Libya’s estimate for its April oil revenues came in as one of its best in a long time, suggesting that the stalemate between the GNA and LNA is yet to impact oil production. It’s not all good news for Libya though, as ISIS is now taking advantage of the security vacuum that has been created by Haftar’s forces focusing on Tripoli.
Regarding oil revenues, the NOC reported $1.87 billion for April due to a rise in global crude oil prices and a busy loading scheduled at the end of March. This loading schedule resulted in cargo receipts both arriving and clearing in April’s revenue statement. The NOC reported a monthly increase of approximately $340 million (+22%).
Our team on the ground has obtained the official NOC documents:
Regarding security, the market should be concerned about ISIS, which launched an attack on Saturday at a checkpoint manned by Haftar’s LNA forces near a major oilfield in the south of the country. The oilfield – Zellah - is only 20 kilometers from the checkpoint in question, and is a clear signal of an intended move on the field. In the attack, our sources on the ground say that two LNA checkpoint guards were beheaded, and six others kidnapped.
The oilfield is owned by the Zueitina oil company.
In terms of the conflict for Tripoli, there are indications that it will be a lengthy one given external meddling. Most recently, that appears to have resulted in a shipment of weapons from Turkey…