• 13 hours Iraq Begins To Rebuild Largest Refinery
  • 17 hours Canadian Producers Struggle To Find Transport Oil Cargo
  • 19 hours Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 20 hours China's CNPC Considers Taking Over South Pars Gas Field
  • 22 hours BP To Invest $200 Million In Solar
  • 23 hours Tesla Opens New Showroom In NYC
  • 24 hours Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 1 day Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 2 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

EIA Reports Major Draw In Crude Inventories

EIA Reports Major Draw In Crude Inventories

Adding to bullish news of…

Brent Soars As Canadian Crude Crashes

Brent Soars As Canadian Crude Crashes

The Forties Pipeline outage has…

Armed Groups Suspend Production At Two Libyan Fields

Libya

Unnamed armed factions have blocked production at the Sharara and Wafa fields in western Libya, cutting the country’s total output by 252,000 bpd, Reuters reported today, citing a source from the National Oil Corporation.

Sharara alone produced 220,000 bpd before the shutdown, accounting for a large chunk of Libya’s overall 700,000 bpd production. It started pumping oil after a two-year pause last December. Later this week, a tanker commissioned by Austria’s OMV is supposed to load 600,000 barrels of Sharara crude from the Zawyia port. According to sources, the loading can still take place from crude stored at the port.

The news sent Brent crude back above $50 to $51.l2 a barrel in European trading, while WTI jumped to $48.10 in electronic trade.

Yesterday, another tanker, a Suezmax, reportedly loaded crude from Es Sider, the biggest oil port in Libya’s Oil Crescent. This was the first shipment after clashes erupted between the Libyan National Army and the Benghazi Defense Brigades over control of Es Sider and Ras Lanuf ports. The tanker was bound for China after loading.

Earlier this week, the National Oil Corporation warned against illegal sales of crude, at significant discount to official selling prices, threatening the country’s revenues from its only marketable commodity. NOC is the only one who is authorized to export oil from the country as per UN resolutions following the civil war, and it can only sell it to 16 companies with which it is in contractual relations.

Related: Oil Prices Spike As Traders Anticipate Bullish Inventory Data

Meanwhile, tensions between NOC and the UN-backed Government of National Accord are heating up after the GNA issued a decree that is supposed to give it more control over oil production contracts and sales. NOC condemned the decree, saying the GNA overstepped its boundaries and that only the House of Representatives, Libya’s legislative body and effectively a rival government to the GNA, has the powers to decree a change in its exclusive grip on Libya’s oil wealth.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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