• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 16 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 12 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 4 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 6 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 16 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 7 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 13 hours Starvation, horror in Venezuela
  • 4 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 3 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 18 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 19 hours France Will Close All Coal Fired Power Stations By 2021
Nigeria’s State Owned Oil Company To Go Public

Nigeria’s State Owned Oil Company To Go Public

Nigeria's state owned oil company…

Philippines Cracks Down On Fuel Pirates

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

Libyan Rebels Agree to Reopen Port

The Libyan rebels that have controlled several key ports have agreed to hold talks with the central government and will reopen ports within a few days. The easing of tensions and the possible reopening of several ports could restore oil exports. “The oil port issue will be solved within days. We agreed on all issues with the government in Tripoli,” Abb-Rabbo al-Barassi, the “Prime Minister” of the rebels, told Reuters. A government official will visit rebel groups to negotiate over the next several days.

The rebels have been in a standoff with the government as it seeks regional autonomy for the people of Cyrenaica, the historic name for eastern Libya. But the rebels appear to have scaled back their ambitions after the U.S. Navy seized an oil tanker in the Mediterranean trying to illegally sell oil from a rebel-controlled port in Libya. The tone from the rebels changed notably, with the group’s leader Ibrahim Jathran offering more conciliatory words than in the past. “This agreement will upset all those who don't want the good for Libya and its people but it will make happy all national thinking Libyans. That's important for us. That's what we strive for,” he said, in reference to the recent deal with the government to negotiate. He also wore a suit and tie instead of the military uniform he wore as the rebel commander, perhaps an indication that the group will seek a diplomatic resolution.

Related Article: Is it Time To Forget About Libyan Oil?

It remains to be seen whether or not the two sides can come to an agreement, and whether or not oil will begin flowing again in significant volumes. Libyan oil exports have dried up, down to only a trickle of about 150,000 barrels per day. Last summer, Libya was exporting around 600,000 bpd, and before the Libyan revolution the country was exporting well over one million bpd.

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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