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Wednesday, November 27, 2013
The US Energy Information Administration (EIA) released a new brief, “Today in Energy”, that analyzes Libya’s political instability and its effect on the global oil market.
While some Libyan exports resume, other companies are still facing delays over continuous instability mixed with strikes. Some firms are re-evaluating their Libyan operations while others are leaving the beleaguered country out of forecasts. Hydrocarbon firm Hess Corp. released a report that the constant problems are hurting the North African country’s bottom line, but it doesn’t just stop in Libya. The situation is also having an effect on the global oil market.
The EIA said that Libya’s oil sector has been crippled by prolonged strikes at key loading ports since the end of July – which has seen 1 million bpd of crude oil removed from the global market. “These supply disruptions have affected the Brent crude oil price, a global benchmark, as the outages reinforced a tighter market by increasing global supply disruptions and decreasing surplus crude oil production capacity,” the brief stated.
In August, unplanned global supply disruptions reached the highest average level (3 million bbl/d) since at least January 2011 and remained at a high level through November. During August to November 22, Libya accounted for an average 39% of total global supply disruptions. “Global markets adjusted after the initial shock in August, as supplies of crude oil from other countries made up the difference. However, there are several other factors that have more recently influenced the Brent price.”
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