Libya exports to resume after ports handover

Libya

TRIPOLI, July 11, 2018 – Libya has lifted force majeure on oil exports from the Ras Lanuf, Es Sider, Hariga and Zuetina ports after they were handed back to the authority of the National Oil Corporation, the NOC announced Wednesday.

Brent crude futures lost about 2% on Wednesday afternoon following the news, which signalled the return of up to 850,000 bopd to world markets. Real figures, nevertheless, could be closer to 700,000 bopd, consultancy Rystad Energy told the Wall Street Journal.

The ports were shut down for about a week following a series of clashes and an attempt by forces in the area to transfer them to the authority of a rival and internationally unrecognised NOC based in eastern Libya.

“Production and export operations will return to normal levels within the next few hours,” the NOC statement, issued on Wednesday morning, added.