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Libyan oil ports set to reopen on deal for greater regional oversight

  • Libyan oil ports are set to reopen next week after months of closure, thanks to a new agreement on greater regional oversight of oil sales proceeds, but a key rebel leader says he would oppose the deal if broad revenue distribution isn't devolved to the country's provinces.
  • The closed ports include Brega, Es-Sider, Marsa al-Hariga and Zueitina, which together account for more than half of Libya's crude oil exports for companies such as Total (TOT), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES) and Occidental Petroleum (OXY).
  • The months of unrest have led to a drop in oil production from ~1.6M bbl/day to ~250K bbl/day, putting the government's finances in jeopardy, and disruptions to Libyan crude supply have been one of the main factors underpinning the consistently high cost of Brent crude.
  • ETFs: BNO UOIL, DOIL.
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