• 4 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 3 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 3 hours Something wicked this way comes
  • 4 hours A sneak peak into the US election
  • 5 hours America's Frontline Doctors - Safely Start Living Again!
  • 8 hours France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 22 hours covid. stop the carriers and thus stop the virus.
  • 1 day Is the coal industry on the way out?
  • 1 day "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 2 days GPOR - Gulfport Oil - Why?
  • 9 hours California’s Electric Vehicle Dream Has A Major Problem: No
  • 10 hours Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 1 day Tucker Carlson responds to CDC after agency critiques commentary about mask-wearing
  • 17 hours Vote Biden for Higher Oil Prices
  • 18 hours Permian in for Prosperous and Bright Future
  • 23 hours Ethanol present in gasoline
The World’s Growing Nuclear Waste Dilemma

The World’s Growing Nuclear Waste Dilemma

Though nuclear energy offers a…

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.

By Tsvetana Paraskova 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