JUNE/28/2017
RUPERT ROWLING
LONDON (Bloomberg) -- Libyan oil shipments are poised to hit their highest level in at least three years in the latest sign the North African country is managing to sustain a production revival.
Exports are on course to reach about 715,000 bpd this month, the most since July 2014, when Bloomberg began monitoring Libyan shipments, tanker-tracking data show. With relatively limited capacity to process that crude in its domestic refineries, the shipments have been moving in lock-step with production.
Libya’s surging output is a key factor helping to undermine the Organization of Petroleum Exporting Countries’ efforts to reduce global supply and increase oil prices. The group met last week in Vienna to discuss how to deal with rising production in Libya and Nigeria -- both OPEC nations exempt from supply curbs -- rather than deepening output cuts by other members. U.S. production climbing to the highest since August 2015 has further derailed OPEC’s efforts.
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Authorities in Eastern Libya have withdrawn Glencore’s rights to export oil from the Marsa al Hariga port.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.
Thursday 6 April 2017
The Egyptian General Petroleum Corporation (EGPC) and energy sector construction company Petrojet plan to reestablish their presence in Libya, a Libyan official said yesterday, after a meeting with company representatives that also included the chair of Libya’s National Oil Corporation, Mustafa Sanallah.
NOC and EGPC also agreed to form a partnership to study possible oil and gas projects, although no further details were provided, OilPRice reported.
A meeting took place between the Egyptian officials and the Libyan ones headed by the Deputy Head of the Presidential Council, Ahmed Mitig.
