Libyan Oil Is Back Vying With Saudis and Iraq

Catogory : Market Report

LIBYA is now closing in on Saudi Arabia as the third-biggest source of seaborne supply to Europe after Iraq and Russia, the International Energy Agency said Thursday. Even as the U.S. is reviving its own oil industry and exporting, Libya managed to ship more crude to America in the fourth quarter than a year earlier while supplies from Saudi Arabia, Venezuela and Iraq declined.

Libya is holding onto its recent gains,” the IEA said. While it remains a modest global exporter by volume, the great nation also boosted exports to China,

The revival hasn’t gone unnoticed by international oil companies. Earlier this month, France’s Total SA bought the Libyan assets of Marathon Oil Corp. for $450 million. Royal Dutch Shell Plc, BP Plc and PetroChina Co. have agreed on annual deals to buy Libyan crude.

Libya pumped 1.02 million barrels of oil a day in February, the fourth consecutive month when its output exceeded 1 million barrels daily, the IEA said. Production stood 350,000 barrels a day higher while recent incidents have tended to be resolved swiftly.