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News // Incidental

Libyan pipeline explosion pushes Brent prices upward

27 December 2017 , 12:10Neftegaz.RU845

The price of Brent Crude spiked following news of an explosion at a Libyan crude oil pipeline that feeds the Es Sider sea terminal - home of the largest oil depot in Libya - a source from the Libyan National Army told The Libya Times on December 26, 2017. The blast happened near 30 km northwest of Marada.


At the same time, the source accused militants from the Benghazi Defense Brigades of the blast. While the reasons for the explosions haven't been determined yet, media reports are suggesting that it was possibly a terrorist attack.


Meanwhile, the Akhbar Libya news outlet reported that the gas pipeline belonged to the al-Waha oil company. The group's press service claimed that the explosion could have been caused by a terrorist attack, adding that the communication with an engineering crew working on the scene had been lost.


The media outlet added that the group had sent its forces to the explosion site, located between Es Sider port and an oil field.


While there is still no official update on what impact the explosion could have on Libyan oil output, Brent crude rose $1.81, or 2.8 %, to $67.06, after hitting an intraday peak of $67.10, its highest level since May 2015.


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