• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 14 hours OPEC will consider all options. What options do they have ?
  • 8 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours What to tell my students
  • 3 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 11 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 8 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 22 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 18 hours With Global Warming Greenland is Prime Real Estate
  • 16 hours China Threatens to Withhold Rare Earth Metals
  • 1 day TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 1 day Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 1 day CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
A Limited Risk Play In A Shaken Market

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Libya Reopens Second Oil Terminal Under Haftar Leadership

Oil tanker

Libya’s Zueitina oil terminal is bidding farewell to its first oil-filled tanker since late last year on Thursday, according to a port official cited by The Libyan Express.

The 800,000-barrel cargo left for China, the official said.

The port is one of three of its kind that had been blockaded before Khalifa Haftar took them over last month.

Ras Lanuf exported its first oil shipment in two years last month. The port had been closed since December 2014.

Es Sider, the last port to remain closed, has yet to restart shipments due to damages the site suffered during the war.

Libyan oil production has increased since the Haftar conquered the terminals. Before the North African country’s civil war began in 2011, the OPEC member produced 1.6 million barrels per day.

On Thursday, a Libyan oil official said production stood between 505,000 and 510,000 barrels per day.

When Haftar took over the ports last month, the country produced 200,000-300,000 barrels per day.

Haftar has said he would leave all three ports in the control of the National Oil Corporation, which aims to raise output to 900,000 barrels per day by the end of 2016. The company said reaching this goal would depend on operating costs and the reopening of blocked pipelines.

Time and again the market has swung on just the possibility of Libya restarting oil exports. Now that Saudi Arabia has agreed to exempt Libya, along with Nigeria and Iran, from an OPEC production freeze deal, the country has ramped up production.

The increase in production could reverse the effects of production cuts enforced by other members of the organization, but details on which member country will cut how much output have yet to be decided on.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play