Despite a recent shutdown of oil production in Libya, Arkenu Oil Company, based in Benghazi, successfully exported 5 million barrels of crude oil. This achievement comes amid a political crisis that has led to significant restrictions on oil exports across the country.
The company, which began operations in early 2023, has managed to navigate the challenges posed by the blockade and continues to play a role in Libya's oil sector, highlighting its capacity and resilience in the face of adversity.
Citations:
[1] https://www.argusmedia.com/en/news-and-insights/latest-market-news/2588065-new-libyan-firm-starts-exporting-crude
[2] https://www.bloomberg.com/news/articles/2024-09-04/libya-oil-exports-trickle-out-even-as-authorities-block-loadings
[3] https://www.argusmedia.com/en/news-and-insights/latest-market-news/2602846-baghdad-issues-ultimatum-to-krg-to-drive-output-down
[4] https://www.fastmarkets.com/insights/us-log-exports-plunge-as-chinese-demand-stalls/
[5] https://www.bloomberg.com/news/articles/2024-08-26/libyan-rival-government-to-stop-oil-output-amid-central-bank-row
[6] https://www.argusmedia.com/en/news-and-insights/latest-market-news/2544321-sse-equinor-scrap-north-sea-h2-production-plan
[7] https://tradingeconomics.com/china/imports-of-logs-lumber
[8] https://www.bpp.gov.ng