Libya Promises A Return, Again

July 4, 2014 by  
Filed under Solar Energy Tips

Here’s your morning jolt of news, insight and analysis on the global energy business. Send us tips, suggestions and complaints:

Click here to receive this morning’s email newsletter


Libya reopening its oil terminals is a story we’ve heard before.

This time it may actually happen, as Libya’s acting Prime Minister Minister Abdullah al-Thani took to the television, announcing: “This is the end of the oil crisis.” If that proves true, 1.3 million barrels a of oil a day could eventually flow back into the global pool. About half of that would be loaded at two ports, which according to the television announcement, are soon to be back online.

Markets seemed to react, with Brent crude dropping back toward the level at which it was trading before Iraq spiraled into crisis on June 12. Iraq is a big oil producer and the market worried its southern oil fields would be affected by fighting.

Libya, meanwhile, another big producer in the region, has been crippled for months by disputes over who in the divided country should be in control of oil exports, and with it much of the country’s wealth.

One group, which is seeking greater regional autonomy, has been occupying the ports of Es Sider and Ras Lanuf in the east of the country since late July 2013, write The Wall Street Journal’s Benoit Faucon and Ben Winkley.

During that time there have been repeated suggestions that the blockades there may end. Whether this is the time will become clear in the coming days.


Those griping about high energy prices should spare a thought for Puerto Rico.

Its state-owned utility is deep in debt, and passing the pain on the customers.  The Puerto Rico Electric Power Authority owes nearly $9 billion to Citigroup, Barclays and other lenders. It charges its customers more than double the U.S. average price for their power.

One disgruntled energy user told the Journal that he is considering spending $13,000 on solar panels and abandoning the tired, pricey grid for personal generation.

It’s a theme that’s gaining traction, especially in regions such as sub-Saharan Africa that are rich in sun, but poor in infrastructure.


Oil markets slid lower on news from Libya, and the lack of bad news from Iraq. The latest markets report is here.

Due to the July 4 holiday there will be no Energy Journal published Friday

Comments are closed.