• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 1 hour Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 2 days We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 8 hours Let’s take a Historical walk around the Rig
  • 2 hours Beijing Must Face Reality That Taiwan is Independent
  • 17 hours Trump has changed into a World Leader
  • 17 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 17 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 2 days Might be Time for NG Producers to Find New Career
  • 3 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 3 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
Alt Text

Will Oil Prices Crash Or Rally When Iran Reacts?

Oil prices have soared following…

Alt Text

Oil Prices Head Lower Despite Small Crude Draw

Oil prices continued to trade…

Alt Text

China Turns Its Back On Iran’s Crude Oil

Beijing is doing its best…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Libya Now Back In The Oil Business – For How Long Though

Libya’s key oil terminals have reopened for operations, Moussa al-Kouni, the deputy head of the country’s UN-brokered presidency council, told reporters late on Thursday at the Ras Lanuf oil terminal in eastern Libya.

Petroleum Facilities Guard (PFG) head Ibrahim Jadhran – who has led blockades at ports for years – stood next to al-Kouni, the AP reports.

The combined capacity of the four ports which have been shut so far – Sider, Zawiya, Ras Lanuf, and Zueitina – is 860,000 bpd.

The reopening of the ports comes after the deal which the UN-backed government and the PFG struck earlier this month.

Earlier this week, the chief of staff of the Libyan army warned foreign companies the army would fire at any non-Libyan tanker entering the country’s territorial waters. The warning came after a spike in tensions in Libya brought about by the deal to reopen the ports.

Libya’s National Oil Corporation (NOC) firmly believes the deal was a mistake, NOC chairman Mustafa Sanalla has said in a letter to UN’s envoy to Libya Martin Kobler and to oil and diplomatic officials.

In his letter, Sanalla said it was wrong to reward Jadhran for the blockade of the ports. According to NOC’s chairman, other groups would see the deal as an encouragement to block oil operations in Libya, hoping for payout.

Sanalla also said the NOC would pull out its recognition of the Presidential Council, the leadership of the GNA.

Libya has been torn by conflict since the removal of Muammar Gaddafi five years ago. This conflict has had a severe effect on its oil industry, with warring factions blockading oilfields and ports alike. Libya, which has the largest crude oil reserves in Africa, has now become second from the bottom in terms of output among OPEC members.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play