Libya' s largest oil terminal back in operation
TRIPOLI -- Libya' s largest oil terminal, along with a smaller oil port, returned to operations Tuesday after being shut by protests last week, the country' s deputy oil minister said.
The shut down of the two terminals in recent days had contributed to a rise in oil prices already buoyed by a political crisis in Egypt.
"Es Sider and Ras Lanuf have resumed operations," Libya' s deputy oil minister Omar Shakmak told The Wall Street Journal.
The Es Sider terminal normally exports 300,000 bopd, about a quarter of the 1.2 MMbopd experts say Libya exported on average last year.
Es Sider exports crude from the Waha Oil Co., one of Libya' s largest joint ventures in which U.S. companies Marathon Oil, ConocoPhillips and Hess are partners.
Since a civil war toppled Moammar Gadhafi in 2011, Libya--which plays a key role in feeding European refineries--has been rattled by frequent protests and strikes at its oil fields and ports. Last month, crude production briefly dipped below 1 million barrels a day--a level not reached since the immediate aftermath of the conflict.
The latest Libyan disruptions comes after a political crisis in neighboring Egypt revived geopolitical risk on oil markets, which hitherto had been overshadowed by a U.S. oil boom.
Although Egypt isn' t an oil producer of note, some 3 MMbpd pass through the strategic Suez Canal and the Suez-Mediterranean pipeline that runs from the Ain Sukhna terminal on the Gulf of Suez to the Sidir Kerir terminal on the Mediterranean. Officials said the routes hadn' t been disrupted.
Dow Jones Newswires