Pakistan Furious over Homeland; Russia, Libya Likely Next
Pakistan Furious over Homeland; Russia, Libya Likely Next
By: Cortwright
Link:
Pakistan Furious over Homeland; Russia, Libya Likely Next - Video
Our Beloved Libya/ the beauty of Libya
...
By: Abir Elshaban
Read this article:
Our Beloved Libya/ the beauty of Libya - Video
#39;Fire at Libya #39;s largest oil port may destroy country #39;s economy #39;
Libya #39;s government is seeking international help to tackle a massive fire at a large crude oil port. The port has been burning since last week, after being hit by a rocket launched by Islamists....
By: RT
See the article here:
'Fire at Libya's largest oil port may destroy country's economy' - Video
Two oil storage tanks remain on fire at Libya's Es Sider oil port while two others have collapsed almost a week after clashes there sparked the blaze, a spokesman for state National Oil Corp (NOC) said on Tuesday.
Fires at two other storage tanks at Libya's biggest oil port had been extinguished but the damage was unclear, NOC spokesman Mohamed El Harari said.
An industry source said at least 1.2 million barrels of oil had been destroyed by the fire which broke out after clashes reported on Dec. 25 between armed factions allied to Libya's internationally recognized government and a group called Libya Dawn which is vying for control of the country.
Libya's two largest ports, Es Sider and Ras Lanuf, have stopped since a force loyal to a rival government in Tripoli tried seizing them from forces allied to the recognized Prime Minister Abdullah al-Thinni.
Thinni has been forced to work out of the east since a rival group called Libya Dawn seized Tripoli in August, setting up its own government and parliament unrecognized by world powers.
Es Sider is fed from fields run by Waha Oil Co, a joint-venture between Libya's National Oil Corp with U.S. companies Hess, Marathon and ConocoPhillips.
Without the two ports previously accounting for around 300,000 bpd, Libya's total output was in the range of the 380,000 bpd reported on Sunday, Harari said.
The ports of Zawiya and Mellitah in the west of the country have also halted oil exports as the conflict has shut down the connecting fields of El Sharara and El Feel. Only the ports of Hariga and Brega in the east and two offshore fields are still working.
(Writing by Ulf Laessing; editing by Jason Neely and Louise Heavens)
Read this article:
Two Libya Port Oil Tanks Destroyed, Two on Fire
Oil prices got a temporary boost Monday from fresh concerns over Libya's ability to bring oil to market, but prices reversed and U.S. crude futures hit a new five-year low.
The Libyan crisis escalated as the conflict among militias roiled the OPEC-member nation. The strife could create a turning point in the monthslong rout of the oil market that has seen prices plunge as much as 50 percent, Francisco Blanch, head of commodities at Bank of America, told CNBC's "Squawk on the Street" on Monday.
"I do think Libya is a very important supplier. The return of Libya is what started the rout downwards in the first place, so I think if we do see Libya offline for the majority of 2015, it could provide a lot of support to prices here," he said.
But the glut of oil in world markets has been weighing on markets, and OPEC has vowed not to cut production as prices fall. "The market continues to react to the oversupply in crude oil and the reiteration by the Saudis that they're not cutting production," said Andrew Lipow, president of Lipow Oil Associates.
West Texas Intermediate futures for February fell to $53.12 per barrel, breaking through an earlier 2014 low and its lowest price since May 2009.
"We're going to see $50 in the next couple of weeks for WTI," Lipow said. "This could be the first December since 2005 that crude inventories will have risen, when we normally expect a drawdown as oil companies meet their LIFO targets."
Read MoreBottom on oil's plunge unknown: Expert
Read the original here:
Libya may be oil turning point: Pro