The essential item of the day is that Libyan oil output continues to plummet, and is now below 250k bpd with exports around 80k bpd, according to Reuters. The tally of outages from oil producing countries, due to sanctions, theft, and civil strife, is over 3.0 million bpd. We have tagged this as the litany of outages, and it has underpinned prices, creating an unexpectedly tight international market. While US output continues to soar higher, these outages are more than taking any oil that might have been displaced by the US shale oil boom. There are more production issues ahead for Iraq…
Energy Overview — TotalView™ of the Energy Markets