• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 20 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 4 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 9 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 12 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 13 days Goldman Betting on Cryptocurrencies
  • 16 days Сryptocurrency predictions
Russia Bets On Growing ‘Dark Fleet’ To Ship Its Oil  

Russia Bets On Growing ‘Dark Fleet’ To Ship Its Oil  

The ‘dark’ or ‘shadow’ fleet…

Oil Futures Market Points To Sluggish Demand

Oil Futures Market Points To Sluggish Demand

The structure of the oil…

Escalating Protests In China Add To Oil Market Volatility

Escalating Protests In China Add To Oil Market Volatility

Lockdown protests in Guangzhou escalated…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Oil Glut Set To Worsen As Libya Unblocks 300,000 Bpd Of Production

After a three-week blockade of its eastern port of Hariga over rival government wrangling, Libya has now resumed exports from the port and could soon be ramping up to 300,000 barrels per day, adding another 100,000 bpd into the glut—just when things were balancing out.

Already late on Thursday, Libyan officials were saying that 650,000 barrels were in the loading process, according to Bloomberg—destination, United Kingdom. The tanker is loading crude for Glencore, on orders from the Tripoli-based National Oil Company (NOC).

Reuters is predicting that Libya—currently producing about 200,000 bpd—could quickly ramp up to 300,000 bpd with exports freed up. Related: Iran Closes In On Saudis As Oil Exports Soar

The news agency noted that when the Hariga port was blocked, it led to reduced production from two eastern fields—Messla and Sarir.

Before the ouster of Gaddafi in 2011, Libya was producing 1.6 million bpd.

Factions loyal to the eastern government in Tobruk, and the parallel National Oil Company in Benghazi, have been in control of the Hariga port, which has been under blockade since the Benghazi NOC unsuccessfully attempted to unilaterally export oil late last month. Related: Despite Low Oil Prices, Kuwait Plans To Invest $42 Billion By 2022

Earlier this month, Libyan oil officials in Tripoli had warned that if the blockade continued, output from the eastern fields would be shut down completely.

Last week, after talks in Vienna, the rival NOCs reached an agreement in principle to resume shipments at talks held in Vienna. This deal has now apparently been implemented, allowing for the first shipment to be loaded; however, the details of the deal have not been made public, which also means that beyond this first shipment, it remains unclear whether the status of the port has been resolved.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News