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Shell Lifts 1st Libya Crude Cargo in 5 Years

Shell Lifts 1st Libya Crude Cargo in  5 YearsShell Lifts 1st Libya Crude Cargo in  5 Years

Royal Dutch Shell has lifted a cargo of 600,000 barrels of crude oil from Libya's Zueitina Port, its first from the war-torn North African country in five years, two industry sources told Reuters on Saturday. "Libya is a significant resource holder and Shell International Trading and Shipping Company Ltd has a history marketing Libyan crudes," a Shell spokesperson was quoted as saying by Reuters. "We welcome new business opportunities with Libya’s National Oil Corporation. However, we don't comment on specific trading deals," the spokesperson added. Libya is reviving its oil production and exports in spite of continuing political uncertainty. In July, crude production was at a four-year high and exports were the most in three years, according to data compiled by Bloomberg. While the expansion has helped Libya’s oil-dependent economy, the Organization of Petroleum Exporting Countries is trying to cut global supplies. That effort has been undermined by recovering output at OPEC members Libya and Nigeria.

 

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