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Slumping Russian Fuel Exports Could Inflame Libya Oil Smuggling: Platts

OIL

Ukraine’s drone attacks on Russia’s refineries may squeeze a lucrative illicit oil trade in Libya that has already inflamed political tensions in the latter, according to Platts.

  • Sources said that Libya regularly imports from Russia via middlemen in Turkey, much of which is then smuggled into Sudan.
  • The strikes which have hampered Russia’s refinery output may force smugglers to look elsewhere to maintain the black-market trade.
  • The growing criticism of the fuel smuggling is putting Dbeiba's UN-backed Government of National Unity (GNU) in Tripoli in a difficult position.
  • The fuel arrivals are subsidised when sold to the domestic market (before being smuggled) and this is draining the country’s foreign reserves, Platts said.

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Ukraine’s drone attacks on Russia’s refineries may squeeze a lucrative illicit oil trade in Libya that has already inflamed political tensions in the latter, according to Platts.

  • Sources said that Libya regularly imports from Russia via middlemen in Turkey, much of which is then smuggled into Sudan.
  • The strikes which have hampered Russia’s refinery output may force smugglers to look elsewhere to maintain the black-market trade.
  • The growing criticism of the fuel smuggling is putting Dbeiba's UN-backed Government of National Unity (GNU) in Tripoli in a difficult position.
  • The fuel arrivals are subsidised when sold to the domestic market (before being smuggled) and this is draining the country’s foreign reserves, Platts said.

Keep reading...Show less