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Libyan oil ports reopen after storm forced closure

Reuters/ Maxar Technologies
A satellite image shows port facilities in the aftermath of the floods in Derna, Libya September 13, 2023

Four major oil ports in Libya have reopened after shutting down on Saturday because of the powerful storm that swept the country, killing thousands of people, port agent Al Omran International Maritime Agencies said on Wednesday.

The eastern ports of Brega, Es Sidra and Ras Lanuf opened on Tuesday and the port of Zueitina opened on Wednesday morning, Al Omran said.

A single buoy mooring at Es Sidra was shut for maintenance last week after a leak, two traders told Reuters. Maintenance teams are still trying to fix the leak, a shipping source added.

Oil prices rebounded on Thursday as markets turned their attention back to a tighter crude supply outlook for the rest of 2023 with demand set to stay robust through to next year.

Brent crude futures rose 36 cents, or 0.4 percent, to $92.24 a barrel at 03:00 GMT. US West Texas Intermediate crude climbed 35 cents, or 0.4 percent, to $88.87.

“Fears of deficient supplies are underpinning oil prices as producers adamantly stick to restricted production,” Priyanka Sachdeva, senior market analyst at Phillip Nova told Reuters.