International
Four Libyan Oil Ports Reopen After Storm
Eko Hot Blog reports that four major oil ports in Libya have reopened after being forced to shut down on Saturday due to a storm, port agent al-Omran International Maritime Agencies said.
The eastern ports of Brega, Es Sidra and Ras Lanuf opened on Tuesday, while the port of Zueitina opened on Wednesday morning, al-Omran said.
The storm caused widespread damage in Libya, including to oil infrastructure. The closure of the ports had a significant impact on oil exports, which fell by around 800,000 barrels per day.
The reopening of the ports is a relief for the Libyan oil industry, but it is still too early to say how much damage has been done. The full impact of the storm will not be known until the ports have been fully inspected.
Oil prices rose on Wednesday, as the market balanced supply concerns over the port shutdowns and OPEC+ production cuts against the global economic outlook.
“The reopening of the Libyan ports is a positive development for the oil market, but it is still too early to say how much of an impact it will have on prices,” said Edward Bell, an analyst at Oanda. “The market is still concerned about the global economic outlook, and this could weigh on prices in the near term.”
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