Libyan rebels say two oil ports reopened after blockade

|By:, SA News Editor

Rebels blocking Libyan oil production say they are reopening Es Sider and Ras Lanuf, the country’s largest and third-largest export facilities with combined capacity of 560K bbl/day, in a gesture of support for the newly elected parliament.

Libya is now producing ~320K bbl/day, ~20% of its output before Qaddafi was overthrown in 2011; reopening the two terminals would increase Libya’s crude export capacity almost five-fold.

August Brent futures (BNO) fell as much as 0.7% to $111.54, the lowest intraday level in almost three weeks; the restart at the two ports probably would send Brent down to $110/bbl, Commerzbank says.

Energy companies with a significant presence in Libya include Total (TOT), Statoil (STO), ConocoPhillips (COP), Marathon Oil (MRO), Hess (HES), Occidental Petroleum (OXY) and Repsol (REPYF, REPYY).

ETFs: USO, OIL, UCO, SCO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM, TWTI