World Bulletin/News Desk
Libya has begun importing diesel and fuel oil to keep power plants operating after protests closed most of the gas fields in its eastern region which usually supply them, an industry executive said on Monday.
No end is in sight to the worst disruption to Libya's oil industry since the civil war in 2011 as armed groups, security guards and oil workers with tribal loyalties shut down pipelines and oil ports across the country.
A National Oil Company senior official said Libya had imported at "least three times the quantities of liquid fuel" than usual in order to keep power plants operating.
"All the gas in the eastern part has stopped," said the official, who requested anonymity.
The official said that a vessel that had loaded 600,000 tonnes of crude from Brega port, which shipping sources said was the Eagle Trenton, had been asked by NOC to go to Zawiya port in the west because it was needed to supply its 120,000 bpd refinery, the biggest near the capital Tripoli.
The official said the Wafa gas field which produces around 13 million cubic metres per day in a joint venture with Eni was providing some relief for Libyan power plants that run on gas.
"We told the customer we cannot deliver the cargo because we needed it for domestic consumption," the official added.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
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However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
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In the eurozone, Frankfurt's DAX 30 index climbed 0.4 percent to 12,746.05 points, and the Paris CAC 40 gained 0.5 percent to 5,243.53 compared with the close on Thursday.
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While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.
US, with 30 planned LNG terminals and six under-construction, is forecast to be next leader in LNG markets