Libyan oil crisis over, government says

Rebels hand over control of Ras Lanuf and Sidra oil terminals.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  July 3, 2014 at 8:26 AM
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TRIPOLI, Libya, July 3 (UPI) -- The Libyan government has regained control over two key oil terminals in the east of the country, the acting prime minister said.

Rebels in eastern Libya last year seized control over the Ras Lanuf and Sidra oil terminals. Acting Prime Minister Abdullah al-Thani said control over the terminals was regained after negotiating with eastern rebel movements.

"We have successfully reached an agreement to solve the oil crisis," he said Wednesday.

Eastern export terminals handle about half of Libya's oil export capacity.

The Libyan government brokered a deal April 6 with eastern rebel leaders to re-open two other export terminals. An eight-month blockade from rebels seeking more autonomy for the region known as Cyrenaica had cut Libya's oil export potential dramatically.

Ras Lanuf and Sidra combined have a capacity of 500,000 barrels of oil per day.

Libya since the end of civil war in 2011 has struggled to maintain a stable level of oil production. Early 2014 output has been limited to around 250,000 bpd, though it had peaked after the end of the conflict at more than 1 million bpd.

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