Glencore loses exclusive rights to major Libyan oil grades

Reuters exclusively revealed how trading and mining giant Glencore has lost its exclusive marketing rights for two of Libya’s main crude oil export grades after holding them since late 2015. The Switzerland-based firm had secured the rights to the Sarir and Messla grades when it was one of the few foreign companies willing to deal with the North African country during unrest that has wracked the country since 2011. Glencore, which had exclusive rights on the two grades until the end of 2018, and Libya’s National Oil Corp declined to comment.