• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 5 hours WTI @ 67.50, charts show $62.50 next
  • 3 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 4 hours Mike Shellman's musings on "Cartoon of the Week"
  • 9 hours Venezuela set to raise gasoline prices to international levels.
  • 14 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 1 min Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 3 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 16 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 15 hours Corporations Are Buying More Renewables Than Ever
  • 4 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 20 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 5 hours France Will Close All Coal Fired Power Stations By 2021
Libyan Oil Recovers, Exceeds 1 Million Bpd

Libyan Oil Recovers, Exceeds 1 Million Bpd

Libya’s oil output has once…

All-Time Low Spare Capacity Could Send Oil To $150

All-Time Low Spare Capacity Could Send Oil To $150

Many oil markets watchers have…

Latest Libyan Faction Fighting Drags Oil Output Down

Oil Crescent

The Libyan National Army (LNA), led by General Khalifa Haftar, has bombed the Benghazi Defense Brigades (BDB) faction for a fifth day in the country’s Oil Crescent, and the latest fighting has led to Libya’s oil production dropping by 35,000 bpd to around 660,000 bpd, Reuters reported on Tuesday, quoting local officials and residents.

The LNA and BDB have been fighting over control of the oil ports in Libya’s east since Friday, putting the country’s plan to dramatically increase oil production and exports at risk. In September last year, the LNA took control of three oil export terminals in the Oil Crescent, wrestling them from the Petroleum Facilities Guard, which is affiliated with the UN-backed Government of National Accord.

Since then the oil ports have been gradually opened and handed over to the National Oil Corporation to manage. Thanks to the reopening of the export terminals, Libya ramped up its crude oil production to 700,000 bpd as of January, eyeing a daily average of 1.1 million barrels by the end of this year.

But since the fighting intensified last Friday, Libya’s output had dropped to some 650,000 bpd, and shipments from the Es Sider and Ras Lanuf ports have been suspended until the security situation improves, Bloomberg reported on Sunday.

Related: Oil Prices Hold Steady Ahead Of Inventory Data

On Saturday, the National Oil Corporation issued a statement, saying:

The Chairman of the National Oil Corporation, Eng. Mustafa Sanalla, today said the country’s oil sector must not be a political bargaining chip, and urged all sides to refrain from conflict over oil infrastructure.

Es Sider was reportedly seized by the BDB on Friday, while Reuters sources say Ras Lanuf is also overran by them.

Due to the continuous fighting between rival factions and militias in the country, Libya was exempt from OPEC’s collective production cut deal aimed at easing the global oil glut. In January, Libya’s output was 675,000 bpd, up by 64,700 bpd from December 2016, OPEC secondary-sources figures showed.

By Tsvetana Paraskova 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