Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Libya returning to oil market despite violence  Join our daily free Newsletter

MENAFN - AFP - 19/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Libya may be on the brink of chaos but it is gradually boosting output in the vital oil sector after a crisis blocked export terminals for a year, sector executives say.

"The country's production is rising constantly and should return to its level prior to this year if the situation stabilises in the various oilfields," interim Oil Minister Omar al-Shakmak told AFP.

Mohamed Hrari, spokesman for Libya's National Oil Corporation (NOC), said: "Production on Monday reached 550,000 barrels, up from around 400,000 barrels a day previously."

In a statement to AFP, Hrari forecast "a production level of one million barrels a day (bpd) in September, with an increase in production in the Sharara and Al-Fil (southwest) fields and a resumption of production in other fields in the east, west and south of the country."

Though Libya is currently wracked with violence between well-armed rival militias, the government announced on July 6 that the 200,000 bpd Ras Lanuf and 350,000 bpd Al-Sidra terminals were ready to resume exports.

The announcement was possible following an agreement unveiled four days earlier for rebels to hand back the two terminals in eastern Libya to government control.

The block on the two other eastern terminals, 110,000 bpd Al-Hariga and 100,000 bpd Zueitina was lifted in April but exports have been slow to take off.

Separatist security staff at ports in eastern Libya had prevented all exports since July 2013.

A first export cargo of 690,000 barrels of crude left Ras Lanuf, 700 km (400 miles) east of Tripoli, last week bound for Italy, Hrari said.

Another cargo should leave Al-Sedra termina "probably next week," he said.

- Winning back customers -

Libya's return to the market has hit oil prices, which slumped to a four-month low in London on Monday before recovering in Asian trade on Tuesday.

Libya may be plunged in chaos, but it has managed to step up daily output from 200,000 to 450,000 bpd, analysts at PVM brokerage in New York said on Monday.

The reopening of Ras Lanuf is a major sign of progress and indicates that Al-Sidra is likely to reopen soon, they added.

Shakmak, the interim oil minister, said: "Libya lost many customers on the oil market while exports were halted for a year.

"These customers went elsewhere," he said, adding: "Libya has managed to win some of them back."

Libya "is trying to regain traditional customers and find new ones, and we will get there," Shakmak said optimistically.

A tanker with 600,000 barrels capacity will arrive "in the next two days at Al-Sidra to take a shipment," said Samir Kamal, NOC's director of oil and gas.

He told AFP that tanks at the terminal currently contain 6.5 millon barrels of crude, stored during the crisis, while Ras Lanuf has 4 million barrels in storage.

"All terminals in the country are in working order except Zueitina, shut because of industrial action we are trying to settle," Kamal said.

The oil crisis has cost Libya 40 billion in lost income this year, specialists say.

The strife led to production dropping to 250,000 bpd from a peak of 1.5 million bpd before the 2011 fall of long-time dictator Moamer Kadhafi.


 


AFP




  MENA News Headlines
 Aug 24 2016 - Kuwait- OPEC basket price down to USD 45.34 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) VIENNA, Aug 24 (KUNA) -- The price of OPEC basket was down by 70 cents to settle at USD 45.34 per barrel Tuesday as oppose to USD 46.04 pb the day before, said a ...

 Aug 24 2016 - Kuwait top leaders express solace fo Singapore on demise of ex-presidentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Aug 24 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has addressed a cable of condolences to Singaporean Presidnt Tony Tan on ...

 Aug 24 2016 - GCC joint institution presents works at Jordan-hosted festivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Aug 24 (KUNA) -- The GCC Joint Programs Production Institution (GCCJPPI) will showcase three works at Jordan-hosted Third Media Festival The institution's ...

 Aug 24 2016 - Turkish Pres. says terrorism in Syria needs to stopKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) ISTANBUL, Aug 24 (KUNA) -- A military operation has been launched into Syria with the aim of putting an end to frequent attacks targeting Turkey, President Recep ...

 Aug 24 2016 - Bahrain hails support by Kuwait to kingdomKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Aug 24 (KUNA) -- Bahraini Prime Minister Prince Khalifa bin Salman Al-Khalifa praised Wednesday the deeply rooted ties and support by the State of Kuwait ...

 Aug 24 2016 - Kuwait- Briefing of KUNA main news for Wednesday until 12:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT - His Highness the Amir Sheikh Sabah Al-Ahmad voices sorrow over powerful quake that left scores dead in Italy in cable to Italian President. ROME - ...

 Aug 24 2016 - Syrian Gov't deplores blatant Turkish interventionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Aug 24 (KUNA) -- The Syrian Government on Wednesday condemned Turkey's military intervention in the country's north. Turkish ground forces, equipped with ...

 Aug 24 2016 - Kuwait head of Arab tariffs cmte for 6th timeKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) CAIRO, Aug 24 (KUNA) -- The State of Kuwait has been elected for the sixth consecutive time as chair of Arab panel charged with tackling tariff exemption namely ...

 Aug 24 2016 - Kuwait- Health Min. patients returning home completed their treatmentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Aug 24 (KUNA) -- Minister of Health Dr. Ali Al-Obaidi said on Wednesday that Kuwaiti "patients who returned from abroad have fully completed their ...

 Aug 24 2016 - Kuwait- Gov't touts South Saad Al-Abdullah project as first Smart CityKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) By Khaled Al-Mutairi KUWAIT Aug 24, (KUNA) -- The government is working laboriously to ensure the success of the South Saad Al-Abdullah housing project, ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help