Al Omran International Maritime Agencies, the representative office for Libyan ports, announced on September 13th that the country’s four major oil export ports have reopened and resumed operations. This development comes after the ports were forced to close on September 9th due to the impact of a severe storm that ravaged Libya, resulting in significant casualties.
According to Al-Omran, the eastern Libyan ports of Brega, Es Sidra, and Ras Lanuf are now fully operational. Additionally, the port of Zueitina, which had been closed, also resumed its services on September 12th.
The closure of these vital oil export ports had prompted concerns in the global oil market, contributing to a surge in oil prices. Brent crude oil, in particular, reached a 10-month high during recent trading sessions. Market participants were apprehensive about the potential supply disruptions resulting from the port closures, coupled with reduced oil production by OPEC+.
Furthermore, one of the contributing factors to the disruption was the temporary suspension of the Single Point Mooring (SPM) at the Es Sidra port for maintenance purposes. The maintenance team had been addressing a leak issue, and work continues to rectify the situation.
The reopening of these critical Libyan oil ports signifies a positive development for the global energy market, alleviating concerns about potential supply shortages and helping stabilize oil prices. It also underscores the resilience and adaptability of the oil industry in addressing challenges and disruptions to maintain the flow of vital energy resources to global markets.