Libya to Reopen 2 Major Ports
Discussions have begun to reopen two major oil ports in war torn Libya, as the country’s UN-backed government strives to bring trade back into the country and start exporting goods, according to Reuters.
Despite the prominence of the Islamic State (ISIS) terror group in the country, the region is actually split into many warring factions, each controlling a stake of land.
The Libyan ports of Ras Lanuf and Es Sider have an export capacity of 600,000 barrels per day, and the conflict has battered the oil industry, with the two ports closed since 2014.
Mousa Alkoni, a member of the Libyan government's presidential council said: "We are holding discussions with the Petroleum Facilities Guards (PFG) of the central region. After the discussions with the PFG are finished, the force majeure will be lifted."
Libya fell instability after the bloody ousting of Dictator Muammar Gaddafi, part of the regional ‘Arab Spring’, yet the country has since struggled to form any form of political balance.
ISIS have long had a military aim to disrupt Libya’s lucrative oil industry, thereby bringing further instability,
The announcement to reopen the two ports has come with the news that Iran has pledged to double its oil exports after recently re-joining the global market after long-standing sanctions were lifted on the country.
In the oil markets, the price of oil has recently fell to a two month low, after spending much of recent time in the doldrums.