• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 3 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 11 hours Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 11 hours Why I Think Natural Gas is the Logical Future of Energy
  • 11 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 3 hours Get on Those Bicycles to Save the World
  • 10 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 7 hours Iraq war and Possible Lies
  • 1 day Satellite Moons to Replace Streetlamps?!
  • 1 day Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 day Can “Renewables” Dent the World’s need for Electricity?
  • 18 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 5 hours EU to Splash Billions on Battery Factories
  • 21 hours Can the World Survive without Saudi Oil?
Alt Text

The Oil Keeps Flowing: Iran Evades U.S. Sanctions

While President Trump’s stated aim…

Alt Text

South Korea Cuts Iran Oil Imports To Zero

U.S. ally South Korea has…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

Not so Fast on Libyan Oil Optimism

We may be seeing the first boost in Libyan oil production in 10 months, which the markets are eyeing hungrily, but don’t jump the gun on this one—Libya’s oil is still being held hostage to a chaotic power struggle.

Libya tripled its light crude oil supplies to around 650,000 barrels a day over the past three weeks, but while the government remains publicly optimistic that its closed eastern ports held by rebels will be reopened this month, there is little evidence to sustain that.

Some of the optimism stems for the resumption of output on 4 January of Libya’s second-largest field, Sharara, but keeping it open means negotiating with protesters who have threatened to shut production down again if their demands are not met in terms of more national rights for the Tuareg tribe.

In December, Libya was putting out only about 210,000 barrels per day, so by comparison, the figures look great if the jump can be sustained.

Related article: The Volatile Middle East; Oil and Turmoil

Before civil war erupted in 2011, Libya was producing more than 1.65 million barrels of oil per day. November and December production of 210,000 bpd was its lowest level since the rebellion and exports are a meager 110,000 bpd from the few terminals still under the government's control.

Tribes pressing for more autonomy in eastern Libya are seeking a return to an administrative system established in the 1950s, which divided the country into three states -- Cyrenaica, Fezzan and Tripolitania. Last month, the self-declared government of Cyrenaica said it established its own oil company ready to put crude oil on the international market.

And problems at the eastern ports subsist, with three ports—Ras Lanuf, Es Sider and Zueitina—still under “rebel” control, or more to the point, under the control of Cyrenaica. Combined, they used to handle 600,000 barrels per day of the country’s crude exports.  

In the meantime, these rebel groups have tried to step out on their own more forcefully, trying to export oil unilaterally, prompting the government to issue a warning to anyone who attempts to take oil from these ports without the government’s approval.

So while European refiners particularly are eyeing the change to recoup profits here, the rebound may be very fleeting at best.

By. Joao Peixe of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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