On Monday, Libya’s National Oil Corp. (NOC) lifted force majeure on the last oilfield El Feel after an eight-month blockade of oil exports.
It would mean production would resume towards the levels seen before January, but at the moment it would only be gradual. The output might need more time to restore as the long shutdown caused damages.
Refinitiv Eikon ship tracking said that three tankers are scheduled to load at Es Sider and Ras Lanuf terminals this week. According to a source, Libya will also load eight cargoes or 160,000 bpd of Sharara crude in November.
Previously on Friday, NOC lifted the force majeure on the two key closed oil ports of Ras Lanuf and Es Sider and expected output to increase to 800,000 bpd in two weeks, and to 1 million bpd in four weeks.
Reacting to the news, oil prices fell on Monday as the market was concerned over a supply glut amid the increase in coronavirus infections in some big economies.
Tags: AlwaysFree,Crude Oil,English,Middle East
Published on October 27, 2020 4:36 PM (GMT+8)Last Updated on October 27, 2020 4:36 PM (GMT+8)
