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Shell to buy Libyan oil for first time since 2013

Royal Dutch Shell, the largest oil company in Europe, signed with the National Oil Corporation (NOC) its first contract since 2013 to buy crude oil from Libya.

Shell and BP have agreed to a long-term contract with NOC to buy crude oil, Bloomberg said on Thursday, citing the recovery of the Libya’s crude production and improved security.

Bloomberg said that Shell will carry on Saturday, the first shipment of oil, 600 thousand barrels, from the port of Zwitina, the first direct loading of the company from Libya in years.

Oil production in Libya reached 1 million bpd earlier this month, Bloomberg said, adding that OPEC had obliged Libya and Nigeria to limit their production by no more than 2.8 million barrels.

 

Bloomberg said Libya’s average oil production in 2017 was 828,000 bpd, the highest annual average since 2013.

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