Zueitina Restart Small Sign Of Hope For Libya’s Oil Prospects

The port of Zueitina has started exporting crude for the first time in almost six months, adding up to 70,000 b/d to output capacity, though actual gains so far appear to be significantly less.

But an attack by militant Islamist group Islamic State (IS) on the Es Sider terminal, one of the largest in the country, does not augur well for a significant and sustained upturn in oil production. Industrial action at the Marsa el-Brega export terminal also threatens to erode any gains.

A 600,000-barrel tanker began loading at Zueitina terminal 125km south of Benghazi on 8 October, according to officials at the state oil company, National Oil Corporation (NOC). The Maltese-flagged 109,000 dwt Seafaith II subsequently called at Egypt’s Port Said, ship tracking websites indicate. (CONTINUED - 1169 WORDS)