• 48 mins Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
The U.S. Shale Play To Watch In 2018

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Where To Look For Value This Earnings Season

Where To Look For Value This Earnings Season

Energy majors are about to…

Libyan Govt Threatens to Destroy North Korean Oil Tanker in Rebel Territory

Libyan Govt Threatens to Destroy North Korean Oil Tanker in Rebel Territory

The Libyan government ordered its armed forces to fire upon an oil tanker that was docking at a port in rebel controlled territory. The North Korean ship arrived at Libya’s largest oil-export terminal Es Sider, in an attempt to purchase oil from Libyan rebels. Libya has been engulfed in a political crisis between its weak central government and rebel militias, which has slowed oil exports to a trickle. Oil production is down to 235,000 barrels per day compared to the 1.4 million bpd in mid-2013.

Rebel militias in control of key ports hoped to illegally sell oil to a North Korean ship. The Libyan government ordered the armed forces to fire upon the ship, but the military refused, citing concern over safety of civilians and the desire to avoid an environmental disaster. Still, the government has promised to blow up the ship if it tries to follow through with oil exports.

Related Article: In 2014 Chinese-African trade will surpass $200 billion

Libya’s central government has struggled to consolidate power in the country after being torn apart during its revolution. Militia’s that battled Muammar Gaddafi have refused to submit to the central government. Some have declared their own independence from Tripoli. Exporting oil would be a big step for them and a major blow to the central government. In an effort to prevent breakaway territories from exporting oil, the government has promised to bomb any ships seeking to export oil from such areas. The Libyan navy fired upon a ship from Malta in January that attempted to load oil in Es Sider.

The U.S. government expressed support for the Libyan government and stated that any illegal exports not sanctioned by Libya’s National Oil Corporation amounted to “theft” from the Libyan people. The oil belongs to a joint venture run by ConocoPhillips, Marathon Oil, and Hess Corporation.

By Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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