Glencore trading strategies

By Julia Payne and Ahmad Ghaddar, Reuters. Swiss-based commodities strategies Glencore has extended a deal with Libya's state oil firm to be the sole marketer of one third of the country's current crude oil productionsources familiar with the matter said. It was not clear strategies how long Glencore would continue to have exclusivity over the output trading whether some parts of the deal would be renegotiated. The deal extends Glencore dominance over rivals such as Vitol and Trafigura in handling barrels from the North African country for a second year running.

A spokesman for Glencore declined to comment. Officials at Libya's state-owned National Oil Corp. NOC also declined to comment. Libya has struggled for years to end a crippling blockade of its oil ports amid a civil war glencore Islamic State intrusions. Between security fears and erratic glencore, refiners eventually stopped attempting to buy from the North African country.

With a dwindling trading stream, NOC needed an intermediary that was comfortable managing the risks, able to market the oil globally and pay cash upfront for the cargoes. Glencore snapped up the opportunity in September to resell the only relatively stable onshore output—from the Sarir and Mesla oilfields loaded at the country's easternmost Marsa el-Hariga port.

Libya's small offshore production also continued. Sincethe trader has been the only company able to buy Sarir and Mesla crude output directly from Libya's NOC strategies is expected to continue as NOC has largely finalised its allocations. Libya's production has recovered to aroundbarrels per day glencore and NOC hopes output will rise to 1.

Glencore's deal entitles it to aroundtrading from the Sarir trading Mesla oilfields, the sources added. It also regularly delivers crucial refined fuel as Libya's refining system operates well below capacity. Strategies trades about 4. Vitol and Petraco have also been picking up cargoes but on a small scale, and producers with stakes in oilfields in the country such as Total, Repsol, OMV have returned to trading tankers, as strategies buyers such as Unipec, the trading arm of China's state-owned Sinopec.

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What does this mean for the markets? Election play in gold options. Trading giant Glencore extends major Libyan oil deal FROM ISSUE.

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