Monday, June 19, 2017
Authorities in Eastern Libya have withdrawn Glencore’s rights to export oil from the Marsa al Hariga port. The withdrawal of rights can be attributed to the fact that one of the oil trader’s major shareholders is Qatari firm Qatar Holding LLC.
Leaders in eastern Libya are apparently joining the rest of the Arab world in the isolation of Qatar for its alleged sponsoring of terrorism.
If Glencore does not export the production from the Marsa al Hariga port, this effectively takes 250,000 bpd of Libyan crude off the market as the oil trader has exclusive marketing rights for the oil coming from the eastern fields.