Continental Focus, International Reach

Libyan Ports Reopen

Thursday, July 12, 2018

In Libya, the state-owned oil company NOC announced today the reopening of four oil export terminals at Es Sider and Ras Lanuf ports. The reopening of the ports allows for the country to ramp up its production, which had been shut in due to the force majeure on the ports.

Production and export operations will be reinstated “in the next few hours,” according to a statement from NOC, which indicated that the return to service of the storage terminals will be gradual.

The disruption blocked an offer of 850,000 bpd.

Eastern factions fought around the installations to gain control. Those factions claiming that oil revenues are poorly distributed, believed that under their control, oil revenues would go to western-based armed groups, including their rivals, reports Reuters.

A recovery in Libyan exports should slow the rise in crude prices in the coming days.