Glencore seeking to Increase Oil Trading with Libya

By John Lee.

Reuters reports that Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year.

Alex Beard, the company's global head of oil, told the Reuters Commodities Summit:

"We're very happy with our relationship with NOC and we've been very pleased to support them through some difficult times in the last 12 months and we're open to do more business there."

Glencore reached an exclusive deal with the National Oil Corporation (NOC) to take all exports of the Messla and Sarir grades a year ago.

Volumes are rising, and production for the two crude streams stands at around 330,000 bpd.

According to the Reuters report, Libyan oil production stands at just over 500,000 bpd, more than doubling after a deal last month to reopen key ports in the east of the country.

(Source: Reuters)

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