• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 19 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 17 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 42 mins Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 2 days Trump Hands Putin Major Geopolitical Victory
  • 3 hours America Could Go Fully Electric Right Now
  • 3 hours Buying votes is cool now.
  • 5 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 2 days Those Nasty White People and Camping Racism
  • 2 hours Brent above $45. Holding breath for $50??
  • 1 day .
  • 1 day The Truth about Chinese and Indian Engineering
  • 1 day COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours China wields coronavirus to nationalize American-owned carmaker
  • 1 day The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill
A Long-Term Trade As Oil Markets Recover

A Long-Term Trade As Oil Markets Recover

Oil market fundamentals are gradually…

Low Quality Crude Is Crushing Venezuelan Oil Exports

Low Quality Crude Is Crushing Venezuelan Oil Exports

Poor crude quality is dealing…

Libyan Oil Chairman Calls On U.S. To Help End Oil Blockade

The United States should step in and help lift the blockade of Libyan oil ports that has decimated the country’s oil production, the chairman of the National Oil Corporation, Mustafa Sanalla said during a meeting with the U.S. ambassador.

“US Ambassador Norland and I agreed that the oil and gas sector must be allowed to operate for the benefit of all Libyans, as it represents the only income for state. That means ending the blockade, which is doing severe damage to the economy of country,” Sanalla was quoted as saying by Libyan media.

“I am hopeful that the US will continue their efforts to broker peace so that Libya’s economy can slowly rebuild and work towards prosperity for all Libyan people. We urgently need US leadership to help end the oil embargo, not just to avoid a financial crisis, but to prevent major damage to national infrastructure,” Sanalla also said.

A group of tribal paramilitary organizations blockaded Libya’s oil ports in January as part of the ongoing offensive of the eastern government-affiliated Libyan national Army against the Government of National Accord based in Tripoli.

The blockade has led to a slump in oil production from over 1.2 million bpd to less than 200,000 bpd and a warning, earlier this month, from the Prime Minister of the GNA that if it continues, the country will face financial disaster.

Related: Is Tesla Really The Emerging ‘Energy King’?

“The continuation of the shutdowns will result in a catastrophic financial crisis,” said Fayez Serraj. “Losses from the oil shutdowns have exceeded $1.4bn. The figure is increasing every day.”

Indeed, in late January, NOC’s Sanalla told Bloomberg that 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, with no free storage space left to stock oil from still-producing fields.

The latest production update from NOC says that Libya is producing just 124,000 bpd because of the continued blockade. What’s more, an LNA attack on the port of Tripoli has prompted four vessels to leave the port to avoid getting hit by a missile after one narrowly missed an LNG carrier that was unloading its cargo at the time, Lloyd’s reported.

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