Libya to set new crude-price strategy after failure of July sale

TRIPOLI, Libya (Bloomberg) -- Libya is preparing a new pricing strategy for its crude exports after a sales offer last week failed because potential buyers offered “unacceptable” prices, according to state-run National Oil Corp. Libya plans to offer different crude prices before the end of next month that will compensate customers for the additional risk of loading oil in the country, Ahmed Shawki, marketing director at National Oil, said by phone from Tripoli. The country reduced July export prices for seven grades of crude by as much as $1.90 a barrel, according to a price list from National Oil obtained by Bloomberg News on July 18.

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