US threats to attack Syria over the alleged use of chemical weapons by the Asad government against its opponents gave crude oil markets the jitters, pushingprices to a two-year high before Washington's reluctant acceptance of a Russian peace plan reduced fears of US military action, causing prices to retreat. Events in Libya, however, continued to provide support for prices, especially for light, sweet crudes as strikes and unrest at Libya's main oil export terminals led to an almost complete cessation of exports. Oil production was reported at one stage as low as 200,000 bpd, compared with 1.5 mn bpd before the start of recent troubles. The country's largest refinery, the 240,000 bpd Ras Lanuf, closed because of a lack of crude oil, and problems with obtaining crude were also reported at the second-largest refinery, the 120,000 bpd unit at Zawiya. The disruption to crude and product exports from Libya also depressed freight rates in the Mediterranean and beyond.
展开▼
