MARKETS UMMARY

摘要

Libyan exports ground to a halt last month, cutting short -haul crude supplies to Europe by over 1 mbpd. Additional output from the rest of OPEC has so far has compensated for only a small part of the Libyan losses, with an increase from Middle East producers largely offset by a fall in Nigeria. Total OPEC production last month was 1 mbpd down on February. European refiners, who bought at least 80% of Libyan exports, have been badly hit by the cut in their shorthaul crude supplies. Westbound liftings of Middle East oil have risen by 300,000 bpd since the beginning of February and more West African crude is staying in the Atlantic Basin instead of being shipped to Asia, but these extra supplies will not be enough to make up for the deficit in Libyan cargoes ?crude arrivals in Europe have dropped by 750,000 bpd in the last two months.