Reuters


TUNIS/LONDON  – Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a Vitol tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low.

Libya lifts exports force majeure but says output recovery to be slow- oil and gas 360

Source: Reuters

“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.

The Vitol-chartered Kriti Bastion is currently loading a 650,000 barrel cargo at the Es Sider port.

(Graphic: Libya oil production, here)

Reuters Graphic

The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.

“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.

The Vitol-chartered Kriti Bastion is currently loading a 650,000 barrel cargo at the Es Sider port.

(Graphic: Libya oil production, here)

Reuters Graphic

The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.

The International Energy Agency in a report on Friday highlighted rising Libyan output and higher U.S. production as supply risks to the market.

Energy Aspects expects Libyan output to ramp up to 950,000 bpd in December, and average 500,000 bpd in the second half of the year.

“If Libya fails to restart, then global crude stocks could draw by 4.5 million bpd over H2 20, rather than the 4.1 million bpd,” the consultancy said.


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