After The Escalation In Yemen: Brent Oil Prices Jumped
Brent crude oil prices rose two percent to $78.94 a barrel after the escalation of the situation in Yemen
The opportunity of a recovery in Libyan crude output as Moammar Gadhafi's regime faces defeat has drawn mixed reactions from oil prices.
Brent North Sea crude for October delivery plummeted by USD 2.46 to USD 106.16 per barrel in late morning deals.
At the same time light sweet crude for September delivery added USD 0.46 to USD 82.72 a barrel, the trend being rather attributable to the health of US supplies.
The divergent courses of the two prices are due to the fact that Brent is expected to feel the more immediate impact from Libyan oil coming back online, whereas U.S. prices are more insulated.
Market analysts have said that Libya is not likely to be able to return to pre-uprising output levels before the end of 2011.
Libya pumped around 1.6 million barrels per day (bpd), nearly 2 percent of global supply, before the substantial slowdown caused by the rebellion which broke out in mid-February.
Output was reduced to close to nothing during the conflict.
Against that backdrop, foreign oil producers in Libya have said that they want to make sure that the situation is under control before they restore production at the closed fields.
Italy's Eni, the largest foreign producer in Libya, has said it could take a year to get fields back to full capacity.
Austrian OMV, which halted production on its Shateira oil field in February, has said that it will watch closely further developments in the country and that it does not "have any bilateral contract with the rebels".
British oil giant BP, which also evacuated its staff during the February revolt against Gaddafi, has admitted that it will seek to return to Libya and restore its exploration program "when conditions allow"
A spokeswoman for Repsol, Spain's largest oil company, has confirmed that they are monitoring events on the ground.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The US Senate has overwhelmingly approved a substantial aid package totaling 95 billion USD, aimed at supporting key American allies, including Ukraine, Israel, and Taiwan.
Concerns are mounting within the European Parliament regarding potential Russian interference in the forthcoming parliamentary elections, coupled with apprehensions surrounding Russian-owned properties in Bulgaria
As Russia prepares to mark Victory Day, commemorating the Soviet Union's triumph in World War II, festivities are set to be scaled back for the second consecutive year due to security threats linked to the war in Ukraine and recent acts of terrorism
The debate surrounding the inclusion of Bulgarians in North Macedonia's constitution, a crucial precondition for the country's European Union accession talks, has taken center stage in the ongoing presidential campaign
Tensions flare across America's prestigious university campuses as pro-Palestinian demonstrations intensify, sparking clashes with authorities and raising concerns about campus safety and freedom of expression
Reports emerged last night of renewed Russian missile fire targeting the eastern Ukrainian city of Kharkiv, intensifying fears of escalating conflict in the region
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022