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Terrorist Attacks In Libya’s Oil Crescent Raises Security Alert

Libya’s oil crescent on Sunday announced a maximum security alert over possible terrorist attacks in vital oil ports and oilfields, as OPEC’s third disruptor—after Iran and Venezuela—threatens to further unsettle today’s turbulent oil market.

The African oil producer faced oil production outages last week, too, as bad weather caused turbines to stop working. Approximately 120,000 bpd was shut in as a result of that outage, at a time when Libya is trying to raise its production above the 1 million bpd mark. Libya has faced a series of what may prove to be insurmountable challenges as protesters, inclement weather, and disputes between factions continue to disrupt its oil production.

Armed guards are now standing by at oil ports, according to the Libyan Express, ready to thwart any terrorist attack that seeks to move into the oil crescent region—Libya’s most prolific oil area.

The security threat—and the possible oil production disruption that may come with it—comes at a precarious time for OPEC, as US sanctions on Iran and Venezuela, along with Venezuela’s already freefalling oil production, rattle the now-tight oil market that fears an overtightening of supplies.

Related: Russia Just Won Big In The European Gas War

Last week, both Saudi Arabia and Russia committed to increase oil production if needed to compensate for expected losses in Iran post-sanctions, and for continued actual losses in Venezuela as it death spirals to new oil-production lows.

Libya’s recovering oil production has been a swing factor for oil prices since 2016. When it was on the rise, prices fell. Yet there were so many outages as various groups vied for attention and money by blockading pipelines and oilfields, that prices rose on news from Libya pretty much as often as they fell on reports from the North African nation that sports the largest oil reserves on the continent.

By Julianne Geiger for Oilprice.com

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  • Common sense on June 03 2018 said:
    It’s called inflation 14 cents? Do you think that’s what it would be if terrorists hit our oil infrastructure? Yeah you should look at what oil is per barrel globally. It’s cheaper here than in most countries. You must be one of those “patriots” that wants a terrorist attack on American soil.
  • James B Smith on May 29 2018 said:
    Its to bad we do not have terrorist of this origin in the Untied States, where major oil companies and wealthy politicians like the Bushes and Clinton's and Trump have exercised leeway to give oil companies a right to scalp us. I would love to see Exxon Mobile and BPS and many other oil companies hit by terror attacks in the United States. Blowing up their infrastructure and shutting down their operations for six months. Leaving America at a stand still and showing these greedy politicians and their rich colleagues That WE THE PEOPLE deserve better. We have been dealing with all this bull crap about oil prices for decades. Two years ago we had an oil boom under Obama. We were exporting oil and the market was flooded. But now under Trump the Republican piece of crap here we go again oil prices are back to soaring. We need a real catastrophic terrorist attack on all American oil industries. And destruction so intense that they cannot even begin to rebuild their infrastructure in those refineries for six months. Crashing these wealthy pieces pf crap and showing them how the rest of the world deals with oil barons. Post this comment....its a sincere reaction from a senior citizen who knows that America was once great...when gas prices were at 14 cents a gallon, and food and commodities was at a very low economical advantage to the consumer. When there was inflation and our economy and our wage were equally balanced. Before Greed moved into Congress and Senate and the White House.
  • Un Literate on May 29 2018 said:
    "Terrorist Attacks Un Libya’s Oil Crescent Raises Security Alert" what language is that?

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