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Crude prices bounced back to $60 per barrel Monday after a fire at one of Libya’s main export terminals destroyed about 850,000 barrels of oil.

Six oil storage tanks at the Es Sider oil port caught fire December 25 after a rocket attack was launched by supporters of self-proclaimed prime minister Omar al-Hassi.

The attack was the group’s second attempt to take over the oil port in less than two weeks.

Three of the blazes have been extinguished but three others were still burning as of Monday morning.

“Three fires are burning and three others have been put out,” he said by phone from Tripoli today,” Libya’s National Oil spokesman Mohammed Elharari told Bloomberg.

Es Sider has 21 storage tanks and a total capacity of 6.2 million barrels of oil.

Libya is currently producing 350,000 barrels per day, down from 580,000 barrels per day in November.

Shipments from Es Sider and the adjacent Ras Lanuf oil port stopped earlier this month after al-Hassi ordered his supporters to seize the terminals.

Although Libya has one of the largest crude reserves in the world political tensions have prohibited the country from producing at full capacity since dictator Muammar Qaddafi was overthrown in 2011.


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