Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output
- Zawiya is last of nine terminals to re-open; no exports yet
- Libya pumping 700,000 barrels a day as OPEC peers cut supply
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Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts.
The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media. With Zawiya shipping, all nine of Libya’s main oil ports would be exporting. Eni SpA began drilling an offshore exploratory well northwest of the capital Tripoli and expects to complete it in 65 days, NOC said Thursday on its website.