Libya Warns of Oil Shutdown as Attacks Escalate
Source: Bloomberg
16/02/2015
Libyas state-run oil company warned that it would shut production at all fields if authorities in the divided nation fail to contain an escalation of attacks on facilities that cut crude output to a year-low.
If these incidents continue, National Oil Corp. will regrettably be forced to stop all operations at all fields in order to preserve the lives of employees, the company said in a statement on its website. National Oil Corp. urges the Ministry of Defense and the Petroleum Facilities Guard to take the appropriate measures to protect oil sites.
The North African nations oil production was reduced by 180,000 barrels a day after a fire at a pipeline that carries crude to the eastern Hariga port, National Oil spokesman Mohamed Elharari said by phone in Tripoli. Hariga, near Tobruk, has oil left in storage for exports and the last ship to load there was the Greek-flagged Minerva Zoe, he said.
Libya, holder of Africas largest oil reserves, was producing 350,000 barrels a day in January, Elharari said at the time. The nation may be producing less than 200,000 barrels a day after the pipeline fire. The previous lowest daily average was in March 2014, at 150,000 barrels. A member of the Organization of Petroleum Exporting Countries, Libya was producing 1.6 million barrels a day before the 2011 rebellion that ended Muammar Qaddafis 42-year rule.
Read more: http://www.hellenicshippingnews.com/libya-warns-of-oil-shutdown-as-attacks-escalate/
Dome Of Fire: Libyas Largest Oil Field Sabotaged, Company Releases Footage
Published time: February 15, 2015 20:22
Libyas Waha Oil Company has posted a video on its Facebook page showing the fire that raged through El Sarir oil field and halted oil flows to the Hariga port, in what is believed to be an act of sabotage.
https://www.facebook.com/video.php?v=747848168645639
No group has so far claimed responsibility for Saturdays fire.
Oil terminal supervisor Rajab Abdulrasoul told Reuters that the El Sarir pipeline was hit at around 5 a.m. local time, and resulted in a fire that shut off flow to the port.
The El Sarir blast and subsequent fire comes in the wake of Fridays attacks on the nearby Makruk and Bahi oil fields. Gunmen assaulted the Bahi oil field on Friday, while the neighboring Mabruk oil field was also stormed that day.
more...
http://rt.com/news/232575-waha-oil-company-fire/
Kelvin Mace
(17,469 posts)Purveyor
(29,876 posts)Up around $10 over the last 2 weeks as it is...
Might have to make my next purchase of heating oil sooner than I wanted.
former9thward
(32,073 posts)Are oil workers supposed to risk their lives so oil consumers have cheap fuel?
Kelvin Mace
(17,469 posts)Even if gasoline was $20 a gallon, oil workers would not be paid more, so I don't know what your point would be.
I drive a Leaf powered by hydro (in a few years, hopefully solar), so I don't really care about oil price beyond the need to tax it and remove subsidies.
joshcryer
(62,276 posts)JonLP24
(29,322 posts)Libya scaled back long before anyone else did & oil production was nationalized in Libya a long time ago. It is why the US sold Gaddafi as a brutal dictator.
misterhighwasted
(9,148 posts)Few weeks ago gasoline was selling for $1.69, at its lowest. Today I paid $2.14.
I'm in North Texas.
This much pump increase & WTI has risen about $5/6.
If this issue with Libya causes oil prices to rise a few more dollars, I guess pump prices will easily be back to $3+
LiberalLovinLug
(14,176 posts)All with stakes in Big Oil. Just like the invasion of Iraq resulted in the tripling of gas prices during that regime. Not to mention their stakes in weapons manufacturers. Endless war is great for them.
They insult and jeer Obama from the sidelines and goad him into escalating the conflict which would make them more millions in weapon sales......
At the same time they can sit back and do not really care how long it takes for ISIS to be defeated as the longer it goes on the higher the price of oil and gas go.
They "win" both ways.