• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 18 mins US Military Spend at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 10 mins Climate Change Protests
  • 2 mins U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 15 hours Oil at $40
  • 3 mins "Undeniable" Shale Slowdown?
  • 12 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 18 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 8 hours Ecoside
  • 6 hours Japan’s Deflation Mindset Could Be Contagious
  • 17 hours Gas Flaring
  • 17 hours Negative Gas Prices in the Permian
  • 21 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 21 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Oil Prices Snap Winning Streak

Oil Prices Snap Winning Streak

The oil price rally paused…

Libya Orders Military to Destroy Tankers in Crack-Down on Illegal Oil Sales

Es Sider is the largest of several ports in eastern Libya that have been shut since the end of July due to protests by security guards and oil workers making demands over pay and politics.

Since the protests began many of Libya’s oil fields have been closed and exports, a vital source of revenue for the country, have fallen to less than 500,000 barrels a day, from 1.25 million barrels a day before 2011.

The loss of export revenue has cost the Libyan government around $2 billion so far, and risk serious damage to the country’s economy. The government believes that the strikes are being organised by federalists who are pushing for more independence in the East, after starting the initial uprising against Gaddafi in 2011.

Fearful that security guards at the ports will independently try and illegally sell oil stored at the terminals in order to raise money for the federalists, Libya’s ministry of defence has warned that any tankers illegally exporting crude from Libyan ports will be attacked and destroyed.

Last week military forces fired upon a Liberian tanker that was spotted close to the country’s largest oil export terminal, believing that the vessel sought to load crude oil being sold by the armed protestors. Abdul Razak al-Shbahi, a spokesman for the ministry of defence, said that the tanker fled Libyan waters before loading any crude, or being destroyed.

Related article: Egypt's Decline Could be Trouble for Energy Investors

The Libyan armed forces have increased their coastal patrols, and three air bases have been put on alert, with instructions to bomb any vessel that entered Libyan waters in order to prevent any illegal sales of Libyan crude.

Shbahi confirmed to Reuters that “three air bases have been put on heightened alert to strike and destroy by any means any oil tanker that did not have any contractual deals with the country's national oil company.

The defence ministry will not hesitate to respond in any way possible against anyone who tries to steal the country's wealth.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Philip Branton on August 28 2013 said:
    Hmm......this could be written to explain Kurdish moves...

Leave a comment

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