Libya declares force majeure on oil output from two terminals
Libya had completed the re-opening of all of its oil terminals in early 2017 and its oil output had reached the highest of three years in January after years-long political chaos and conflict it experienced. The country was also readying to export oil and expand the capacity of its refineries, which are expected to add $4.5 billion to the country’s economy in 2017.
The recent force majeure from the country was immediately reflected on crude oil prices. On Tuesday evening, NYMEX crude settled up $64 cents at $48.37/barrel while ICE Brent was up 58 cents to settle at $51.33/barrel and they are currently trading above the settlements of the previous day as of Wednesday afternoon.
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