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Africa Oil & Gas: Royal Dutch Shell and BP agree to buy Libyan oil.
Royal Dutch Shell (NYSE: RDS.A) and BP (NYSE: BP) agreed to annual contracts to purchase oil from Libya, a sign that the North African OPEC member is continuing its recovery after years of war.
Libya’s oil output has been rebounding for more than a year, but buyers have been wary from unstable shipments.
Shell’s deal with Libya’s National Oil Corp. was “the first of its kind since 2013,” Bloomberg reports. Libya’s production has climbed to 1 mb/d from less than half of that amount in 2016.