Libya Oil Exports Plunge as NOC Cancels Cargoes due to Crisis

FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
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Libya Oil Exports Plunge as NOC Cancels Cargoes due to Crisis

FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo
FILE PHOTO: A general view shows Libya's El Sharara oilfield December 3, 2014. REUTERS/Ismail Zitouny/File Photo

Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya's central bank and oil revenue.

The standoff began last month when western Libyan factions moved to oust a veteran central bank governor, prompting eastern factions to declare a shutdown to all oil output.

Libyan ports shipped 194,000 barrels per day (bpd) on average of crude last week, down about 81% from just over 1 million bpd in the previous week, Kpler's data showed, Reuters reported.

Although Libya's two legislative bodies said last week they agreed to jointly appoint a central bank governor within 30 days, the situation remains fluid and uncertain.

The United Nations Support Mission in Libya (UNSMIL), which is attempting to defuse the crisis, said on Tuesday it would resume facilitating talks on Wednesday in Tripoli.

NOC, which manages Libya's fossil fuel resources, has not declared force majeure on all port loadings and has so far opted to use the measure on individual cargoes, trading sources with knowledge of the matter said.

It had declared force majeure on all crude production at El Feel oilfield on Sept. 2 and on exports from the Sharara field on Aug. 7, before the crisis over the central bank began.

NOC last week cancelled several Es Sider cargoes, Reuters reported and two trading sources told Reuters NOC has also cancelled cargoes of the Amna and Brega crude grades.

Some tankers have been allowed to load crude from storage at Libyan ports to fulfil contractual obligations and avoid financial penalties, an NOC source has told Reuters.

NOC said on Aug. 28 that oil production had dropped by more than half from typical levels to about 590,000 bpd. It was not immediately clear where production levels now stand.



Saudi Ports Authority Signs $53 Million Deal to Establish Logistics Zone at Dammam Port

Mazen bin Ahmed Al-Turki, Acting President of the Saudi Ports Authority (Mawani), and Ali Sultan Al-Qahtani, Chairman of Sultan Logistics, during the signing of the agreement. (Mawani)
Mazen bin Ahmed Al-Turki, Acting President of the Saudi Ports Authority (Mawani), and Ali Sultan Al-Qahtani, Chairman of Sultan Logistics, during the signing of the agreement. (Mawani)
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Saudi Ports Authority Signs $53 Million Deal to Establish Logistics Zone at Dammam Port

Mazen bin Ahmed Al-Turki, Acting President of the Saudi Ports Authority (Mawani), and Ali Sultan Al-Qahtani, Chairman of Sultan Logistics, during the signing of the agreement. (Mawani)
Mazen bin Ahmed Al-Turki, Acting President of the Saudi Ports Authority (Mawani), and Ali Sultan Al-Qahtani, Chairman of Sultan Logistics, during the signing of the agreement. (Mawani)

Saudi Arabia’s Ports Authority (Mawani) signed an agreement with Sultan Logistics to develop a new logistics zone at King Abdulaziz Port in Dammam, in the eastern region of the Kingdom. The investment is valued at SAR 200 million ($53.3 million) and will cover a total area of 197,000 square meters.

The contract was signed by Mawani’s Acting President Mazen bin Ahmed Al-Turki and Sultan Logistics Chairman Ali Sultan Al-Qahtani in the presence of several officials.

The new zone will include 35,000 square meters of warehousing space, administrative offices, and a designated yard for storing and maintaining both dry and refrigerated containers. It will also feature a re-export area, aiming to boost the port’s operational efficiency and the quality of logistics services provided.

The project is part of Mawani’s broader initiatives aligned with the goals of the National Transport and Logistics Strategy, which aims to develop logistics zones both inside and outside the Kingdom’s ports. These efforts support Saudi Arabia’s ambition to become a global logistics hub and to offer high-efficiency services in line with the nation’s Vision 2030 development roadmap.

The logistics zone at King Abdulaziz Port is expected to boost the port’s competitiveness by offering specialized logistics services, increasing the private sector’s contribution to economic development, and furthering economic diversification.

The year 2024 has already seen the launch or groundbreaking of eight logistics zones and centers across the Kingdom, with a total private sector investment of approximately SAR 2.9 billion ($773 million). These zones are part of a broader logistics infrastructure development plan involving over SAR 10 billion ($2.66 billion) in investments across 20 logistics zones overseen by Mawani.

Among the key milestones was the opening of Maersk’s largest global logistics investment at Jeddah Islamic Port—an expansive facility worth SAR 1.3 billion ($346.5 million) covering 225,000 square meters.