Global LNG markets are struggling with a glut of unprecedented levels. International expansion in Australia, Qatar, Mozambique and Egypt, combined with a continuously strong US shale gas export drive, is pushing down prices further.
Since the end of the 1990s Egypt has dreamt of becoming an East Mediterranean gas and energy hub.
Libya’s oil operations have been dealt a blow during the last 24 hours, after local Libyan tribes, allies of Libya’s General Haftar’s LNA, disrupted production at the El Feel and Sharara fields and blocked the transportation of crude oil to the Zawiya export terminal.
After a week of extreme turmoil in the Middle East, due to the killing of Iranian IRGC leader Soleimani, Iran’s 2nd in command, and the Iranian missile retaliation, global media and analysts are getting convinced that there is room for negotiation.
The simmering crisis in the East Mediterranean, threatening a military confrontation between Turkey and the littoral states Cyprus, Greece, Egypt and Israel, has taken a perilous new turn with Turkey’s military and political alliance with Libya’s embattled government in Tripoli.
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