Petroleum Africa
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Wednesday, January 13, 2016
NOC, Libya’s state-run oil and gas firm, emptied the oil storage tanks at the Ras Lanuf terminal as a precaution following the ISIS attack at the Es Sider and Ras Lanuf ports. The attack at Es Sider led to a number of storage tanks going up in flames.
The Petroleum Facilities Guard, which lost 18 of its members in the attacks and clashes, said the last of those fires were put out on January 8.
NOC said the crude has been taken to a safer location but did not disclose where that was.
In the wake of the downward push of crude prices that have left OPEC’ basket of crudes selling below $30 per barrel, some members of the cartel are asking for an emergency meeting. According to Nigeria’s oil minister, Emmanuel Ibe Kachikwu, a “couple” of members requested an emergency meeting, adding that current market conditions support the need to hold such a gathering.
Those calling for the meeting are most likely Nigeria’s fellow African producers.
Kachikwu told reporters at an energy conference in Abu Dhabi that there was a lot of push from various blocks within OPEC for the need of a meeting.
“A couple of countries, I don’t want to mention names,” he said when asked if any had requested holding an emergency meeting.
The meeting would have OPEC members considering a change in strategy, which has of late had them all producing at full throttle, glutting the market, despite of the downward spiral in oil prices. The fully open tap stance was pushed by the cartel’s producing kingpin Saudi Arabia.
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