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Terminal News

Attacks on Libya cause oil prices to rise

Col. Gadaffi’s forces have attacked a major oil pipeline and storage facility, causing explosions and thick smoke to cover the sky.

The oil terminal in Sidrah, Libya, was bombed during air strikes on 9 march 2011, demolishing storage tanks and the power and water plants surrounding it.

According to witness accounts, warplanes attacked the terminal and blew up four storage tanks which contained about 150,000 gallons of oil each, Reuters reported.

Currently there are rebels holding the area, which is situated about 580km east of Tripoli near Ras Lanuf.

Oil export terminals in Brega, Ras Lanuf and Sidrah have seen fighting between government troops and rebels in recent weeks, where about 45% of the country’s oil exports used to be handled each day.

Oil prices have continued to rise as there is increased uncertainty about how long the conflict in Libya will last.

US light, sweet crude oil rose a further $0.38 (€0.27) to $105.40 a barrel and brent crude also rose $2.60 up to $115.66 a barrel.

Members of Opec have been discussing whether to hold an emergency meeting about output levels.

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