The first would be to boost production and send more crude through the east-west pipeline, linking the country’s largest oilfields in Eastern province with the Red Sea port of Yanbu, for shipment to Europe.
Another possibility would be a swap arrangement, whereby West African oil intended for Asian buyers is redirected to Europe, with Saudi Arabia stepping in to supply Asia.
“Right now, there are active talks in order to implement what is needed,” the Saudi official said. He stressed that the kingdom retains spare capacity of some 4m barrels a day – more than double Libya’s entire output, which totaled 1.58m b/d in January, according to the International Energy Agency.
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