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Al Jurf News

08 Apr 2014

Libya's NOC Keeps Force Majeure in Place at Eastern Oil Ports

Libya's National Oil Corp (NOC) has yet to lift force majeure at the eastern ports of Zueitina and Hariga following a deal with federalist rebels to reopen them after a nine-month blockade, an oil ministry official said on Tuesday. "Force majeure is still in place, it has not been lifted. NOC has not instructed the ports to export oil yet," Ibrahim al-Awami said. Al Awami said staff at Arabian Gulf Oil Co (AGOCO), which runs the Hariga terminal, had joined a general strike in Benghazi that began on Sunday. It was unclear whether this would affect the port's ability to resume exports. Workers at Zueitina were carrying out maintenance and checking facilities before the resumption of exports, Al Awami said.

08 Apr 2014

Med Crude-Kazakh CPC Strengthens, Azeri Exports to Drop

Kazakh CPC Blend crude strengthened on Tuesday as the outlook soured for the resumption of rival Libyan oil exports and a loading programme showed lower Azeri loadings in May. In the Platts window, oil major Total bid for CPC at dated Brent minus 50 cents, some 20 cents stronger than previous price estimates, but found no sellers, traders said. In the Urals market, Eni offered a cargo in the Baltic at dated Brent minus 75 cents, but found no buyers as the levels were considered too strong. Traders said CPC might be strengthening as the market for light barrels in Europe might be tightening. Azeri Light oil exports will decline in May to 748,000 barrels per day from 818,000 bpd in April, traders said on Tuesday, citing a loading programme.