Escalating Protests in Libya Threaten Oil and Gas Supply
Economists Cut India’s GDP Growth Forecast on Oil Price Shock The anti-government protests in Libya over power cuts and high electricity bills over the past few days escalated on Tuesday, with protesters entering the Mellitah Oil and Gas complex and threatening to halt gas and fuel supplies for both the domestic and international markets.
Libya’s capital Tripoli has been the main stage ofprotests againstthe Government of National Unity led by Abdul Hamid Dbeibah.
Protesters blocked streets and roads out of the capital earlier this week as a sign of protest against frequent and spreading power cuts and high electricity rates.
The demonstrations spread to theMellitah Gas processing plant, where protesters are reportedly trying to stop natural gas exports to Italy via a pipeline, to solve Libya’s gas and power shortage problem.
SetOilPrice.comas a preferred source in Googlehere.
The protests are expanding to the Mellitah Oil and Gas complex intended to halt gas exports to Italy in order to pile up economic pressure on the Government of National Unity and force its resignation, sources among protesters told theMiddle East Onlineon Tuesday.
As of Tuesday morning local time, it was unclear whether the protesters had succeeded in halting any gas or oil supply.
Yet, further escalation of protests and a potential halt to some oil and gas activities would be a big blow to Libya’s hydrocarbon revival, which had just started to take shape under relatively safer conditions after years of civil war.
Just earlier this month, Libya’s National Oil Corporation, NOC, and Austrian energy firm OMV declared the Essar oil discovery commercially viable as OPEC’s second-largest African producerpushes to reviveits industry in partnerships with international oil majors.
Fresh halts to Libya’s oil and gas supply recovery would be a blow to the global oil and gas markets, too, as they are reeling from the shock loss of crude, fuels, and LNG supply from the Middle East.
Red Sea Tanker Traffic Hits Multi-Month Low as Houthi Threat Holds Economists Cut India’s GDP Growth Forecast on Oil Price Shock ING: Oil Prices Have Overshot To The Downside Russia’s Oil Windfall Vanishes as Urals Crashes to $42 a Barrel Iran Tightens Grip on Strait of Hormuz Tanker Traffic Iran Sneaks 12 Million Barrels Past Renewed U.S.
Oil Blockade US Crude Oil Inventories Keep Falling As Hormuz Flows Slow To Start Why a Supply Crunch From Iran Could Send Oil Back Below $40 a Barrel Trump Signals Diplomatic Opening After Days of U.S.-Iran Strikes The Next Oil Rally Could Be Driven by Stockpile Buying The AI Revolution Needs Electricity More Than Intelligence The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment