Libya resuming oil exports from Es Sider, Brent crude slides


Even as chaos continues to engulf the country, Libya said yesterday that oil exports would resume shortly from the Es Sider terminal, the country's largest and capable of exporting 350K bbl/day of crude, after being shut for the past year.

Libya’s production is now well over 500K bbl/day, still below peaks reached under Gadhafi's rule but a significant addition to global oil supply.

Crude oil futures are falling in Europe on news of the increased Libyan supply as well as weak overnight data on Chinese manufacturing; October Brent crude on the ICE exchange fell $0.71 to $101.57.

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