Supplies flood back to Mediterranean

摘要

Returning Iraqi and Libyan crude exports and a drop in European refinery runs are depressing crude markets in the Mediterranean region. Sweet crude is trading at its lowest point relative to North Sea Dated in nearly three months. And sour grades have fallen to a five-month low against the benchmark (see graph). Libya is producing 700,000 b/d of crude, down from 1.4mn b/d in May, but up from a brief dip to nearly zero output last month. Exports of light sweet crude resumed from the Az Zawiyah terminal on 26 September (AGM, 27 September, p5). State-owned oil firm NOC has allocated 300,000 b/d of Esharara for export between late September and the end of October. And it has sold a further 200,000 b/d of light sweet crude from the Mellitah and Marsa el-Brega terminals this month.