Libya Reopens Terminals, Increases Oil Exports

Libya's state-run National Oil Corporation (NOC) lifted the force majeure on the oil ports of Es Sider and Ras Lanuf on Sunday, after rebels handed the ports over last week.

A spokesperson for the NOC said:

“We, only today, have started talking to our previous customers and partners so we can fix our shipment programme ... We currently have one or two shipments worth of oil in the terminals.”

The ports, which would normally account for about half of the country’s oil exports, had been blockaded for nearly a year.

Libya produced about 1.4 million bpd before the protests, which reduced to to as a low of 150,000 bpd, but production is now estimated at 325,000 bpd.

An analyst at Societe Generale said:

"If the agreement holds, it will take some time, probably a week or two, to inspect both the oilfields and the export facilities for damage and to complete any required maintenance or repairs."

Estimates of the amount of oil already stored at the ports vary considerably.

(Sources: FT, CNBC, Reuters)

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