Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you a link to reset your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Libya's NOC expects oil output to rise to 260,000 b/d in week starting Sept. 27

Commodities | Energy | Oil | Crude Oil | Refined Products | Coronavirus

Crude throughput hindered on reduced refinery runs

Oil

Platts Market Data – Oil

Commodities | Oil | Crude Oil | Marine Fuels

Marine Fuel Strategy Seminar (at MEEPEC)

Oil | Crude Oil | Refined Products

Crude oil futures steady on stimulus hopes, possible output cut extension

Libya's NOC expects oil output to rise to 260,000 b/d in week starting Sept. 27

Highlights

Marsa el Hariga and Brega first ports to resume operations

Tankers set to arrive Sept. 23 to ship stored crude in next 72 hours

Other 'safe' ports and facilities to restart in coming days

Dubai — Libya's state-owned National Oil Corp. expects its production to rise to 260,000 b/d during the week starting Sept. 27 following the lifting of force majeure and the end of an eight-month blockade on its oil infrastructure imposed by the self-styled Libyan National Army.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The first two ports to resume operations will be Marsa el Hariga and Brega and tankers are also set to arrive Sept. 23 to ship stored crude in the coming 72 hours, NOC said in a statement Sept. 21.

The other "safe" ports will resume operations in the coming days as engineers and employees gradually return to oil fields and other secure facilities, it added.

On Sept. 19, NOC lifted the force majeure on crude loadings at "safe" ports where foreign militias are not present. This occurred after the UN-backed Government of National Accord and the LNA agreed to a deal to reopen key oil ports and restart oil production.

On Jan. 18, eastern tribes supported by the LNA halted exports from five oil terminals, sharply reducing the country's crude production, which hit its lowest since the 2011 civil war.

The force majeure on crude loadings were out of the terminals of Brega, Es Sider, Marsa el-Hariga, Ras Lanuf and Zueitina.

Slow start

Libyan crude production had slumped to 70,000-120,000 b/d in the past few months compared with around 1.10 million b/d before the blockade.

A source told S&P Global Platts on Sept. 21 that Libya's largest oil field, the 300,000 b/d Sharara, was back online on Sept. 20 but production would be very slow to start due to recent technical problems.

Flows on the pipeline from Sharara to the Zawiya export terminal also resumed on Sept. 21, starting at 50,000 b/d, according to another source.

The nearby 70,000 b/d El Feel, or Elephant, oil field is also poised to restart on Sept. 21, with Zawiya refinery due to reopen operations shortly.

Sources said a Suezmax tanker, Marlin Shikoku, had been chartered this week, to load 1 million barrels of Sarir/Mesla crude from Marsa el Hariga later in the week. This cargo will head to East Asia after loading, and is likely to include storage barrels, they added.

$10 billion losses

The agreement between the GNA and LNA announced Sept. 18 was signed by GNA Deputy Prime Minister Ahmed Maiteeq, but the GNA Prime Minister Fayez al-Sarraj has not yet publicly backed the deal.

The conflict between the GNA, which is supported by Turkey and Qatar, and the LNA, based in the east and backed by Russia, Egypt, the UAE and Saudi Arabia, has led to $10 billion losses in oil revenue in the war-torn country, according to NOC estimates.

Libya holds Africa's largest proven reserves of oil and its main light, sweet Es Sider and Sharara export crudes yield a large proportion of gasoline and middle distillates, making them popular with refineries in the Mediterranean and Northwest Europe.