OPEC crude oil output is on course to reach its lowest since October 2011 this month as discontent in Libya, pipeline leaks in Nigeria and Iraqi export disruptions weigh on supplies, a Reuters survey found on Thursday.
Bloomberg reported that armed clashes occurred at a Waha Oil Co oil field in Libya.
Injured soldiers protested outside western Libya's main oil refinery on Thursday, closing operations for the second time this month, a company spokesman said, and raising fears of a petrol shortage in the war-battered country.
Reuters reported that US crude oil prices are up on the crisis in Libya and lower US gas stockpiles.
Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Spot market oil prices fell to a two-week low in New York on speculation that the worst earthquake in Japan’s history will hurt growth and reduce fuel demand in the world’s third largest economy.
The political uprisings in the oil-rich region of the Middle East and North Africa are pushing oil prices to a dangerous level that threatens to force many still recovering economies into another recession. Wayne Atwell, Managing Director of Casimir Capital, spoke with Oil Investing News, a part of The Resource Investing News Network, about the possible implications for the resource markets.
BP and Reliance Industries intend to create a joint commercial interest to purchase, transport and market oil and natural gas. This partnership could prove important for the Indian economy.
Libya’s top oil official declared that his country is keen to invest in oil-and-gas exploration off Cyprus’ southern coast. For full story, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
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