Bad Weather Shutters Eastern Libyan Oil Ports
The eastern Libyan oil ports of Es Sider, Ras Lanuf, Brega and Zueitina were still closed on Thursday because of bad weather, port and shipping sources said.Libyan state oil company NOC had said on Wednesday that all the country's oil export terminals were closed by bad weather.Reporting by Ayman al-Warfalli
Oil Tight on Libyan Port Struggles
Libyan oil production could face protracted disruption as factions in the east seek to seize control of crude exports, adding pressure to a tight global market. Eastern factions have tried to take over oil exports in the past but have struggled to find buyers because Western nations insist they will deal only with the internationally recognised National Oil Corporation (NOC) based in the Libyan capital of Tripoli. But this has not stopped eastern forces from seeking control of the ports, accusing Libya's western-based government of failing to share revenues fairly.
East Libyan Forces Advance to Retake Oil Ports
East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, though clashes resumed south of Ras Lanuf in the afternoon after a counter-attack by rival factions.Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.The closure has led to production losses of up to 450,000 barrels…
PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo
Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures that would further cut its exports and worsen an economy on the verge of collapse.U.S.…
Libyan Oil Output Rises after Port Fighting Ends
Libya's oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports. "We are working very hard to reach 800,000 barrels by the end of April 2017, and, God willing, we will reach 1.1 million barrels next August," NOC Chairman Mustafa Sanalla was quoted as saying in a statement. The NOC said in a separate statement it hoped to produce 55,000 bpd in the coming weeks from the Abu Attifel and Rimal fields, which are currently closed for maintenance.
East Libyan Forces Have Retaken Oil Ports
East Libyan forces said they had regained control on Tuesday of the major oil ports of Ras Lanuf and Es Sider from a rival faction that seized them earlier this month. Military spokesman Ahmed al-Mismari told Reuters that the eastern-based Libyan National Army (LNA) was pursuing fighters from the Benghazi Defence Brigades (BDB) towards the town of Ben Jawad, about 30 km (20 miles) west of Es Sider. Akram Buhaliqa, an LNA commander in the nearby city of Ajdabiya, also said BDB fighters were retreating towards Ben Jawad. The claims could not be independently verified.
Libyan NOC Official Warns of Force Majeure at Oil Ports as Rivals Mobilize
A senior official at Libya's National Oil Corporation (NOC) warned on Monday of a possible declaration of force majeure at the Es Sider and Ras Lanuf oil terminals, as air strikes continued and rival forces mobilized fighters in the area. NOC board member Jadalla Alaokali said force majeure, a legal waiver for contractual obligations, would "likely" be declared if violence continued, though he gave no timeframe. Libya's eastern-based Libyan National Army (LNA) lost control of Es Sider and Ras Lanuf to a rival faction, the Benghazi Defence Brigades (BDB), 10 days ago.
Libya to declare force majeure at Ports over Smuggling
Libya's UN-backed government will declare force majeure on two ports to stop fuel smuggling from them, a statement from its presidential council said on Saturday. The statement gave no details on when the measure would come into effect, but it comes after officials accused a local armed group of fuel smuggling from Zawiya port. The measure will cover Zawiya and Zuwara ports. The armed faction guarding Zawiya port peacefully withdrew from the terminal earlier this week. Libya expects its oil production to rise to around 900…
Air Strikes on Port of Misrata
Forces loyal to Libya's internationally recognised government on Saturday staged air strikes on the commercial port of Misrata, a western city allied to a group that holds the capital Tripoli, both sides said. Fighting was also reported near the country's biggest oil export port located in the east, part of a struggle between troops loyal to two competing governments and parliaments. The internationally recognised prime minister Abdullah al-Thinni has been forced to run a rump…
Fighting for Ports Escalates in Libya
Military planes loyal to Libya's recognised government attacked on Sunday an opposing force that is seeking to seize the country's two biggest oil ports, officials said. The advancing force, which is allied to a rival government based in Tripoli, moved east a week ago to try take the Es Sider and Ras Lanuf ports. The adjacent terminals have since closed, halting exports of an estimated 300,000 barrels a day of oil. The recognised government of Prime Minister Abdullah al-Thinni was forced to relocate to the east after losing control of Tripoli in August to a group called Libya Dawn…
Libyan Rebel Refuses to Hand Over Oil Ports
A former Libyan rebel leader, who seized oil ports in the past to campaign for eastern autonomy, said he had turned down an offer to join an armed group challenging the internationally-recognized government. The loyalty of Ibrahim Jathran to the government is key to ensure that three oil ports accounting for at least 500,000 barrels of days of exports in eastern Libya will stay open. He had closed with thousands of supporters the ports in summer 2013 to press for regional autonomy…
Marseilles Targets Mega-cruise Repair Market
The Marseilles Fos port authority said it is targeting mid-2015 to complete the €28 million renovation of its giant drydock 10 to provide a strategically located base for cruise ship repair and maintenance. At 465 meters long and 85 metrs wide - the third biggest in the world after Lisbon and Dubai – the drydock will offer a unique facility for the latest-generation fleet in the Mediterranean, where 65% of the world’s largest cruise vessels operate. These include ships of up to 360 meters that currently call at Marseilles.
Strong U.S. Jobs Report Pushes Up Dollar
World shares dipped from a record high and the dollar and U.S. bond yields climbed on Thursday as strong jobs data added to bets that U.S. interest rates could rise within the next six months. U.S. employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 percent, effectively dispelling fears about the economy's health and underscoring its momentum heading into the second half of 2014. The headline gain of 288,000 jobs was well above forecasts of 212…
Brent Oil Rises as Ukraine Starts Military Ops
Benchmark Brent oil rose slightly on Tuesday after news that Ukrainian armed forces launched military operations in the east of the country, but crude futures encountered headwinds from the prospect of rebounding oil exports from Libya and the expiration of the front-month contract. Russia declared Ukraine on the brink of civil war as Kiev began a "special operation" against pro-Russian separatists in the eastern town of Kramatorsk and retook a main airfield there. Brent rose to near a six-week high on Monday after Western powers agreed to expand sanctions against Russia over Ukraine.
U.S. Crude Nears 6-Week High
U.S. crude oil rose to near a six-week high on Friday, steered by stronger gasoline demand and a positive consumer confidence report, but gains were capped by profit taking and a declining demand outlook. The International Energy Agency lowered its global demand forecast for 2014 due to expectations that more Libyan crude will reach the market next week, pushing Brent prices lower. U.S. crude moved in tandem with U.S. gasoline prices, which surged early in the session due to government data released mid-week that showed a substantial draw on stockpiles…