Commodities giant Glencore has extended its deal with Libya’s National Oil Corporation (NOC) to be the exclusive trader of around 230,000 bpd of Libya’s current crude oil production of around 700,000 bpd, Reuters reported on Monday, citing sources familiar with the deal. The agreement gives Glencore advantage over commodity trading rivals Vitol and Trafigura in Libya’s crude oil trading market for a second year in a row. Oil Needs A Serious Catalyst To BreakoutBack in 2015, Glencore secured a deal with Libya’s NOC to buy half of the country’s then oil output of around 400,000 bpd. Lately, Libya has recovered its crude oil production to around 700,000 bpd in January. The country seeks to increase oil production to 1.25 million bpd by the end of 2017 and 1.6 million bpd by 2022, the chairman of Libya’s National Oil Corporation, Mustafa Sanalla, said last month.

Source: Libya Today February 06, 2017 23:59 UTC