File - Workers conduct maintenance work on oil pipelines at the Zueitina oil terminal in Zueitina, west of Benghazi April 7, 2014. (REUTERS/Esam Omran Al-Fetori)
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A port in eastern Libya is once more the focus of oil markets, three years after it was the scene of a battle in the overthrow of Moammar Gadhafi.Oil output in Libya slumped about 80 percent since the start of the uprising against Gadhafi in 2011 .The world's most-traded oil spread widened to as much as $23 a barrel last year, from about $3 at the end of 2010 . It has since narrowed to $8 as the central government reached peace deals with the rebels.With the 70,000 barrel-a-day Zueitina port open, traders are waiting now for the restart of the 340,000 barrel Es Sider terminal, the nation's largest, and Ras Lanouf, with a daily capacity of 220,000 barrels, Olivier Jakob, the managing director of Petromatrix GmbH, a consultant in Zug, Switzerland, said by email on April 29 .The 110,000 barrel-a-day Hariga terminal resumed exports on April 17 and has since shipped a total of 1.85 million barrels, almost enough to fill a supertanker.Daily crude production in Libya was about 300,000 barrels on April 30, according to Elharari.
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