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The supply disruptions in Libya could last longer than previously thought, tightening oil markets as driving season boosts crude demand
Via Igor Espanhol
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Scooped by Dennis Swender from Humanitarian & Cultural Causes in Africa |
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Via Igor Espanhol
"Oil prices responded to the news, but traded up only modestly. In contrast, oil prices spiked in early May when the Trump administration pulled out of the Iran nuclear deal, which at the time, was thought to lead to the disruption of around 400,000 bpd of Iranian supply. In other words, the expected Iran outage – which hadn’t even happened yet – added several dollars to the price of crude while an outage in Libya of similar size barely moved the market."