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FINANCIAL NEWS
Libyan rebel held oil facilities mostly undamaged
26 Jun 2011
(MENAFN) A British Foreign Office diplomat said that oil exports from the rebel held oil fields in east Libya could begin within three to four weeks of Muammar Qaddafi’s fall, since oil infrastructure in the area wasn’t severely damaged, reported Arab News.
The diplomat added that in April, rebels sold their first crude tanker to US refiner Tesro, nevertheless, as a result of concerns over the oilfields security, production was postponed.
On the other hand, the International Energy Agency’s deputy head, Richard Jones, said that the loss of Libyan oil production since February affected global oil supply especially that the Libyan oil disruption came at a time when many European oil refiners were closed for maintenance.
It is worth noting that for the rest of June, the global market will encounter a possible shortfall of 1.8 million barrels per day and 1.7 million for the next quarter.
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