Libyan Oil Ports Blockade Threatens Global Crude Supply

Protesters in Libya have blocked oil loadings at the Es Sider and Ras Lanuf ports, risking 450,000 barrels per day of exports. They demand the relocation of oil company headquarters to improve local living conditions. The National Oil Corporation's current production is 1.4 million bpd.

Local protesters obstructed crude oil shipments at Libya's key ports, Es Sider and Ras Lanuf, on Tuesday, affecting the potential export of approximately 450,000 barrels per day. This demonstration calls for the relocation of oil company offices to aid development in the Oil Crescent region, aiming for enhanced living conditions.

The National Oil Corporation (NOC) spokesperson was unavailable for comment, but the organization announced via its official X account that crude production had reached over 1.4 million barrels per day, despite being 200,000 bpd short of pre-civil war levels. The blockade's impact on production remains uncertain.

A loading schedule seen by Reuters indicated that Es Sider was poised to export around 340,000 barrels per day in January, with an additional 110,000 barrels planned from Ras Lanuf. Brent crude prices rose by 41 cents to $77.49 per barrel, with the Libyan disturbance cited as a contributing factor.

(With inputs from agencies.)