Libyan Oil Is Back, at Least for Now, Vying With Saudis and Iraq
- North African country’s crude production rising, IEA says
- Exports even rose to the U.S. in fourth quarter: IEA report
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Things are looking up for Libya oil traders.
The North African country where militants disrupted oil production for months just a year ago is now closing in on Saudi Arabia as the third-biggest source of seaborne supply to Europe after Iraq and Russia, the International Energy Agency said Thursday. Even as the U.S. is reviving its own oil industry and exporting, Libya managed to ship more crude to America in the fourth quarter than a year earlier while supplies from Saudi Arabia, Venezuela and Iraq declined, the report showed.