• 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
  • 35 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 9 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 22 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Is This The No.1 Energy Stock for 2024?

Is This The No.1 Energy Stock for 2024?

Europe’s energy shortage has opened…

Libya’s Petroleum Guard Shuts Down Oil Port

The Petroleum Facilities Guard has shut down the Hariga oil port in eastern Libya after the National Oil Corporation delayed the payment of salaries for its members, the Libya Observer reports, adding that according to the PFG, some 1,000 of its members have not been paid for a year.

A few years ago, the Petroleum Facilities Guard blockaded all the Libyan oil ports. This action suspended exports until the Libyan National Army, a group affiliated with the eastern Libyan government, wrested control of the ports and handed it over to the National Oil Corporation.

Meanwhile, the chairman of the Corporation, Mustafa Sanalla, warned of lower oil revenues for January because of maintenance work on oil transport infrastructure, which will reduce the flow of oil. For December, the NOC reported record revenues of $1.115 billion, yet Sanalla noted that the government has been slow in disbursing money the corporation needs to keep operating after more than eight months of oil port blockades that have cost it billions in lost revenues.

The Petroleum Facilities Guard, meanwhile, has been threatening the suspension of exports again. Earlier this month, the guards blocked the loading of at least one oil cargo at the Hariga port and delayed it, signaling that Libya’s recovering oil production is still facing substantial challenges such as export disruption.

Meanwhile, however, the North African nation has managed to ramp up its oil production from less than 100,000 bpd in September when the LNA lifted the oil port blockade—to 1.25 million bpd at the end of 2020. This has been bad news for oil exporters as prices slumped, pressured by the additional supply. It may also have been one reason for Saudi Arabia’s decision to cut an additional 1 million bpd from its oil production to reverse the price drop.

By Irina Slav 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