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Libya exports first oil since 2014

Libya exports first oil since 2014

Libya

Libya’s first oil tanker left the port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since 2014.

According to the port manager a second tanker was preparing to load at the same port. The port is one of four ports seized last week by eastern Libyan forces loyal to military leader Khalifa Haftar.

According to reports, reopening of the ports will be a major advance for the UN backed government who are working on stabilizing the oil rich nation against warring factions.

Last week, the country’s National Oil Corporation said it would begin exports immediately.

Libya’s four ports have a capacity of nearly 800,000 barrels per day.

However, conflict has left Libya’s oil installations under the control of different factions.

Furthermore, output has reduced to about 200,000 barrels per day from the 1.6 million barrels per day it produced before the ousting of Muammar Gaddafi in 2011.

Reuters