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More Libyan oil expected on global market

More Libyan oil expected at global market after protesters end blockade.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   April 14, 2014 at 9:20 AM

TRIPOLI, Libya, April 14 (UPI) -- Libya's state-owned oil company said operations resumed at the western Zawiya oil terminal after protesters ended a blockade.

More Libyan crude oil is expected to arrive on the international market after the central government brokered a deal with eastern rebel leaders to open export terminals there last week.

Libya has struggled to return to its pre-civil war production level of 1.6 million barrels per day. Market tensions over energy security in Eastern Europe were countered by prospects even more Libyan oil would come from the Zawiya oil port in the west of the country.

The International Monetary Fund said the Libyan energy sector represents about $63 billion to the government, a majority in terms of percentage of gross domestic product. In March, a progress report on Libya from the European Commission said a blockade on oil exports by eastern federalists has "severely" affected Libya's fiscal situation.

[BBC]

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