Libya’s National Oil Corporation Reports Smooth Oil Exports Amid Protests

Libya’s National Oil Corporation (NOC) has confirmed that oil exports are continuing without disruption following talks with protesters at the Es Sider and Ras Lanuf ports on Tuesday. The NOC stated on its Facebook page that operations are proceeding smoothly across all fields and ports after discussions with the protesters who had held demonstrations at the ports.

Protesters had temporarily blocked oil loadings at the ports, calling for the relocation of oil company headquarters to the Oil Crescent region and fairer development of the area to improve living conditions. The Oil Crescent, which is home to key ports like Es Sider, Brega, Zueitina, and Ras Lanuf, contributes nearly half of Libya’s total oil exports, while most oil company headquarters are based in the capital, Tripoli.

Houssam El Khodor, one of the protesters, stated, “We just want equality. Oil is extracted from our region, but all we get in return are toxic fumes.”

As the Organization of the Petroleum Exporting Countries (OPEC) prepares to discuss its oil production policy, Libya, a member of OPEC, is facing challenges amid calls from U.S. President Joe Biden to help reduce global oil prices. Earlier on Tuesday, NOC reported that Libya’s crude oil production had reached over 1.4 million barrels per day, approximately 200,000 bpd below pre-civil war levels.

According to a January loading schedule seen by Reuters, Es Sider was set to export around 340,000 bpd, while Ras Lanuf was slated to ship an additional 110,000 bpd. Despite earlier rises in Brent crude oil prices in response to the protests, prices settled at a two-week low of $77.17 per barrel by 1616 GMT.

Oil protests have previously disrupted Libya’s operations, including a shutdown last August that reduced production by about 700,000 bpd due to disputes over the central bank governor’s position. The disruption lasted over a month, with production gradually resuming in early October.

Overall, NOC’s successful negotiations with protesters and the continuation of oil exports indicate a positive outlook for Libya’s oil industry amid ongoing challenges and global market dynamics.

(Reuters + Staff)