geopolitics-00242.jpg
An oil pump jack in an oil field near the city of Almetyevsk. (Photo Credit: Yegor Aleyev/TASS)

The port of Zueitina is preparing to export one million barrels of crude oil to the European market via the tanker Nordic Breeze, according to the media office of the ports of Brega and Zueitina.

The media office added, in a statement, that the port of Brega received the tanker named Trammo Paris at the same time. This tanker shipped 13,000 tons of ammonia bound for Malta.

It published further details about the maintenance operations that are in full swing at the ports located in the Oil Crescent region. The maintenance operations are expected to speed up shipping and transportation of crude oil from the fields to various oil tankers.

The International Energy Agency (IEA) predicted that the ceasefire in Libya will raise oil output to 700,000 bpd by December, from the current 300,000 bpd.

In its monthly report, the IEA added that global oil stocks, which rose during the height of the pandemic, are being steadily reduced. The Paris-based agency noted that the second wave of COVID-19 is slowing demand and will complicate efforts by producers to balance the market.