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OIL
Libya’s target to raise production to 2m b/d faces pressure from political instability driven by the UN backed process to bring about elections, according to Platts.
- Libya has already seen the 300k b/d Sharara field – Libya’s largest – shut due to protests. This was followed by threats to close a further 23 oil fields and protest as the 120k b/d Zawiya refinery.
- Libya wants to raise output to 2m b/d in 3-5 years, Platts said.
- While the Sharara protest should not push the expansion project off track – provided it is short lived – it marks a return to protester driven disruption to output. This could be worsened by any contested elections.
- "What we may well see is that another government is attempted to be produced, which is subsequently contested, and that might be a source of conflict ...which would undoubtedly seep into the oil and gas sector," Chatham House’s Tim Eaton said.
Source: S&P Global Commodity Insights
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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