Crude prices to fall further as Libya resumes exports

Brent crude futures fell today as traders warn that exports from Libya's eastern ports will add to the 'global oil glut' and may unbalance markets.

MENA

1 min read

The New Arab & agencies

16 September, 2016

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Oil prices fell again slightly on Friday after Libya announced it intended to double its production of oil earlier this week.

Brent crude oil prices went down one percent from Thursday as Nigeria and Iran also announced increases in exports.

Libya's National Oil Corporation (NOC) announced it intended to resume exports from ports in the east of the country after they were recently seized by forces loyal to General Khalifa Haftar.

The NOC announced Thursday that it intended to export 600,000 barrels of oil per day in October.

According to local sources, the Petroleum Facilities Guards (PFG), fighting under local militia leader Ibrahim Jadran, retreated from the ports without conflict.

According to Reuters, traders warn that this additional oil could have an unbalancing effect on the global crude oil market.

Iran announced on Friday that its oil exports for August were 15 percent higher than in July, with exports to Europe rising 48 percent month-on-month.

ExxonMobil is preparing to export its first load of crude oil at the end of September from a new pipeline off Nigeria's eastern coast oil.
Libya Oil Buyers