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Acting Libyan Prime Minister announces oil standoff is over

July 5, 2014 at 2:28 pm

Libya’s acting Prime Minister Abdullah Al-Thani said on Thursday that the government has reached a deal with a rebel leader controlling oil ports to hand over the last two terminals and end a blockade that has paralysed the country, Reuters said.

“We have successfully reached an agreement to solve the oil crisis,” Al-Thani said at Ras Lanuf terminal in eastern Libya. “We have received today [Thursday] Ras Lanuf and Es Sider oil ports thankfully without the use of force. I officially declare this is the end of the oil crisis”

Al-Thani said the ports had been reclaimed after an agreement with Ibrahim Jadran, whose fighters had seized the terminals almost a year ago to demand more regional autonomy. Jadran fought against the ousted regime of Mu’amar Al-Ghadhafi.

In a press conference, Jadran said that he had handed over the ports as a “goodwill gesture” to the new parliament, which was elected last month. He blamed the previous temporary parliament for all crises, including the closure of the sea terminals.

Taking back the two major oil terminals could make around 500,000 more barrels a day of crude available for export, a major breakthrough for the country. However, shipments may still face technical delays.

Following the end of Libyan standoff, world oil fell below $112 a barrel.

Source: Reuters