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OIL: Libya’s Oil Flows Slide Further as UN Talks Fail to End Standoff

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Libya’s crude exports continued to slump as UN-led talks failed to break an impasse over control of the country’s central bank, Bloomberg said.

  • Exports fell to a rate of around 1 cargo shipped per 2-3 days, compared to 1 cargo per 1-2 days at the start of the month.
  • Libya exported 314k b/d over the past week, down from 468k b/d Sep 1-5.
  • The UN said that rival Libyan groups did not reach a deal to end the central bank standoff after talks Sep. 12. No update was given on when talks would resume.
  • Limited amounts of crude continue to flow into storage at Libya’s ports, meaning it can take several days to collect the 600k-1m bbl needed to load a tanker.
  • Daily output has fallen to around 450k b/d, compared to over 1m b/d before the crisis.

 

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Libya’s crude exports continued to slump as UN-led talks failed to break an impasse over control of the country’s central bank, Bloomberg said.

  • Exports fell to a rate of around 1 cargo shipped per 2-3 days, compared to 1 cargo per 1-2 days at the start of the month.
  • Libya exported 314k b/d over the past week, down from 468k b/d Sep 1-5.
  • The UN said that rival Libyan groups did not reach a deal to end the central bank standoff after talks Sep. 12. No update was given on when talks would resume.
  • Limited amounts of crude continue to flow into storage at Libya’s ports, meaning it can take several days to collect the 600k-1m bbl needed to load a tanker.
  • Daily output has fallen to around 450k b/d, compared to over 1m b/d before the crisis.

 

Keep reading...Show less