Glencore Loses Libyan Crude Rights

Trading firm Glencore has from the start of 2019 lost its exclusive rights to trade Libyan state-firm Agoco’s roughly 200,000 b/d exports of Mesla and Sarir crude, Reuters reports.

Glencore acquired the rights in 2015 during a period of increased instability and fighting, giving the trading giant a monopoly on loadings from Hariga terminal near Tobruk in the country’s east ( MEES, 7 September 2018 ).

The grades are now for anyone to take with BP and Shell among those set to lift early-2019 cargoes. But Libya has a way to go before it can be counted on as a reliable supplier. Key export terminals have been intermittently shut-in this year due to bad weather and fighting. On Tuesday, Libya was forced to shut in all of its oil terminals because of bad weather, with only Zueitina, Hariga and Es Sider reopening on Thursday. (CONTINUED - 140 WORDS)