Following the theories that Haftar’s Libyan National Army (LNA) and the Petroleum Facilities Guard (PFG) ordered to cut the oil exports in the central and eastern regions, several major oil companies had no choice but to stop their operations.
Libyan National Oil Corporation declared a state of force majeure on crude oil loadings at Zawiya port beginning on July 20. This is because of an unlawful Sharara pipeline valve closure by an unidentified group between Hamada and the Zawiya port, suspending production. However, today (July 22), NOC announced that it lifted the force majeure.
The Shipowners Club urged operators to exercise caution when trading to Libya, due to an increased risk of vessel seizure and crew arrests as a result from an increase in the last years of illicit crude oil trade. To eradicate oil smuggling, the Libyan government has implemented strict measures.
OPEC received about $567 billion in net oil export revenues in 2017, an increase of 29% from revenues in 2016. Increases in both crude oil prices and in net OPEC oil exports increased revenues in 2017, and EIA expects that revenues will continue to increase in 2018, according to EIA’s August Short-Term Energy Outlook.
A second crude oil tank was set on fire Sunday at the Libyan port of Ras Lanuf, during fighting between rival factions for control of two key export terminals. As a result, storage capacity at Ras Lanuf has been cut by 400,000 barrels, according to Libya’s National Oil Corporation.
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