• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 21 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 20 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 13 hours Why hydrogen economics does not work
  • 12 hours China goes against US natural gas
Alt Text

Something Strange Is Happening In The Saudi Oil Patch

According to Bloomberg, Saudi Arabia…

Alt Text

Saudi Crackdown On Canada Could Backfire

The Saudi/Canadian spat that started…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Libya’s Oil Exports Could To Go To 0 bpd Within One Month

Libya Hariga Oil Export Terminal

Libyan officials attached to the government in Tripoli are warning that the country will have to halt the majority of its output from southeastern fields within a month’s time as the Hariga port remains under blockade over an export dispute between rival governments.

Fields in the south-east which provide the majority of the Libyan oil output will be shut down in a month unless blockade on the Mediterranean Sea terminal Marsa el-Hariga if lifted, officials in Tripoli have warned on Tuesday.

Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in control of the Hariga port, which is under blockage since the Benghazi NOC unsuccessfully attempted to unilaterally export oil late last month. Related: Oil Prices Rally As Canadian, Nigerian Outages Continue

“In less than four weeks we will have to shut production completely because the tanks at Hariga will be full,” Mohamed Harari, a spokesman for the National Oil Company, said in an e-mailed statement late on Monday. "The blockade will cause serious harm and bring no benefits.”

Oil production has already collapsed by a whopping 80 percent following the violent removal of former dictator Muammar Ghaddafi.

Due to the eastern factions’ decision to block shipments, production at the oil fields Messla and Sarir has been decreased by almost one-third, dropping to 90,000 barrels a day from 240,000 barrels. Related: What OPEC Has To Fear From The New Saudi Oil Minister

"The worst thing is this blockade will achieve nothing," NOC Chairman Mustafa Sanalla said in a statement. "In terms of legitimacy, which is what the blockaders want, it is a dead end."

The oil shipments through Marsa el-Hariga account for three quarters of the country’s exports and the scenario of oil production brought to a halt doesn’t bode well for a country far from being stabilized politically and economically. However, as it faces being sidelined by a national unity government, this is exactly the leverage the eastern government and the eastern NOC is hoping to gain through the unilateral exports and the port blockade.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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