Clashes at Libya’s oil port of Ras Lanuf resulted in a third storage tank set on fire, a witness and an oil engineer told Reuters on Thursday. Over the past week, two other oil storage tanks were set on fire at Ras Lanuf, resulting in a 400,000-barrel reduction of crude oil storage capacity, Libya’s National Oil Corporation (NOC) said this past Monday, adding that the damage at the Ras Lanuf terminal was “catastrophic.” Last week, the NOC announced force majeure on crude oil loadings from the Ras Lanuf and Es Sider port terminals, effective June 14. The NOC warned earlier this week that the fire could spread to three other storage tanks, which would shut down storage at Ras Lanuf completely and lead to a suspension of exports. This would have a devastating effect on the Libyan oil industry, which had been recovering nicely, pushing 1.1 million bpd before […]