CAIRO: Libya resumed oil exports Wednesday, ending a hiatus that lasted months.
The resumption came after the country restarted production at oil fields following the firing of the chairman of the state-run oil corporation by one of the country’s rival governments.
A Malta-flagged tanker, Matala, docked at the Al-Sidra terminal to ship one million barrels of crude oil, the new leadership of the National Oil Corporation said. The vessel will then head to Italy, it said.
Two other tankers, the Marshall Islands-flagged Nissos Sifnos and the Liberia-flagged Crudemed, were scheduled to ship 1.6 million barrels Wednesday from the terminals of Zueitina Ras Lanuf, according to the NOC.
Last week, the NOC lifted a force majeure which was declared in April at several oil facilities after tribal leaders, aligned with powerful commander Khalifa Haftar, shut them down. The force of majeure is a legal maneuver that enables a company to get out of its contract obligations because of extraordinary circumstances.
Production was resumed Tuesday at several fields including the Sharara, the county’s largest, after three months of closure, the NOC announced.
Abdul Hamid Dbeibah, prime minister of the Tripoli-based government, announced last week the sacking of Mustafa Sanalla, the chairman of the NOC. He appointed Farhat Bengdara, a former governor of Libya’s central bank, to head the crucial oil company.
The move was rejected by Sanalla, who said Dbeibah’s government lacked legitimacy.
NOC’s new chairman, Bengdara, became known for his strong ties with the United Arab Emirates and Haftar, whose forces control the country’s eastern and much of southern areas.
His appointment was seen as a move by Dbeibah to gain control over oil revenues and gain the support of Haftar in his rivalry with Bashagha.
Libya is now ruled by two rival administrations, Dbeibah’s government in Tripoli and the government of Fathi Bashagha, who was appointed as prime minister by the east-based parliament in February and is now based in the city of Sirte.
The North African country has been wrecked by conflict since the 2011 NATO-backed uprising turned civil war toppled and later killed longtime dictator Muammar Qaddafi.
The country’s prized light crude has long been a feature of Libya’s conflict, with rival militias and foreign powers jostling for control of Africa’s largest oil reserves.
Tribal leaders, aligned with Haftar, in April shut down oil facilities, including the country’s largest oil field and major terminals, likely to deprive Dbeibah’s from funds.
The closures caused Libya’s daily output of oil to drop by two-thirds. The country’s production was at 1.2 billion barrels a day earlier this year.
The shutdown had come amid skyrocketing oil prices following the Russian war in Ukraine It also exacerbated the country’s electricity shortages and sparked protests, including one that resulted in the storming of the east-based parliament in Tobruk.
Libya says oil exports resumed after monthslong hiatus
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Libya says oil exports resumed after monthslong hiatus
- A Malta-flagged tanker, Matala, docked at the al-Sidra terminal to ship one million barrels of crude oil
- Production was resumed Tuesday at several fields including the Sharara, the county’s largest
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
