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Tag Archives: Islamic State

Oil embargo should be considered if Libya talks fail, Spain says

BRUSSELS – Spain said on Monday the European Union should consider an oil embargo and freezing of Libyan central bank assets if U.N.-brokered talks to resolve the country’s political crisis failed. EU foreign ministers agreed to draw up proposals for an EU mission to Libya if the talks produced a deal between two rival governments and armed factions battling for ...

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Brent climbs above $61 on Mideast supply concerns

SINGAPORE – Brent crude rose above $61 a barrel on Friday, supported by geopolitical tensions in Libya and Iraq, while traders eyed the outcome of Iran nuclear talks for further trading cues. Fighting has escalated in northeast Iraq where the Islamic State militants have lit up oil wells to deter Shi’ite militiamen and Iraqi soldiers from advancing. In Libya, worsening ...

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Militants attack oil field in central Libya, kill 8

TRIPOLI, Libya — Militants attacked an oil field in central Libya on Friday, killing eight guards before setting it ablaze in the latest in a spate of attacks on petroleum facilities blamed on a local Islamic State affiliate. The gunmen attacked al-Ghani oil field near the town of Zalla, some 750 kilometers (470 miles) southeast of the capital Tripoli, National ...

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Libya says 11 oil fields non-operational after IS attacks

TRIPOLI, Libya — Libya’s state-run oil corporation has declared 11 oil fields in the country non-operational after attacks by suspected Islamic State militants, opting for a force majeure clause that exempts the state from contractual obligations. The National Oil Corporation blamed authorities in the Libyan-capital of Tripoli, set up by Islamist-backed militias, for failing to protect the oil fields. The ...

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Purported Islamic State militants attack Libyan oil field

TRIPOLI, Libya — Militants purportedly from the Islamic State group attacked an oil field near Libya’s central coast, prompting a counterattack by the country’s Islamist-backed government that included airstrikes, an official said Wednesday. The militants swept down from the city of Sirte to attack the al-Dhahra oil field, trading fire with guards and blowing up residential and administrative buildings before ...

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Oil trades near $61 on Libya clashes

barrels

LONDON – Oil rose more than $1 in volatile trade on Tuesday as fighting in Libya and signs of stronger global demand outweighed persistent concerns about a supply glut. Brent crude futures rose more than $2 at one point before slipping back to trade just below $61, recovering from their biggest one-day decline in a month on Monday. Rival Libyan ...

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Explaining the global oil price drop

BANDUNG – The Middle East is burning. Jets fighter from Saudi Arabia, Jordan, the United Arab Emirates (UAE) and Egypt have attacked numerous Islamic State (IS) movement targets in Syria, Iraq and Libya, mainly in response to the sadistic killing of a captured Jordanian pilot, Moaz al-Kasasbeh. In this hostile conflict, began in June 2014, oil prices have dropped significantly, ...

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Oil gains on Libya violence, Kurdish oil export threat

LONDON/NEW YORK, Feb 16 – Oil prices rose to their highest in nearly two months on Monday, supported by concerns over escalating conflict with Islamic State militants in Libya and a threat to withhold exports from Iraq’s semi-autonomous Kurdish region. Egypt bombed Islamic State targets inside Libya on Monday and Cairo renewed calls for a U.S.-led coalition to confront militants ...

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Iraq’s oil exports dip by 14 percent in January

Waving Iraq Flag

BAGHDAD — Iraq’s Oil Ministry said on Thursday that crude exports averaged 2.535 million barrels a day in January, a decrease of nearly 14 percent from the previous month, depriving the nation of badly needed cash both for ongoing military operations against extremists and reconstruction efforts. Last month’s revenues stood at $3.258 billion, based on an average price of $41.45 ...

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