Libya's oil exports set to dwindle as ports blockade persists
LIBYA plans to export 1
LIBYA plans to export 1.2 million barrels in August, down almost 40 per cent from July, as most of the OPEC member's oil facilities remain shut because of civil war, reports Bloomberg.
The Bouri and Farwah terminals will each ship one cargo of 600,000 barrels, according to an initial loading programme seen by Bloomberg. Both terminals lie offshore in the Mediterranean Sea, many miles from the turmoil disrupting the bulk of Libya's onshore oil facilities.
Although it holds Africa's biggest crude reserves, Libya's production has plummeted to about 90,000 barrels a day from 1.2 million last year.
Output collapsed largely because supporters of Khalifa Haftar, an eastern commander fighting against the United Nations-backed government in Tripoli, stopped shipments from many oil fields and ports.
Haftar forces said they would continue to blockade ports and oil fields, forcing the National Oil Corp to reinstate the exports ban. The brief re-opening and swift reversal were emblematic of Libya's political and economic upheaval since the 2011 toppling of Moammar Al Qaddafi.
The blockade, which started in January, has cost the country US$7 billion in lost revenue, according to the central bank. Libya pumped as much as 1.6 million barrels daily in early 2011, before Qaddafi's ouster.