Libya's oil exports to jump to 350,000 bpd in November

TRIPOLI: Libya's crude oil exports will jump to almost 350,000 barrels per day in November, more than double the volume sold the previous month, sources at the National Oil Company (NOC) told Reuters in an interview on Sunday.

The NOC plans to sell a total of up to 14 cargoes of oil from several fields, primarily in the east and at offshore sites which escaped the worst of the damage inflicted by the war and located in areas that were liberated soon after the uprising.

A further two cargoes were expected to be offered by Benghazi-based subsidiary Agoco, bringing the total to 16, the sources said.

The eastern firm took charge of sales during the fighting to provide rebels with a crucial source of income after sanctions froze most of Libya's $170 billion worth of assets.

Libya's crude oil exports virtually ground to a halt during the war, with just two cargoes leaving the country's ports until September, when the first flows began trickling back into the market.

Before the February uprising that toppled former leader Muammar Gaddafi and ultimately led to his capture and death just over a week ago, Libyan crude oil exports stood at 1.3 million bpd.

Agoco was due to hand over responsibility for sales in mid-November, the sources said.

At least eight cargoes of crude and condensate have been sold since Agoco's fields began pumping oil again almost two months ago, and several grades have been offered.

Copyright Reuters, 2011