Subscribe free to our newsletters via your
. 24/7 Space News .




ENERGY TECH
Unrest hurting Libya's oil economy, Europe says
by Daniel J. Graeber
Washington DC (UPI) Mar 28, 2014


disclaimer: image is for illustration purposes only

Political conflict in Libya means an economy that's largely dependent on oil production has no room to grow, the European Union said.

A progress report on Libya from the European Commission said a blockade on oil exports by eastern federalists has "severely" affected Libya's fiscal situation.

The report, published Thursday, said the closure of eastern export terminals has cut Libyan oil production from a pre-war level of 1.6 million barrels per day to around 250,000 bpd. With an economy that relies on the petroleum sector for 90 percent of its revenue and more than 70 percent of gross domestic product, the security situation was directly responsible for economic stagnation.

"The lack of security has a negative impact on business climate," the progress report said. "With the security situation featuring so prominently on the agenda, thus far little attention has been paid to the diversification of the economy and job creation."

The United Nations Security Council last week passed a Chapter VII resolution that authorizes U.N. member states to board vessels and return any oil illegally seized from Libyan ports to the Libyan government. The resolution was in response to the U.S. Navy's capture -- at Tripoli's request -- of oil tanker Morning Glory, a North Korean-flagged ship, in international waters of the Mediterranean Sea. The ship had taken on a cargo of oil from a rebel-held port in eastern Libya.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





ENERGY TECH
Venezuela arrests three generals for alleged coup plot
Caracas (AFP) March 26, 2014
Three Venezuelan air force generals accused of plotting a coup against the leftist government of President Nicolas Maduro were arrested Tuesday, amid a widening crackdown on the opposition. The unidentified generals were in contact with opposition politicians and "were trying to get the Air Force to rise up against the legitimately elected government," Maduro told a meeting of South American ... read more


ENERGY TECH
Unique camera from NASA's moon missions sold at auction

Expeditions to the Moon: beware of meteorites

A Wet Moon

ASU camera creates stunning mosaic of moon's polar region

ENERGY TECH
Mars-mimicking chamber explores habitability of other planets

Helpful Wind Cleans Solar Panels On Opportunity Mars Rover

NASA Mars Rover's Next Stop Has Sandstone Variations

Mars on Earth: vacuum chambers mimic the Red Planet

ENERGY TECH
You've got mail: Clinton-to-space laptop up for auction

The NASA Z-2 Spacesuit Design Vote

E3-production - sustainable manufacturing

NASA Seeks Collaborative Partnerships With Commercial Space

ENERGY TECH
Tiangong's New Mission

"Space Odyssey": China's aspiration in future space exploration

China to launch first "space shuttle bus" this year

China expects to launch cargo ship into space around 2016

ENERGY TECH
Technical hitch delays US-Russia crew's ISS docking

New ISS Crew Wrapping Up Training for Launch

How astronauts survive diplomatic tensions in space

NASA Extends Lockheed Martin Contract to Support ISS

ENERGY TECH
NASA Seeks Suborbital Flight Proposals

Arianespace Launches ASTRA 5B and Amazonas 4A

SpaceX Launch to the ISS Reset for March 30

Ariane 5 hardware arrives for next ATV mission

ENERGY TECH
Space Sunflower May Help Snap Pictures of Planets

NRL Researchers Detect Water Around a Hot Jupiter

UK joins the planet hunt with Europe's PLATO mission

X-ray laser FLASH spies deep into giant gas planets

ENERGY TECH
Parallel programming may not be so daunting

China's rare earth trade limits break global rules: WTO

Big Data keeps complex production running smoothly

Facebook takes $2 billion dive into virtual reality




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.