• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 3 hours CoV-19: China, WHO, myth vs fact
  • 17 hours Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 7 hours Blowout videos
  • 1 day OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 52 mins Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 13 hours Natural Gas
  • 1 day Energy from thin air?
  • 2 days Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 2 days Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 16 hours Cheap natural gas is making it very hard to go green
  • 6 hours US Shale: Technology
Why The World’s Top Oil Traders Are Going Green

Why The World’s Top Oil Traders Are Going Green

Oil traders, however, seem to…

Libya Refiner Stops Working On Oil Shortage

Libya oil

Libya’s Azzawiya Oil Refining Company has suspended its operations for lack of feedstock amid the continued blockade of oil ports that has led to the shutdown of several fields, Reuters reported, adding that the refiner is completely out of stockpiled crude.

Libya has lost more than a million barrels daily in production, with its average daily slumping from over 1.2 million bpd in early January to less than 200,000 bpd as of the end of last week, according to the National Oil Corporation as cited by local media.

The company said it had also lost $1 billion from the blockade so far and urged the Libyan National Army and the tribal groups that seized the ports to lift the blockade.

“National Oil Corporation (NOC) renews its call for all blockades to be lifted to allow the corporation to resume production immediately, for the sake of Libya and its people,” the statement read as quoted by the Libyan Express.

In late January, NOC’s chairman Mustafa Sanalla told Bloomberg Libya could lose all of its oil production if the blockade was not lifted soon and the latest production figures suggest that output may indeed be heading for zero.

The blockade was an extension of the ongoing fight for control of the country and its oil revenues between the Libyan National Army, affiliated with the eastern government, and the Government of National Accord, which has been recognised by the UN. All oil revenues go into accounts controlled by the GNA and NOC, and the LNA is seeking to change that through the blockade.

The economic situation in the North African country was the key topic of discussion at the latest round of UN talks on Libya. Bloomberg reported on the talks, noting that if they ended with a deal between the warring parties and production begins to ramp up, this would compromise OPEC’s efforts to curb global supply amid the coronavirus scare.

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