• 15 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 17 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 19 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 20 hours Schlumberger Warns Of Moderating Investment In North America
  • 21 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 22 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 23 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
New Tech Could Turn Seaweed Into Biofuel

New Tech Could Turn Seaweed Into Biofuel

Scientists discovered an unlikely abundant…

Oil Shows Weakness, But Don’t Expect A Plunge

Oil Shows Weakness, But Don’t Expect A Plunge

Oil prices remained firm this…

Libyan Car Blast Injures Leader Who Brokered Oil Ports Takeover

Benghazi car bomb

A car blast in Libya’s city of Benghazi injured on Friday a tribal leader who had helped the Libyan National Army take control over the eastern oil export terminals in September - a move that led to the lifting of the blockade of oil exports from the so-called Oil Crescent shortly after.

According to security and medical officials, the leader of the Magharba tribe, Saleh al-Ateiwish, was wounded but in stable condition in the hospital. Three other people were also injured in the car explosion, Reuters reports, quoting a hospital official.

Although it is not yet clear who was responsible for the explosion, family members at the hospital have said it was an “assassination attempt”, according to Reuters.

It was Ateiwish who had persuaded a faction of the Petroleum Facilities Guard (PFG) to give the control of the ports to the Libyan National Army (LNA), led by General Khalifa Haftar. The LNA then handed control of the ports to the recently reunified National Oil Corporation (NOC), which vowed to immediately start ramping up crude oil exports.

Earlier this week, NOC’s chairman Mustafa Sanalla said that the Libyan crude oil production had increased from around 290,000 bpd in mid-September to some 590,000 bpd now. This compares to 1.5 million bpd before the blockades on key oil ports initiated by the PFG in 2013, Sanalla added.

While Libya is gradually returning to raising its oil production, it serves up another tricky issue for OPEC to solve in what now looks like a nearly insurmountable problem: that of reaching a deal to limit production within the 32.5 million bpd-33 million bpd range.

Although never officially communicated, there had been a general understanding that Libya, alongside Nigeria, and possibly Iran, would be exempt from OPEC production cuts, with violence and sanctions having taken their toll on those three countries’ oil production in recent months and years.

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