Oil markets remain spooked by the ongoing turmoil in Libya, where the International Energy Agency (IEA) believes up to two- thirds of oil production may have been shut in as expatriate workers flee the country. The Paris-based agency said Wednesday it reckons 850,000-1 million barrels per day of Libya’s 1.6 million b/d output is now off line. The consequent export shortfalls are stoking competition for nearby shipments of light sweet West African crudes as a substitute refining feedstock, but so far, there seems to have been little outright cargo diversion towards the European market supposedly at risk from the shortages.
展开▼
