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Oil companies abiding by Libyan sanctions

March 8, 2011 at 7:18 AM   |   Comments

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WASHINGTON, March 8 (UPI) -- Most major oil and trading companies said they are in compliance with sanctions against commercial activity in Libya, a review found.

Sanctions were placed on the regime of Libyan leader Moammar Gadhafi after allegations surfaced that his military forces fired on unarmed civilian protesters. The crisis in Libya, Africa's top oil producer, helped push oil and gasoline prices to post-recession highs.

International oil companies like Exxon Mobil, trading house Vitol and banking company JP Morgan all reported compliance with U.S. and U.N. sanctions imposed on Libya, the Platts news service found.

U.S. Treasury Department officials last week said the sanctions apply to the commercial actions of U.S. companies and their global subsidiaries. The sanctions apply to Libyan oil, including barrels that haven't yet been delivered.

Platts said JP Morgan stored some of its Libyan petroleum products in Sweden and was seeking special permission for its sale. The U.S. Treasury Department issues special permits for delivery of some sanctioned products.

As much as 60 percent of Libya's daily production capacity of 1.6 million barrels of oil is already shut out of the global energy market.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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