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Posted on 03/04/2015 10:46:06 AM PST by EBH
Fighters of the Islamic State in Iraq and Greater Syria (ISIS) took over at least two oilfields in Libya and attacked another on Tuesday, according to oil and government sources.
Mashallah al-Zewi, the oil minister in the Tripoli-based government said ISIS attacked the Dhahra oilfield, before retreating. He told AP on Wednesday that the militants swept down from the central city of Sirte and attacked Dhahra oil field to the south, trading fire with guards and blowing up residential and administrative buildings before eventually retreating.
Colonel Ali al-Hassi, a spokesman for Libyan oil industry security told the BBC said the same fighters first took the oilfields at Bahi and Mabruk. “Extremists took control of the Bahi and Mabruk fields and are now heading to seize the Dhahra field following the retreat of the forces guarding these sites,” he said.
...Analysts say ISIS’s advances in Libya have been made possible by the political conflict in Libya. This week’s escalation comes as the recognized government in Tobruk officially appointed Khalifa Haftar as its armed forces chief. Haftar’s military campaign launched last year against Islamist-leaning factions has further divided the country.
“There’s ISIS in Libya because there’s a lack of a state, and there’s the inability of every militia group to control territory because the major factions won’t work together,” says Pack. “The absolutely only way to eliminate territorial pockets in places like Sirte and Derna is if these groups are willing to work together against ISIS.”
(Excerpt) Read more at time.com ...
You think ISIS is going to be more effective and produce MORE oil than before this takeover?
They were saying that US storage was almost full and these guys black market lots of oil to fund their beheading. They sell lots of Iraq oil also. Selling cheap oil undercuts the US and OPEC. I don’t think shutting down production would be in their best interests.
Time for an Anglo-Egyptian invasion of Libya —Maybe Italy and France can help out—Afterward Egypt could rule it as a mandate until democracy is established in 20 years or so. Egypt could keep the oil profits—fill the land with Egyptians too. An Egyptian Empire? I am OK with that. Better Egypt than IS.
They are not putting more oil on the market than was already being supplied. They end up reducing the amount of supply because they sell less than the area originally produced.
Selling cut rate prices to a smuggler/middlemen does not lower global commodity prices. Just like the sale of stolen TV’s does not affect the price of TVs at Best Buy.
ISIS actions will give pressure to raise the price of oil on the global market, not lower it.
Poor Barry, he was so busy playing golf and taking selfies that he forgot to draw a red line in Libya.
And Bush got rid of Saddam Hussein.
Why would that be?
Something the MSM “should” be talking about....but they won’t.
Interesting..............
Excuse me?
Why would that be?
Relating to???
Ummmm look at the post I replied to???
Which one what number?
Are you serious?
I have no idea what you are talking about You have about 4 posts after mine and I did not see anything before.
It's pretty simple.
Maybe this is part of your problem.......
FWIW-
FWIW- ???????????
FWIW equals.... For What It's Worth...........
I'm sorry....
ISIS is only producing oil that was already being produced before from the same areas, and they are producing less of it than before they took over.
They are not flooding the market, they are reducing the oil supply to the market.
The net impact of ISIS is less oil on the global market. Their impact raises prices for the rest of us.
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