X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 24 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 12 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 18 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 2 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 4 hours Retired RAF pilot wins legal challenge over a wind farm
  • 21 hours The latest GOP nonsense on Texas shows us the future Republicans want
  • 3 hours Minerals, Mining and Industrial Ecology
  • 20 hours Disaster looming in UK offshore wind power
  • 1 day The Cyberpandemic has Begun: SolarWinds + FireEye – Gmail & Google services down
  • 22 hours U.S. Presidential Elections Status - Electoral Votes

General Haftar Reopens Libyan Oil Ports Temporarily

The Libyan National Army led by General Khalifa Haftar will reopen Libya’s oil ports for a short while to empty tanks with crude oil and condensate and ship them abroad, a spokesman for an LNA affiliate said in a televised statement.

Libya will export some of the fuel, the statement suggested, while the remaining fuel will be shipped into eastern Libya to feed its power plants.

“The instructions were to allow for the emptying of tanks holding crude and condensate stored at the oil ports to be loaded and exported,” LNA spokesman Ahmed al-Mismari said, as quoted by Bloomberg. “The decision taken yesterday doesn’t mean the reopening of fields or the resumption of exports.”

The move followed media reports earlier this week that said Haftar, whose LNA holds Libya’s oil ports, may reopen them to tackle a power shortage problem in the east of the country: the headquarters of the alternative Libyan government with which Haftar’s group is affiliated.

Releasing fuel from the tanks at the oil ports could go towards solving another problem, too. The tanks overflowing with crude and fuels pose a disaster risk, the National Oil Corporation’s chairman Mustafa Sanalla said last week.

The LNA blockaded the ports in Libya’s Oil Crescent, effectively suspending production as well. Libya produced more than 1.2 million bpd last year while the ports operated as usual. Now, this has fallen to below 100,000 bpd, with NOC’s chairman estimating that the company has so far suffered losses of some $6 billion from the oil port blockade and the production outage.

These prompted NOC to institute a force majeure on oil exports early this year. In July, the company lifted the force majeure as the Haftar-affiliated forces agreed to reopen the facilities after an agreement for the fairer distribution of oil revenues was struck. Just two days later, however, the blockade was back, and so was the force majeure, leaving production crippled.

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