Libya Oil Guards Say Closed Two Oilfields over Payment Delays
A Libyan armed force controlling some of the country's southern oilfields has stopped pumping at two of them because the government has not paid the funds needed to maintain security operations, a brigade commander said on Tuesday. The closures underscore the new Libyan government's complex task in reviving oil production, which has been battered by strikes, protests and Islamist militant attacks since the fall of Muammar Gaddafi in the 2011 uprising. Commander Mohammad Ahmad Alkhbasha told Reuters the Petroleum Facilities Guards' southern brigade had shut the Gulf field and the Al Wafa field…
Libya Oil Guards to Close Two Oilfields
A Libyan armed force controlling some of the country's southern oilfields will close two of them down because the government has not paid the funds needed to maintain security operations, a brigade commander said on Tuesday. The closure underscored the new Libyan government's complex task in reviving oil production, which has been battered by strikes, protests and Islamist militant attacks since the fall of Muammar Gaddafi in the 2011 uprising. A spokesman for the state-run National Oil Corporation was not immediately available to confirm the closures.
Libya Government, Oil Guards Reach Deal to Reopen Ports
Libya's U.N.-backed government has signed a deal with an armed brigade controlling the major Ras Lanuf and Es Sider oil ports to end a blockade and restart exports from the terminals shut down since December 2014. Reopening the ports would be a huge step for the North African state, which since the 2011 fall of Muammar Gaddafi has slipped into chaos that has cut its oil output to less than a quarter of pre-2011 levels of 1.6 million barrels per day. No specific date was set for restarting exports…
Libyan Oil Exports to Resume from Closed Ports
Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals, President Council member Mousa Alkouni told Reuters on Friday. "I think the resumption depends now on technical part... and I think too it will happen from a week to two weeks, but not more," he said. He said the agreement included payment of salaries to oil guards controlling the ports. Ras Lanuf and Es Sider ports have been closed since December 2014 and are controlled by commander Ibrahim al-Jathran's Petroleum Facilities Guards…
Oil Prices Slide as Market Shrugs off Turkey Coup Bid
Oil prices fell nearly 2 percent on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support. Brent crude futures fell 85 cents to $46.76 a barrel by 1311 GMT, while U.S. crude futures were 82 cents lower at $45.13 a barrel. "The market is looking past the coup," CMC Markets' chief market analyst in Sydney Ric Spooner said. Istanbul's Bosphorus Strait…
Oil Eases as Market Discounts Turkey Coup Bid
Guards shut Libya's Hariga oil terminal in pay dispute. Headwinds growing for oil demand growth - Morgan Stanley. Oil prices fell on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support. Brent crude futures fell 36 cents to $47.25 a barrel by 1131 GMT, while U.S. crude futures were 31 cents lower at $45.64 a barrel. "The market is looking past the coup," CMC Markets' chief market analyst in Sydney Ric Spooner said.
Libya Warns Tankers Away from Ras Lanuf Port
Libya's recognized government warned its security forces would seize any tankers approaching the Ras Lanuf terminal without permission, saying any attempt to make oil deals with the rival government in Tripoli would be "piracy". The warning over Ras Lanuf illustrates how the OPEC country's oil industry is caught up in a power struggle between the two rival governments and their armed forces, who have each appointed competing figures in the state oil company. The internationally recognised government and elected parliament has operated in the east since last year…
Fire at Lybia Oil Terminal Extinguished
Libya has extinguished a fire at oil storage tanks at the country's biggest oil port, Es Sider, that had been raging for a week, officials said on Friday. Es Sider and its adjacent Ras Lanuf terminal have been closed since a group allied to a rival government in Tripoli moved three weeks ago to try and take them, part of a struggle between former rebels who helped topple Muammar Gaddafi in 2011 but are now fighting for power and a share of oil reserves. A week ago, a rocket hit Es Sider's storage area, setting it on fire.
Libya Hopes to Restart El Feel Oilfield Next Week
Libya hopes to restart oil production at the southwesterly El Feel field next week, a spokesman for the state National Oil Corp (NOC) said on Tuesday. NOC shut down the field more than a week ago when clashes forced the closure of the neighbouring El Sharara oilfield. Both sites use the same power supply. NOC spokesman Mohamed El Harari said engineers had started technical checks and maintenance work at El Feel, which is operated jointly by NOC and Italy's ENI SpA. He said NOC hoped to resume production at El Feel next week unless major technical issues came up during the checks…
Oil steady Above $105 on Geopolitical Tension
Tensions in North Africa, Middle East offset ample supply; growth in China's services sector slows to 9-year low. U.S. crude inventories down by 1 million barrels. Brent crude oil steadied above $105 a barrel on Tuesday as tensions in the Middle East and North Africa balanced ample supply in the Atlantic basin. "The market is stable because of a combination of two things. On the one hand you see geopolitical tensions ... but on the other hand you see maintenance from refineries and enough supply," said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.
Libya Oil Exports Stutter, Major Eastern Ports Await Restart
Libya will not be able to export oil through its two largest eastern ports before August, due to safety checks after a near year-long closure, a senior oil official said on Wednesday. The latest twist in a spiral of violence also casts a shadow over the vital deal two weeks ago to end the eastern blockade by federalist protesters of the last two facilities they held. Until April, the rebels were holding four out of five eastern ports, cutting off over half of Libya's export capacity. But an oil export…
Libya's Hariga Port Still Closed by Protesting Guards
Libya's eastern-most oil export terminal, Hariga, was still closed on Friday by protesting oil guards waiting for their salaries to be transferred, a spokesman for the operating company said on Friday. Hariga is run by the Arabian Gulf Oil Company, a state-owned subsidiary of National Oil Corp (NOC). The spokesman said that funds to cover the salaries had been transferred by the Ministry of Finance to NOC, but still needed to be transferred to the Petroleum Facilities Guards for distribution to its employees. The port was shut down at the beginning of last week. Two oil tankers have been waiting to load since then.
Oil Slips Below $110 on Profit-taking, Stronger Dollar
U.S. U.S. Brent crude oil slipped below $110 a barrel on Wednesday, dragged down by a stronger dollar and profit-taking from a rally driven by geopolitical tensions in Ukraine and Libya as well as positive U.S. demand growth data. Brent crude gave up gains made earlier in the session to fall 35 cents to $109.67 by 1356 GMT as traders booked profits. U.S. oil also reversed earlier gains to fall 38 cents to $103.73 after closing down the previous day. Orders for long-lasting U.S. manufactured goods unexpectedly rose and consumer confidence perked up, overnight U.S.
Libya Oil Guards Protest at Hariga Port, Disrupt Operations
A brigade from Libya's Petroleum Facilities Guard has been protesting at the country's Hariga port to demand salary payments and disrupting operations there, an official from state-run oil company AGOCO said on Tuesday. The official said the protest was interrupting work at the port, where full storage tanks have forced a stoppage of production at Sarir oilfield and a reduction at Messla oilfield. "The production of Sarir oilfield is zero because it has been closed as storage at Hariga oil port is full," a spokesman for state-run oil firm AGOCO said.
More Disruption at Libya's Oil Ports
Libya may have averted a state collapse by striking a deal with eastern rebels to reopen occupied oil ports, but technical delays and simmering federalist dissent threaten to disrupt production once again. On Sunday, Libya's fragile government reached an agreement with Ibrahim al-Jathran, the leader of eastern rebels, to reopen two oil ports they were holding and lift a nine-month blockade crippling crude exports. Under the deal, Hariga and Zueitina ports will reopen immediately, with the larger Ras Lanuf and Es Sider terminals to be freed by Jathran's men in less than four weeks after more negotiations.
Brent crude eases toward $107, eyes on Libya
China exports fall for 2nd straight month in March, while U.S. crude stocks rise, at a record on the Gulf coast (EIA). Libya's oil guards take control of Hariga port, Zueitina pending and OPEC sees lower demand for its crude in 2014. Separately, Brent to fall to $107.17. Oil prices slipped towards $107 a barrel on Thursday as weaker data from China and OPEC stoked concerns that growth in global oil demand was easing while markets watched for elusive evidence of a resumption in Libyan exports. Chinese exports unexpectedly fell for a second straight month in March and imports dropped sharply…
UPDATE: After Deal, Libya's Ports Prep to Load Oil Tankers
ZUEITINA PORT, Libya/TRIPOLI, April 7 - Libya's Zueitina oil port prepared on Monday to load crude into tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since the summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700,000 barrels per day of the OPEC country's crude exports. Brent crude fell $1.47 to a low of $105.25 per barrel before recovering to $105.72 by 1256 GMT…
Libya's Ports Prepare to Load Oil Tankers
Libya's Zueitina oil port prepared on Monday to load crude on tankers after the government reached a deal with rebels to reopen four terminals that insurgents have occupied since summer. The federalist rebels agreed on Sunday to end gradually their eight-month blockade of Zueitina, Hariga, Ras Lanuf and Es Sider ports, which account for around 700,000 barrels per day of the OPEC country's crude exports. Brent crude fell $1.47 to a low of $105.25 per barrel before recovering to $105.72 by 1256 GMT, after news of an end to the port protest removed some of the supply worries affecting the oil market.
