• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 2 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 7 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 6 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 7 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 8 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News