Commentary: Lybia’s Crude Oil Output
Crude Oil fundamentals have been overshadowed by economic and geopolitical headlines for the last several weeks, but the supply issue is worth our attention.
Crude Oil investors appeared to be relieved as news reports suggested resumption of Libya’s output with Crude Oil exports soaring in the West.
Heffx-LTN data shows that Libya’s output is now around 600-BPD, compared with the pre-July capacity of 1.5-M BPD.
Now, 40% of Libya’s total export capacity is in operation. But, a significant percentage of the output is diverted to domestic refineries.
Note: Crude Oil fields in Libya’s West have generally resumed operations, those in the East remain shut. It is harder for the government to negotiate in the East than in the West for it involves militia’s demand for autonomy of the Crude Oil rich region.
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