Libya to Resume Oil Shipment

Libya to Resume Oil Shipment

Libya will resume oil shipments from the port of Marsa El Hariga after an agreement was reached at talks in Vienna between rival oil officials representing the east and west of the country, Reuters reported. Eastern NOC Chairman, Nagi El Magrabi, said, according to Bloomberg, that crude exports from the eastern port of Hariga are due to restart within about three days, and the shipments will ease an export bottleneck and allow for a revival of the nation’s crude production.

The rapprochement between the two factions could help Libya quickly increase its oil production back towards the more than 300,000b/d as it was producing before the blockade, which halved output from two major eastern oil fields.

El Magrabi added that the NOC is aiming to “keep the National Oil Corp. neutral, away from political conflicts.” Sources close to the negotiations said the two sides agreed to resume crude oil shipments from Hariga to “avoid damage to pipelines, avert a financial crisis, and ensure power supplies are not interrupted further.”

In the context of two competing governments and two oil entities claiming authority over oil reserves, crude export tankers were blocked from the Hariga port earlier this month due to a standoff between the east and the west.


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