Tuesday 17 December 2013

Libyan rebel leader refuses to reopen oil ports

A Libyan rebel leader has refused to reopen oil exporting ports in the country’s eastern Cyrenaica region, Bloomberg has reported.

Ibrahim Al Jedran’s forces have had five of Libya’s oil terminals in lockdown since July. He has, among other things, demanded more say for the region over Libya’s oil revenues.

Last week it looked like a deal might end the closures but speaking at a press conference over the weekend Mr Al Jedran reportedly said: “We failed in making our conditions implemented, so we confirm that we won’t open the oil ports.

“We now officially mandate the Executive Office of the Cyrenaica Region to start what it has been tasked with and preserve this wealth.”

According to OPEC’s most recent market report, oil production in the country plummeted to 371,000 barrels per day (b/d) in November, down from 1.4 million b/d in the first three months of this year.