situation report

Dec 16, 2013 | 12:36 GMT

1 min read

Libya: Oil Prices Climb Due To Blocked Ports

The Libyan government's failure to reach an agreement with tribal leaders to stop the blockade of several oil-exporting ports has led the price of Brent crude to climb above $109 a barrel, Reuters reported Dec. 16. Due to blockages and strikes, oil exports have fallen to around 110,000 barrels per day from more than 1 million bpd in July. Approximately 600,000 bpd of possible exports remain off the market, according to JBC Energy Managing Director David Wech. Libyan production will strain to exceed 800,000 bpd in 2014, a Morgan Stanley oil analyst added. 

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