• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 18 mins 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 6 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day .
  • 18 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Сryptocurrency predictions
  • 1 day *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 2 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 6 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 12 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 11 hours Joe Biden's Presidency
  • 24 hours How US Capitalism Uses Nationalism
  • 4 days European gas market to 2040 according to Platts Analitics
Saudi Aramco Needs More Than Just Strong Earnings

Saudi Aramco Needs More Than Just Strong Earnings

The world’s largest oil company…

Investors Skeptical of Big Oil’s Green Plans

Investors Skeptical of Big Oil’s Green Plans

Only a minority of institutional…

Oil Tankers Seized After Gun Battle in Libya

Two vessels illicitly carrying crude from Libya have been captured by the country’s naval forces after an hours-long gun battle on the coast of Tripoli, according to the navy’s spokesperson.

A Ukraine-flagged ship called Routa and another un-affiliated ship called Stark were captured early Friday morning near Sidi Said, according to Ayoub Qassem of the Libyan navy, who spoke with Reuters.

"Clashes lasted for three hours, but the two tankers were successfully seized," Qassem said.

The official did not specify whether the gun battle caused any causalities, and did not identify the nationalities of the crew members.

The lack of a unified governing body in Libya had made the North African nation a haven for smugglers and traffickers who bring boatloads of people to Europe via the Mediterranean Sea. Fighting between the two rival governments and related militant groups has affected the recovery of Libya’s oil sector since the overthrow of dictator Muammar Gaddafi in 2011.

Libya’s NOC has said that it would target production of around 1.2 million bpd by the end of this year, but this level is currently nowhere in sight. As per OPEC’s secondary sources, Libya – exempt from the production cuts due to the violence – produced 622,000 bpd in March, down from 683,000 bpd in February.

Related: World Bank Maintains Oil Price Forecast At $55

Still, there is some tangible progress in the oil sector.

The El-Feel oil field in western Libya—operated by a joint venture between Italy’s Eni and Libya’s National Oil Corporation (NOC)—reopened last week after two years, and expects to start pumping oil as soon as a power outage is fixed, Bloomberg reported, citing a person familiar with the matter.

Should the field, also known as Elephant, start producing soon, it could add up to 90,000 bpd to Libya’s total oil output.

By Zainab Calcuttawala 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