political and legal framework to bolster cooperation between the EU and Saudi Arabia in several fields beyond the economy.

The European Commission agreed on April 1 to launch negotiations and the issue is awaiting approval from the parliament to officially kick them off.

On Saudi Arabia’s diplomatic role, McAllister described Riyadh as a main player in the region.

On its position on Gaza, he underscored the Saudi leadership’s participation in the international coalition for the implementation of the two-state solution and its support for the Arab recovery and reconstruction plan.

He also highlighted Saudi Arabia’s constructive role in backing the reconstruction of Syria after the ouster of President Bashar al-Assad. He also noted its role in facilitating talks between Lebanon and Syria in resolving border issues.

Moreover, McAllister said Saudi Arabia played a successful role in achieving a ceasefire in Yemen and it recently hosted complex negotiations between the United States and Russia.

The official expressed Europe’s appreciation for the hosting of the negotiations, saying, however, that it is important for Ukraine to be present at ceasefire talks because its future is at stake. The EU must also be present because peace in Ukraine also affects it.

Asked about Saudi Arabia’s Vision 2030, McAllister said Brussels believes it has promising opportunities to explore in the Kingdom.

The EU appreciates the ambitious economic goals set by Vision 2030 and that aim to diversify the economy and ease the reliance on oil and gas, he went on to say.

He said opportunities for cooperation were available and they can pave the way for the establishment of a strategic partnership agreement and a platform for high-level bilateral cooperation in various fields, such as trade, innovation, energy, security and others.

He added that the EU welcomes the shift towards modernization set out by Vision 2030, while also understanding the challenges related to it.

The EU is ready to support Saudi Arabia’s economic and environment projects, McAllister stressed.

On the free trade talks, he said the EU is ready to resume negotiations with the GCC.

The EU is committed to bolstering bilateral ties with the Gulf to meet the commitments set out during the EU-Gulf meeting in October, he stressed.

The work program reached during the meeting covered security, climate, communications and trade.

McAllister stressed that Europe supports the signing of an ambitious free trade agreement that would help in achieving Vision 2030.

He pointed to negotiations that have been kicked off with the United Arab Emirates to reach a bilateral free trade agreement.

A free trade agreement with the Gulf will be very beneficial, he stressed. Long discussions to that end have been held, but the world has become more complicated and unpredictable, he said.

Asked about when Saudi citizens will be relieved of the Schengen visa requirement, McAllister replied that he understands that this is important to them, adding however, that the issue is complicated and hinges on the adoption of a new European strategy and the approval of all members.