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Crude production in Libya is sinking fast as protests spread

  • Libyan oil production has dropped to one-eighth of capacity as protests over pay and allegations of corruption spread to fields operated by Eni (E +2.5%) and Repsol (REPYY.PK, REPYF.PK).
  • Earlier protests were in the central and eastern regions that produce and export the majority of Libya’s crude, affecting companies such as Royal Dutch Shell (RDS.A, RDS.B), Marathon Oil (MRO), Hess (HES) and ConocoPhillips (COP).
  • Libyan output has slumped to ~200K bbl/day vs. 640K earlier this month and optimal capacity of 1.6M, according to the chairman of the state oil company.
Comments (2)
  • User 353732
    , contributor
    Comments (4823) | Send Message
     
    1. The oil markets barely notice Libya any more. Three years ago prices would have moved notably.
    2. The shareholders of COP, MRO will benefit once these two companies decide to be pure plays in North American E&P and o another round of spin offs.
    28 Aug 2013, 12:39 PM Reply Like
  • aeroguy48
    , contributor
    Comments (617) | Send Message
     
    obamas Arab 'spring'. Thanks a lot, good thing for ole American ingenuity for Fracking or we would be in a world of hurt with high gas prices.
    28 Aug 2013, 08:00 PM Reply Like
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