• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 13 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 9 hours What If Canada Had Wind and Not Oilsands?
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 hours Gazprom Exports to EU Hit Record
  • 2 hours EVs Could Help Coal Demand
  • 15 hours Sell out now or hold on?
  • 17 hours Nopec Sherman act legislation
  • 11 hours WE Solutions plans to print cars
  • 15 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 11 hours Oil and Trade War
  • 4 hours Lloyd's of London excludes coal
  • 11 hours Australia mulls LNG import
  • 11 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 11 hours Oil prices going down
The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution is…

Rig Count Falters Amid Oil Price Correction

Rig Count Falters Amid Oil Price Correction

The rig count slipped on…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

More Glut On The Way As Libya Unblocks Exports

Libya Oil

As Libya prepares to resume oil exports from the blockaded port of Hariga amid a month-long standoff between rival governments seeking over control of the country’s oil wealth, the global crude glut could suffer another negative jolt.

Libyan oil officials have reportedly told Reuters that an agreement has been reached in Vienna that will allow for a resumption in oil exports from the eastern port of Hariga, where the eastern government and its parallel National Oil Company had blocked shipments for the past month.

Related: Fracking: Oklahoma’s New F-Word

In a telephone interview with Bloomberg, an official in Tripoli said shipments from the port would resume within three days.

For now, however, the conflict in Libya is keeping the global oil glut from worsening exponentially. Once a unity government is in place and the rival Tripoli and Benghazi factions, with their rival oil companies, are in agreement, the flood gates will reopen, sending more oil onto the market.

Related: The East Texas Basin Continues To Surpass Expectations

Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in control of the Hariga port, which is under blockage since the Benghazi NOC unsuccessfully attempted to unilaterally export oil late last month.

Earlier this month, Libyan officials in Tripoli had warned that the country would have to halt the majority of its output from southeastern fields within a month’s time as the Hariga port remained under blockade over an export dispute between rival governments.

Related: What Experts Miss When Discussing Peak Oil

Due to the eastern factions’ decision to block shipments, production at the oil fields Messla and Sarir has decreased significantly, dropping to 90,000 barrels a day from 240,000 barrels.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment
  • Teodor on May 17 2016 said:
    I think you made a typo James.

    It is in the following sentence:
    "Due to the eastern factions’ decision to block shipments, production at the oil fields Messla and Sarir has been decreased by almost one-third, dropping to 90,000 barrels a day from 240,000 barrels."

    Shouldn't it be "...decreased TO..." ?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News