Bloomberg News

Libya Crude Bookings Rise to 1 Million Barrels a Day Next Week

February 01, 2012

Feb. 1 (Bloomberg) -- Nine tankers have been booked so far to load about 1 million barrels a day of crude oil in Libya next week, according to data from Poten & Partners Inc.

The ships have been chartered to pick up 970,000 metric tons, the equivalent of about 7.1 million barrels, the New York- based shipbroker’s figures show. That’s up from 375,000 tons in the week ended Feb. 4. Libya’s state-run National Oil Corp. planned to export 12.7 million barrels of crude in the week to today, according to Ahmed El-Mihoub, a marketing official in Tripoli.

The absence of Libyan production helped crude traded in London reach a 2011 high of $127.02 a barrel in April. The benchmark Brent grade has since dropped 12 percent to $112.31. The resumption of the nation’s supply has been followed by Iran’s threat to block the Strait of Hormuz, the Persian Gulf passageway for about 20 percent of globally traded oil, renewing supply concerns.

The following table shows weekly charters for crude cargoes from Libya, according to Poten. Cargo size is expressed in metric tons. Some cargoes are shipped under long-term freight contracts and don’t appear in lists of vessel bookings.

--Editors: Sharon Lindores, John Deane

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus