ISIS has destroyed key oil infrastructure in Libya....how convenient for Saudi Arabia as they continue to try to corner the energy market

[link to www.businessinsider.com]

ISIS militants once again attacked key oil infrastructure in Libya. The Ras Lanuf port on the Mediterranean Coast, one of Libya’s largest oil export terminals, was the target of yet another attack by ISIS this week.

Earlier this month, ISIS attacked and set fire to seven oil storage tanks at the port. Early reports say that the latest attacks have also resulted in huge plumes of black smoke emanating from the port.

ISIS also targeted oil pipelines that travel from the Amal oilfield to the port of Es Sider, which is located near Ras Lanuf.

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[link to www.businessinsider.com]

As oil prices continue to slide and tensions continue to flare in the Middle East, all eyes are glued to Iran and Saudi Arabia.

But there's another unpredictable player in OPEC that folks should be watching: Libya.

"Libya is the only other real OPEC supply wild card to the upside for 2016," an RBC Capital Markets team led by Helima Croft wrote.

"With over a million barrels currently shut-in due to the ongoing security and political challenges, it remains one of the few OPEC countries that could theoretically put substantial quantities of additional oil on the market this year," the team added.

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