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OIL AND GAS
Blaze extinguished at Libya's largest oil field
by Daniel J. Graeber
Tripoli, Libya (UPI) Feb 16, 2015


disclaimer: image is for illustration purposes only

Though flames are out at a pipeline from its largest oil field, the Egyptian bombing of Islamic State targets in Libya show terrorists are gaining ground.

The fire that resulted from the militant bombing of a pipeline at the Sarir oil field, the largest in Libya, was extinguished during the weekend. Sarir is in the same region as oil fields attacked last week by fighters claiming loyalty to the group calling itself the Islamic State.

Libya before NATO-led forces intervened during civil war in 2011 was producing around 1.2 million barrels of oil per day. The Organization of Petroleum Exporting Countries in its latest monthly report said member-state Libya was producing around 343,000 bpd as of January, a 27 percent decline from December. Sarir was producing around 185,000 bpd.

Libyan production declines since the end of war in 2011 is in part a result of ongoing conflict between rival governments in the country. The political vacuum, meanwhile, has given rise to Islamic State activity.

A video posted online reportedly shows the execution of dozens of Coptic Christians from Egypt at the hands of Islamic State militants operating on Libyan soil. A man in English at the end of the video declares "we will conquer Rome, by Allah's permission."

The U.N. Support Mission in Libya said in a weekend statement "the terrorists are the ones who benefit from the continuing fighting and divisions" in Libya.

Egyptian forces launched airstrikes Monday against Islamic State targets in neighboring Libya.


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New York (UPI) Feb 16, 2015
Crude oil prices extended their rally into the third week of February as U.S. rig activity declined and Middle East violence escalated Monday. Brent crude oil prices continued their trajectory above the $60 mark, gaining nearly a full percentage point from the previous close to trade near $62 for the April contract. The contract for March expired last week. Brent prices have expe ... read more


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