• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 1 day Permian in for Prosperous and Bright Future
  • 5 hours Daniel Yergin Book is a Reality Check on Energy
  • 1 day YPF to redeploy rigs in Vaca Muerta on export potential
  • 1 day Gepthermal fracking: how to confuse a greenie
  • 11 hours Famine, Economic Collapse of China on the Horizon?
  • 11 hours Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days US after 4 more years of Trump?
  • 1 day Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 5 hours Open letter from Politico about US-russian relations
  • 2 days Surviving without coal is a challenge!!
  • 3 days Portuguese government confirms world record solar price of $0.01316/kWh
Oil Rises After EIA Confirms Crude Inventory Draw

Oil Rises After EIA Confirms Crude Inventory Draw

Oil prices continued to rally…

Trump's Drilling Ban Bombshell Rocks Oil Industry

Trump's Drilling Ban Bombshell Rocks Oil Industry

U.S. President Donald Trump shocked…

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

Premium Content

Libya's Oil Blockade Could Soon Come To An End

The leaders of groups affiliated with the Libyan National Army have offered to lift a blockade on oil export terminals that started in January and has so far cost the country’s oil industry some $6 billion in losses, the AP reports.

One of the leaders, Ahmed Idris al-Senussi, said in a statement that the terminals were reopened and that his and other leaders’ groups had given LNA’s leader, General Khalifa Haftar, a mandate to renegotiate the restart of oil production at fields shut down because of the blockade.

A spokesman for Haftar said the LNA welcomed “any popular mandate to protect oil installations.”

A group of tribes and paramilitary groups occupied Libya’s oil export terminals in mid-January as LNA’s Haftar launched an offensive against the UN-recognized government pledging that the country would soon have a single government. The LNA is affiliated with the eastern Libyan government.

Soon after the blockade, NOC declared force majeure on oil exports, with Sanalla warning that the blockade could end up costing Libya $55 million daily. At the time, the losses in production were estimated at between 500,000 bpd and 800,000 bpd. By the end of January, Libya’s production was around 300,000 bpd, but Sanalla told Bloomberg it could go as low as 72,000 bpd. That’s down from over 1.2 million bpd before the blockade.

By April, production had gone below 100,000 bpd, and NOC’s Sanalla said losses had reached $4 billion. In early June, there were reports about restarting production at the country’s largest field, El Sharara, which has a capacity of 300,000 bpd. Initial production was to be set at 30,000 bpd, however, to gradually ramp up to maximum over 90 days.

Now, the NOC has expressed hope that other fields will restart soon, amid talks supervised by the UN and the U.S. between Western powers and the UN-backed government. The talks seek to settle the issue of oil revenue distribution between the East and the West.

By Irina Slav 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