Libya’s Oil Blockade Will Help Clear The Global Supply Glut | OilPrice.com

venezuela headline news

“)),n=v(f[r.size_id].split(“x”).map(function(e){return Number(e)}),2),i.width=n[0],i.height=n[1]),i.rubiconTargeting=(Array.isArray(r.targeting)?r.targeting:[]).reduce(function(e,r){return e[r.key]=r.values[0],e},{rpfl_elemid:s.adUnitCode}),e.push(i)):g.logError(“Rubicon: bidRequest undefined at index position:”.concat(t),c,d),e},[]).sort(function(e,r){return(r.cpm||0)-(e.cpm||0)})},getUserSyncs:function(e,r,t,i){if(!R&&e.iframeEnabled){var n=””;return t&&”string”==typeof t.consentString&&(“boolean”==typeof t.gdprApplies?n+=”?gdpr=”.concat(Number(t.gdprApplies),”&gdpr_consent=”).concat(t.consentString):n+=”?gdpr_consent=”.concat(t.consentString)),i&&(n+=””.concat(n?”&”:”?”,”us_privacy=”).concat(encodeURIComponent(i))),R=!0,{type:”iframe”,url:a+n}}},transformBidParams:function(e){return g.convertTypes({accountId:”number”,siteId:”number”,zoneId:”number”},e)}};function _(e,r){var t,i=0e.length)&&(t=e.length);for(var r=0,n=new Array(t);r‘;var r,n}};var m=function(e){var r=0=e&&r.innerWidth‘)),ttl:60})}),i}catch(e){c.logError(“Could not intrepret bidresponse, error deatils:”,e)}},getUserSyncs:function(e,r,t,n){try{var i,s,a=[];return r&&0!==r.length&&(e.iframeEnabled&&(i=r.filter(function(e){return c.deepAccess(e,”body.ext.iid”)}).map(function(e){return e.body.ext.iid}),s=[],t&&t.gdprApplies&&”string”==typeof t.consentString&&s.push([“gdpr_consent”,t.consentString]),n&&s.push([“us_privacy”,n]),i[0]&&(s.push([“informer”,i[0]]),a.push({type:”iframe”,url:”https://ap.lijit.com/beacon?”+s.map(function(e){return e.join(“=”)}).join(“&”)}))),e.pixelEnabled&&r.filter(function(e){return c.deepAccess(e,”body.ext.sync.pixels”)}).reduce(function(e,r){return e.concat(r.body.ext.sync.pixels)},[]).map(function(e){return e.url}).forEach(function(e){return a.push({type:”image”,url:e})})),a}catch(e){return[]}}};Object(n.registerBidder)(i)}},[735]);
pbjsChunk([80],{765:function(e,r,t){e.exports=t(766)},766:function(e,r,t){“use strict”;Object.defineProperty(r,”__esModule”,{value:!0}),t.d(r,”spec”,function(){return s});var o=t(0),i=t(1),p=t(32),n=t(2),u=t(5),g=”tribeos”,c=”TRIBEOS: “,s={code:g,supportedMediaTypes:[n.b],isBidRequestValid:function(e){return!o.isEmpty(e.params.placementId)||(o.logError(c,”placementId is required, please contact tribeOS for placementId. Bid details: “,JSON.stringify(e)),!1)},buildRequests:function(e){for(var r=[],t=0;tr.length)&&(e=r.length);for(var t=0,n=new Array(e);t1e3*t.config.storage.refreshInSeconds),!n||a?o=t.submodule.getId(t.config.params,c,n):”function”==typeof t.submodule.extendId&&(o=t.submodule.extendId(t.config.params,n)),p.isPlainObject(o)&&(o.id&&(U(t.config.storage,o.id),n=o.id),”function”==typeof o.callback&&(t.callback=o.callback)),n&&(t.idObj=t.submodule.decode(n,t.config.params))):t.config.value?t.idObj=t.config.value:(i=t.submodule.getId(t.config.params,c,void 0),p.isPlainObject(i)&&(“function”==typeof i.callback&&(t.callback=i.callback),i.id&&(t.idObj=t.submodule.decode(i.id,t.config.params)))),e.push(t),e},[]):(p.logWarn(“”.concat(I,” – gdpr permission not valid for local storage or cookies, exit module”)),[])).length||(t=s.filter(function(e){return p.isFn(e.callback)})).length&&(e&&0

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content


Libya’s port blockade is set to keep the North African country’s oil off the market until at least the fourth quarter of 2020, which, as devastating as it will be for Libyan oil revenues, could help reduce the expected global production glut by 65 percent, Rystad Energy said on Friday.

Currently, oil production in Libya is around 100,000 barrels per day (bpd). This figure is dramatically down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) of eastern Libyan strongman General Khalifa Haftar occupied Libya’s oil export terminals and oilfields.

With Libya’s conflict escalating, the country’s crude oil exports are expected to be just 1.2 million barrels in August, a 40-percent plunge from July, Bloomberg reported earlier this week, citing an initial loading program it has seen.

With no immediate return of Libyan oil on the market, the expected global production surplus later this year could be just 58.6 million barrels or about one-third of Rystad Energy’s previous forecast.

Even if Libya resumes most of its production soon, in the most optimistic scenario by Rystad, Libya’s 2020 exit production rate will be between 700,000 bpd and 800,000 bpd. The country, however, will need another up to four months to ramp the production up to 1 million bpd.  Related: Venezuela’s Rig Count Officially Falls To Zero

NOC’s chairman Mustafa Sanalla has recently said that “The illegal oil blockade has had disastrous effects on our national economy and damaged the living standards of Libyans. Our reservoirs are suffering permanent damage, and stagnant fluids are corroding our pipelines, which will cost us huge amounts to repair.”

According to Bjornar Tonhaugen, Rystad Energy’s Head of Oil Markets, Libya will inadvertently help reduce the production surplus on the global oil market.

“Our latest global liquids balances report still suggests there will be a shift towards a surplus from August and for the ensuing three months, but it is less precarious than previously estimated and developments in Libya have a lot to do with this revision,” Tonhaugen said.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com: 

Download The Free Oilprice App Today


Back to homepage


Related posts




This post was originally posted on OilPrice.com Daily News Update – View Original Article

Please follow and like us:

About the Author

admin
Have lived and invested in Venezuela full time for the last eight years and visited for each of twelve years prior to that. Studied and closely followed developments in Venezuela since 1996.