Libyan oil trade is picking up after weeks of paralysis despite civil war, trade sources told Reuters, saying political support from the West for Libyan rebels was enabling deals. The resumption of exports could provide a vital lifeline to Libyan rebels amid heavy fighting with forces loyal to Muammar Qadhafi, the sources said, adding private trading houses would dominate risky deals for the foreseeable future.
"The transactions are certainly being encouraged on the political side," a source close to the process said. Trading sources told Reuters trade house Trafigura planned to export a cargo of Libyan oil from the port of Brega and Vitol had shipped a gasoline cargo into rebel-held Benghazi.
Vitol and Trafigura declined to comment. If placed, the Trafigura cargo would be only the second oil shipment to leave Libya after Vitol shipped a cargo to China last week. Libyan oil exports were halted from early March due to low field production and as oil firms balked at international sanctions and security concerns. Vitol shipped a cargo of gasoline to the rebel-held port of Benghazi in recent days, shipping sources said on Tuesday, providing rebels with much-needed fuels to continue their war effort. The cargo was shipped from Malta to Benghazi and the oil tanker was fixed last week, the sources said.
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