Libya is generating considerable headline risk for Brent crude oil prices, especially, at the moment. Prices have surged and fallen back on various reports of output halts and restarts on Monday and Tuesday. This morning, Hess, which is now a company mostly focused on exploration and production, warned that civil unrest in Libya would keep its Libyan production at the low end of estimates going forward. The Libyan situation is, unfortunately, deteriorating.
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