"Almost Zero Faith" in Key Libyan Ports Resuming

By John Lee.

Analysts from Citigroup have said cast doubt on last week's deal between the Tripoli-based Presidential Council and Petroleum Facilities Guard (PFG), describing it as “likely another headfake.

They said in a report that the nation “has devolved into a genuine failed state, run by competing militias, and moving a state from the failed to the not failed column does not happen overnight or over months. It takes years.

Despite recent forecasts of oil production reaching 900,000 bpd, Bloomberg reports that the bank expects output to remain at about 350,000 bpd.

Meanwhile, three out of six traders questioned by Bloomberg said they don’t expect a single cargo to be shipped from Ras Lanuf or Es Sider ports by the end of next month.

(Source: Bloomberg)

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