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Libya declares force majeure on oil output from two terminals

by ChemOrbis Editorial Team - content@chemorbis.com
  • 29/03/2017 (14:03)
According to Reuters, Libya declared force majeure on loadings from its two oil terminals, Zawiya and Mellitah, due to armed protestors blocking the country’s western oil fields of Sharara and Wafa.

Libya had completed the re-opening of all of its oil terminals in early 2017 and its oil output had reached the highest of three years in January after years-long political chaos and conflict it experienced. The country was also readying to export oil and expand the capacity of its refineries, which are expected to add $4.5 billion to the country’s economy in 2017.

The recent force majeure from the country was immediately reflected on crude oil prices. On Tuesday evening, NYMEX crude settled up $64 cents at $48.37/barrel while ICE Brent was up 58 cents to settle at $51.33/barrel and they are currently trading above the settlements of the previous day as of Wednesday afternoon.
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