• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Could Someone Give Me Insights on the Future of Renewable Energy?
  • 1 hour How Far Have We Really Gotten With Alternative Energy
  • 1 day e-truck insanity
  • 10 hours An interesting statistic about bitumens?
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days Bankruptcy in the Industry
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days The United States produced more crude oil than any nation, at any time.
Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Despite Congress passing new sanctions…

Shale Gas Reactor Could Saves Millions in Propylene Production

Shale Gas Reactor Could Saves Millions in Propylene Production

University of Michigan engineers have…

Libya’s NOC Warns Army Is Inside Key Crude Terminal

Libya’s internationally recognized National Oil Corporation (NOC) said on Thursday that it is concerned about an increased military presence inside one of the country’s key oil terminals, Ras Lanuf, warning that the facility could become a military target, putting at risk its critical oil infrastructure.

NOC’s warning is the latest sign that the ongoing fighting among forces loyal to the Tripoli-based UN-recognized government and a self-styled army of a military commander from the east could spill over to Libya’s oil sector and infrastructure, potentially leading to an oil supply outage from the North African OPEC member which pumps just over 1 million bpd at present.

While the oil market is fixated on the U.S.-China trade war for signs of demand, and on Iran, Venezuela, and the Middle East for signs of more supply disruptions, investors have not fully priced in the increased risk that Libya’s fighting could result in a serious oil supply outage, analysts say.

The security situation in Libya has materially worsened after eastern strongman General Khalifa Haftar ordered in early April his Libyan National Army (LNA) to march on the capital Tripoli. The self-styled army has been clashing with troops of the UN-backed government in a renewed confrontation that could escalate and threaten to disrupt, once again, Libya’s oil production and exports.

According to NOC’s press statement from Thursday, a group of around 80 military personnel under the command of Major General Abdullah Nur al-Din al-Hamali from LNA entered the port on June 5, commandeering one building and converting it to military use.

Related: Russian Energy Minister: Oil Could Still Drop To $30

“We cannot accept a situation where any party to the current conflict misuses oil facilities,” NOC chairman Mustafa Sanalla said.

“The presence of forces inside the terminal represents an unacceptable risk to employees. This renders the terminal a potential military target, thereby risking the destruction of Libyan oil infrastructure - and the resulting economic crisis that would follow,” he said, adding that if risk assessments show that continued military presence is a risk to employees, NOC will take steps to protect them, including by withdrawing them from the oil terminal.

A spokesman for the LNA, however, denied that LNA forces are in the oil terminal’s facilities. “We expect every day a lie about the army (LNA),” the spokesman told Reuters.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News