Libya to supply crude to four European traders in 2012

Libya_oilLibya will supply four major European trading houses with crude oil in 2012 according to a National Oil Corporation (NOC) official.

Glencore was awarded the largest share among Europe's trading majors, and will lift three cargoes of Libya's sweet oil per month.

Swiss-based trading giants Vitol, Gunvor and Trafigura each won contracts worth approximately 18 cargoes, 12 cargoes and four cargoes per year respectively, the NOC source was reported as saying by Reuters.

Expanding in 2012

The NOC has typically limited sales of crude oil to refiners in the region and has said it plans to continue to prioritise its usual customers in 2012 but the NOC will expand its pool of customers in 2012 to include Europe's major trading houses, along with the country's own trader Oil Libya.

One million barrels/day

The country's oil output has hit 1 million barrels per day, its oil minister said after an Opec meeting in December - a further sign of its more rapid than expected recovery after an eight-month long conflict.

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