- 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 (NYSEARCA: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 (NYSE:TOT), Statoil (STO), ConocoPhillips (NYSE:COP), Marathon Oil (NYSE:MRO), Hess (NYSE:HES), Occidental Petroleum (NYSE:OXY) and Repsol (OTCQX:REPYF, OTCQX:REPYY).
- ETFs: USO, OIL, UCO, SCO, DTO, DBO, CRUD, USL, UWTI, DNO, OTC:DWTI, SZO, OLO, OLEM, TWTI