Commentary: Lybia’s Crude Oil Output

Posted by: : Paul EbelingPosted on: September 29, 2013 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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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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