• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 3 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 10 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 2 mins CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 hour Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 9 hours California's Oil Industry Collapses Despite Shale Boom
  • 7 hours North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
  • 2 hours Global Warming Making The Rich Richer
  • 5 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 13 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 13 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 12 hours IMO2020 To scrub or not to scrub
  • 10 hours Iceland Reducing Gas Stations By Half By 2025
  • 5 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
Alt Text

Iran’s Trick To Sell Oil For A 30% Premium

Iran’s strategy to avoid U.S.…

Alt Text

The Battle For Control Over Iraq’s Oil

Russia is fighting hard to…

Alt Text

Iran’s Oil Exports Implode As Sanctions Sting

Early data suggests data suggests…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Libya Stops Pumping Oil

Libya’s National Oil Corporation has declared force majeure on crude oil loadings from two oil terminals, which effectively removed 850,000 bpd from the country’s production, Libyan media report.

“Despite our warning of the consequences and attempts to reason with the LNA General Command, two legitimate allocations were blocked from loading at Hariga and Zueitina this weekend. The storage tanks are full and production will now go offline,” NOC’s chairman Mustafa Sanalla said.

Hariga and Zueitina, like the rest of the terminals in the Oil Crescent, are controlled by the Libyan National Army, which handed control over them to the Benghazi-based NOC. Both are affiliated with the eastern government, which is not recognized by the UN.

On Saturday, the Benghazi-based NOC refused two loadings, one at Zuetina and one at Hariga, claiming the tankers waiting to load had not asked for its approval, which was now mandatory.

The LNA has controlled the Oil Crescent ports since 2016, but last month its grip on them was challenged by other groups led by a Petroleum Facilities Guard commander who is wanted by the Tripoli authorities for the two-year blockade of the ports.

Yet unlike in 2016, when it handed the ports to the Tripoli-based NOC, the LNA now passed control of the facilities to the Benghazi NOC, signaling that the divide in Libya between East and West is deepening instead of closing.

Lat week, the Benghazi-based NOC signaled it has no plans to compromise with the internationally recognized company, declaring, in addition to the mandatory approval for loadings, that all oil export revenues would go into an eastern-based central bank. Related: Why Oil Prices Are Surging

“We undertake that the money won’t go to someone shorn of legitimacy,” the head of the eastern National Oil Corporation said last week. “We have a central bank in (the eastern town of) Bayda, and it is recognized by the Libyan parliament,” Benghazi-based NOC’s head Faraj Said added.

Meanwhile, the EU and the UN have both called on the LNA and the Benghazi-based NOC to relinquish control of the oil ports and return them to the Tripoli-based company.

Sanalla said the Tripoli-based NOC had estimated oil revenue losses since June 14 at over US$650 million, with daily losses at US$67.4 million since the declaration of force majeure at Zueitina and Hariga.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News