Libya to export 7mln bbls oil in November-NOC

Reuters, Thursday 10 Nov 2011

Libya's November oil exports falls below forecasts to stand at less than one fifth of pre-war output, accodring to the country's National Oil Corporation

 

 Libya will export around 7 million barrels of oil in November or less than a fifth of pre-war output, a senior National Oil Corporation (NOC) source told Reuters on Wednesday.

The oil was due to load on 11 tankers of which five have already sailed, the source said.

The latest estimate, which amounts to 233,000 barrels per day undershoots the NOC's previous export forecast for nearly 350,000 bpd over the course of the month.

Before the February uprising, Libya was pumping around 1.6 million bpd of which 1.3 mln bpd flowed onto the international market but civil war caused a virtual halt in output.

The bulk of export tankers have so far been sold by Benghazi-based NOC subsidiary Agoco from Tobruk which was unscathed by fighting.

Agoco took charge of selling the small amount of oil Libya exported and all oil product imports during the 8-month war after sanctions impaired the NOC's operations.

The NOC source said that it has now taken over responsibility for selling the oil but Agoco was not immediately able to confirm this.

"There are discussions, it is not formalised yet (that NOC will take over sales)...maybe Agoco will continue to market the crude," said Agoco spokesman Abdeljalil Mayuf.

U.S. oil firm ConocoPhillips , Swiss refiner Petroplus and trading firm Gunvor have been among the first buyers of Libyan oil exports since the overthrow of Gaddafi.  

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