Rebels Return Libyan Oil Fields

Libya’s government says it has resumed control of two eastern oil terminals, Ras Lanuf and Sidra, that were seized by rebels last year.

The government said the move, which resulted from an agreement with the rebels, ended the country’s oil crisis.

Rebels originally seized four terminals as they demanded more regional autonomy. The two other ports were returned to the government in April.

The country’s exports have been badly hit by the oil blockade.

“Today we regained control of the ports at Ras Lanuf and Sidra,” Libya’s acting Prime Minister Abdullah al-Thani said at a joint news conference with rebel leader Ibrahim Jathran.

“We have successfully reached an agreement to solve the oil crisis,” he added.

Mr Jathran confirmed the deal, describing it as a goodwill gesture.

The two oil terminals have a combined capacity of about 500,000 barrels a day of crude oil. However, exports could still be affected by technical delays.

Before the blockade, Libya’ usual oil capacity was about 1.5 million barrels per day.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza