By Sami Zaptia.
London, 1 December 2018:
Libya’s National Oil Corporation (NOC) yesterday confirmed that a number of the country’s crude oil terminals are closed due to persistent bad weather. High waves were cited as the main factor.
The closure has led to loading schedules to be postponed at Ras Lanuf, Zueitina, Zawiya and Es Sider terminals. Brega terminal was also expected to halt operations.
The NOC reported that production has already decreased by 150,000 bpd, and is likely to be reduced by an additional 50,000 bpd due to a lack of additional storage capacity.
It aso added that projections based on the new production level indicate that Es Sider tanks will be full within two days. Should bad weather persist, the NOC said, 150,000 barrels of Sharara production could also be affected.
Ironically, the terminal closures and reduction in exports comes on the day that the NOC had announced record oil production for October.
This represents the highest year-to-date monthly total of 2018, and represents an increase of US$ 1.21 billion (+73%) from the September figure, the NOC had reported.
Meanwhile, domestically, the NOC has had to reassure the Libyan public that the terminal closures will not lead to fuel shortages at petrol stations.