• 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
  • 11 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 37 mins 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.
  • 8 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 10 hours IMO2020 To scrub or not to scrub
  • 6 hours California's Oil Industry Collapses Despite Shale Boom
  • 8 mins Global Warming Making The Rich Richer
  • 4 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 3 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 5 hours North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
  • 11 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 3 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 16 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 16 hours Devastating Sanctions: Iran and Venezuela hurting
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

Power Grab In Libya Threatens Oil Industry

The Libyan oil plot jut thickened after the Libyan National Army said it had passed control of the country’s oil ports to a non-officially recognized National Oil Corporation affiliated with the eastern government of the country based in Benghazi.

The LNA—also affiliated with the Benghazi government, which is not recognized by the international community—recaptured the ports from a coalition of rival militia led by a commander from the Petroleum Facilities Guard, Ibrahim Jadhran, late last week after about two weeks of fighting.

Jadhran took an active part in the PFG blockade of the oil ports that lasted until 2016—a blockade that cost Libya billions in lost oil revenues. The LNA wrested control of the Oil Crescent from the PFG in 2016, but at the time it handed the facilities over to the official National Oil Corporation, which is based in Tripoli, works with the internationally recognized government, and is the sole entity that has the legal right to sell Libyan oil, according to its managers.

Now, a spokesman for the LNA has said that no tankers will be allowed to dock at the oil ports in the Oil Crescent without permission from the Benghazi-based NOC. The Tripoli-based NOC, the spokesman added, will no longer be allowed to handle the country’s oil. However, with the latter being the internationally recognized entity that deals with Libyan oil exports, chances are that more chaos is on the way for the troubled North African country’s oil industry. Related: WTI-Brent Spread Narrows On Canada Oil Crisis

The Tripoli-based NOC has been quick to warn that the LNA has no right to determine who gets to sell Libya’s oil and cautioned potential buyers about entering into contracts with the Benghazi-based NOC.

At the same time, the latest developments indicate a shift of power to the east as the LNA decides to play with the Benghazi-based NOC. The two NOCs a while ago reached an agreement to play together for the good of the Libyan people, but the agreement lasted only a short while before the old rivalry for the oil wealth returned.

Things may not be that bad, however. Libyan media report that the Tripoli-based, official NOC has been allowed by the LNA to bring back its personnel to the two terminals worst hit by the fighting—Ras Lanuf and Es Sider—to assess the damages.

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