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The Oil Rally Is Running On Fumes

The Oil Rally Is Running On Fumes

Oil prices rallied on Monday…

Libya’s Oil Revenues Up 23% In July: NOC

Libya’s National Oil Corporation reported $2.1 billion in income in July from its sales of crude oil and corresponding taxes, NOC said in a press release.

The figure represents a 23% increase over June, for an increase of $403 million. The revenue figures come from crude oil sales as well as sales of crude-derived products, taxes, and concession contract royalties.

The increase in income has been attributed to a busy June loading schedule, which cleared in July. But Libya’s oil industry is not out of the woods just yet.

“In spite of month-on-month growth, Libya’s oil sector remains vulnerable to security shocks. Two separate security incidents on the Sharara pipeline lowered revenue receipts,” NOC Chairman Mustafa Sanall said in the release.

According to the NOC, Libya relies on the crude oil industry for 92% of its overall revenue.

Despite the perk up in July revenue over June’s, the last week of July saw Libya’s oil production plunge to five-month lows as its largest oilfield, the Sharara, was still under a force majeure. The field had originally stopped producing on July 19 and restarted a few days later, but on July 31, production was halted yet again, with another force majeure implemented.

Libya’s production subsequently fell to 950,000 bpd, from its 1.3 million bpd level prior to the disruption. This was Libya’s highest daily production rate in six years. Sharara alone has the capacity to produce 340,000 barrels per day.

The security situation in Libya has materially worsened since the spring after 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 has escalated and disrupted, once again, Libya’s oil production and exports.

By Julianne Geiger for Oilprice.com

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