Saturday, April 9, 2011

Oil tanker with Libyan crude enters Egypt's Suez Canal

An oil tanker carrying 80,000 tonnes of crude from rebel-held east Libya entered Egypt's Suez Canal on Saturday heading towards the Red Sea, a canal official told Reuters.

The Liberia-registered tanker Equator left the rebel-held east Libyan port of Marsa el Hariga on Tuesday. Oil traders say the cargo, which rebels need to finance their uprising against Muammar Gaddafi, is headed for China.

The cargo is equivalent to around 550,000 barrels of oil which worths nearly 70 million Us dollars.

Current Brent Crude Future is 126.65 which is 3.98 $ above previous day which means a 3.24% increase.

The seven-week civil war has cut output from the major supplier by 80 percent and both sides have traded accusations over attacks on oilfields.

Libya produces 1.6 million barrels of oil per day. It is the 17th-largest producer in the world, the third-largest producer in Africa and holds the continent's largest crude oil reserves. At least some 100,000 barrels per day, around 6 percent of Libya's production, have been shut in as a result of the unrest.


Libya's oil industry is run by the state-owned National Oil Corporation, which is responsible for implementing exploration and production sharing agreements with international oil companies. Along with smaller subsidiary companies, the NOC accounts for around 50 percent of the country's oil output.


Major international oil companies operating in Libya include Eni, StatoilHydro, Occidental Petroleum, OMV, ConocoPhillips, Hess Corp, Marathon, Shell, BP, ExxonMobil and Wintershall, a subsidiary of chemical company BASF.


Libya is a net exporter of oil. Its domestic consumption is estimated at only around 270,000 barrels a day.

Over 85 percent of its crude exports go to Europe, while around 13 percent goes east of the Suez Canal to Asia. Around 32 percent of Libyan oil goes to Italy, 14 percent to Germany, 10 percent to China and France and 5 percent to the United States.


Trade and Italian government sources said on Tuesday oil flows from Libyan ports were disrupted by a lack of communications.

Libya exports various grades of light crude from six major terminals, five of which are located in the eastern part of the country, where protests erupted near the second city of Benghazi.

The eastern terminals of Es Sider, Marsa el Brega, Ras Lanuf, Tobruk and Zuetina exported on average 825,000 barrels of crude per day in the last four months. The western port of Zaiwa, near the capital Tripoli, exported an average of 251,000 barrels a day over the same period.


Most of Libya's oil fields are located in and around the Sirte Basin, which contains around 80 percent of the country's proven reserves. Oil had reportedly stopped flowing at the Nafoora oilfield in the Sirte basin, according to Al Jazeera, although few details were available.

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