The hydrocarbon resources of the Eastern Mediterranean region have greatly increased in importance in recent years. The new natural gas discoveries can have a significant impact on the politics of global energy security.
After a year of escalating violence, Libya's rival authorities have announced an immediate ceasefire on August 21. The long-awaited truce calls for elections in March 2021 and for talks to demilitarize Sirte, which could avert Turkish-Egyptian clash over the strategic city.
The coronavirus has created a global, political, societal, economic and commercial crisis. The crisis not only can be seen as a disruptive period of uncertainty and danger, but also can be seen as a defining moment for the world order and the alliances that have been shaping that order for a long time.
As the world struggles to contain consequences of the COVID-19 pandemic, an escalating trade war rhetoric between the US and China seems to add insult to injury for the global economy.
The new escalation began with a trade of accusations between US President Donald Trump and China over the coronavirus where the US president said he was very disappointed with China’s failure to contain COVID-19, explaining that the pandemic had cast a pall over his January trade deal with Beijing and that he had no interest in speaking to President Xi Jinping at the moment.
The new coronavirus pandemic has spawned a serious public health crisis, devastated economies and changed social norms around the world. However, the danger of evolving it into a weapon that can be wielded in political conflicts may be the last thing the world needs today.
With the emergence of the coronavirus pandemic and an unprecedented price war, 2020 should go down in history as a defining moment for the oil and gas industry.
In nearly three months, the novel coronavirus or COVID-19 was able to confine a third of humanity to their homes. By the end of March, the disease spread to nearly 200 countries and territories with the global infection toll surpassing 500,000 and more than 25,000 deaths.
In late December, a new outbreak known as COVID-19 or coronavirus appeared in Wuhan, China. The outbreak that typically causes human flu-like symptoms including fever, cough, and shortness of breath that may lead to death, took its toll on travel movement, world stocks and oil prices with estimates that in case of turning into pandemic, Coronavirus could cause an average annual economic loss of 0.7% of global GDP — or $570 billion.
Since the 17th February Revolution in 2011 – which saw Muammar Gaddafi’s old regime being ousted –the Libyan oil and gas sector has been disrupted. Although in August 2011 the petroleum production started to recover quickly, this recovery did not last long due to the conflicts between local armed groups led by either Marshal Khalifa Haftar or Fayez Al- Serraj. Subsequently, oil production and exports were disabled for a while. Workers started striking in July 2013, ceasing the Gulf of Sirte oil terminals.
How can a country with the largest oil resources on the planet end up with the worst economic depression and humanitarian crisis in history?
