• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 2 hours Sources confirm Trump to sign two new Executive orders.
  • 15 hours CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 1 min Sometimes I Think Trump Supporters on This Forum Are Russians
  • 3 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 9 hours In a Nutshell...
  • 3 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 15 hours A Real Reality Check on "Green Hydrogen"
  • 4 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 day Why Wind is pitiful for most regions on earth
  • 1 day Why Oil could hit $100
  • 55 mins Putin Paid Militants to Kill US Troops
  • 6 hours Where is Alberta, Canada headed?
  • 3 days Coronavirus hype biggest political hoax in history

Libya’s NOC Confirms It Virtually Lost All Of Its Oil Production

Libya’s National Oil Company has confirmed that is has lost virtually all of its oil production, at 1.2 million barrels per day of oil production, and $77 million in daily financial loss, according to the Libya Herald.

NOC has confirmed that the ports of Hariga, Brega, Sidra, and Ras Lanuf ports are closed and under force majeure.

The US Embassy in Libya today announced that the NOC should be allowed to immediately resume oil operations that have been offline since this weekend, after groups loyal to General Khalifa Haftar blocked all major oil ports. The US cited a worsening humanitarian emergency in the country.

The NOC responded favorably to the US calls for resuming oil production, but said that “operations can only resume when illegal blockades are lifted. Blockading hurts Libyan people and inflicts severe damage to the country’s economy. All responsible parties should lift blockades and respect rule of law.”

Libya’s oil production, according to secondary sources provided in OPEC’s Monthly Oil Market Report for January, was 1.139 million bpd as of December.

Despite the significant loss of production, oil prices have failed to move up, and oil was trading down on Tuesday, with WTI trading down 0.55% at $58.26 per barrel and Brent trading down 1.03% at $64.53 per barrel.

The NOC has also warned that the shutdown of associated gas production, which supplies power plants in Zuetina and North Benghazi, will result in power shortages, which will lead to load shedding in the east. Supplies to the Ubari power plant in the south has also been disrupted, and when existing supplies run out, this power plant will shut down as well.

By Julianne Geiger 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