Libya's return to the global market

Recently in the crude oil market, in addition to the United States to relax the export ban, but as one of the OPEC member Libya's return to the global oil market news, as to allow the oil industry to add many variables.
Well-known reasons, the U.S. launched the war in Libya, Libya's oil production of all domestic stagnation. The latest news is that, according to a Libyan oil official said recently in eastern Libya as well as an increase in output port reopened after Libya's oil being returned to the global market.
Regression supply of crude oil from Libya, even a limited number of markets may give comfort to bring short-term, as the current oil market fears of supply disruptions in Iraq intensified.
Libya's National Oil Company spokesman Mohammedel-Harari told the "Wall Street Journal", a ship 35 million barrels of crude oil shipment destination has completed work for the European tanker shipments in eastern Libya Hariga port, and soon will be the second tanker port in this shipment.
Libya as an important oil-producing countries in North Africa, the recent rise in crude oil output to 30 million barrels / day. Petroleum and its products exported to more than 95% of total exports to Libya, oil is the lifeblood of the Libyan economy and the main pillars.
According to the 2011 BP energy statistics show that Libya's proven oil reserves of 464.2 billion barrels, or about 6.04 billion tons, ranking ninth in the world, accounting for 3.4% of the world total, reserve-production ratio of 76.7. Most of the oil resources in the eastern region of the Sirte Basin (SirteBasin).
Libya is the rise in the 1960s of the important oil-producing countries in North Africa, the production of oil and gas are mainly exported to Europe, especially Italy, Germany and Spain. Libya has been called one of the most developed economies in Africa, Libya in 2013, according to statistics, the country's per capita GDP in 2013 was $ 14,761, second place in Africa.
Rancor between the United States and the Gaddafi regime for a long time. In 1969, Gaddafi overthrew the pro-US King Idris of Libya. June 1970, Libya announced the resumption of the United States located in the vicinity of the Libyan capital Tripoli military bases. In 1980, the United States declared Libya as "state sponsors of terrorism" to close the Embassy in Libya. In 1981, the U.S. Navy's aircraft shot down two Libyan aircraft, the two countries broke off diplomatic relations. In 1986, U.S. President Ronald Reagan ordered a halt to economic and trade relations with Libya, Libyan assets frozen in the United States.
Since then, Murray spate of military conflict, Reagan ordered air strikes in Libya. December 1988, Pan Am Airlines Boeing 747 bombings, 259 passenger aircraft on the ground and killed 11 people, that Lockerbie, United States considered the two Libyan intelligence officials as (but not always a party guilty plea).
The U.S. government, after defeating Saddam Hussein, in the so-called "post-war reconstruction" in the deeper, so the policy of appeasement of Gaddafi taken. And Gaddafi in case deterrence and inducements, but also chose to retreat. The early 2000s, the United States has begun to get away from Iraq, but there are such a good chance coup in Egypt, the United States would take the opportunity to easily push Gaddafi to step down.
In late August 2011, the Libyan armed opposition scored Tripoli, Gaddafi ruled for 42 years end.
Far-reaching ban lifted
Platts editorial director of U.S. energy policy BillLoveless said recently: "The Obama administration has decided to approve two U.S. companies to export super light oil (condensate) is significant, but not surprising since several months, U.S. government officials. has been hinted that restrictions have been decades of legal U.S. crude oil exports is outdated. "
He noted that U.S. Secretary of Energy was on 纽约普 Platts Global Energy Outlook Forum was first raised this issue last December. U.S. Department of Commerce recently licensed two companies are currently exporting condensate legal authority granted to the U.S. government, but still did not meet expectations for a large-scale producer of crude oil exports. "If you do not legislate this change is unlikely to occur." He said.
Loveless believes that these initiatives can make the U.S. government a chance to test its administrative procedures and political environment of oil exports, after all, for the United States in terms of oil exports, there is still considerable uncertainty, "especially at the moment, the Middle East geopolitical issues exacerbated by the American public and the price of oil security concerns. "
According to Platts forecast to 2017, U.S. crude oil production (including condensate) compared with 2013 is expected to rise 40 percent to 1,050 barrels per day. Condensate production in the United States but in itself will greatly exceed this growth rate is expected to grow by at least 70% to 170 million barrels a day in 2017 when.
The agency believes that the ban on export of unrefined crude oil refinery forced the United States to digest domestic super light oil to replace imports of light sweet crude oil. The condensate is likely cancellation of the export ban will reduce U.S. oil condensate recent downward pressure on prices. Even condensate began to export American-made lightweight and ultra-light oil continues to increase the supply of oversupply is also likely to form in the U.S. refining market.
United States to lift the ban on oil news, crude oil price differentiation class company immediately.
On Tuesday, Pioneer Natural Resources Company and Andrew Priestley shares jumped 5.15% and 1.35%, respectively, of other companies producing light crude oil price also follow up, however, as the raw material to light crude oil refinery Valle. Romanian energy companies , Alon USA energy share price fell 8.3% and 6%. This is the most direct expression of the game.
From publicly available data, the U.S. refinery utilization rate has exceeded 90 percent, though the refinery has been working to increase the proportion of light oil refining, but far less than the growth rate of productivity growth in crude oil production. Light oil is difficult to have a market. That is why the news came out, the direct cause of the light oil production company with light oil as raw material to the refinery's share price rainbow night.
Under the influence of multiple geopolitical crisis in Iraq, Libya, Ukraine and other recent international oil price has topped $ 100 / barrel, while the U.S. restrictions on exports of news that U.S. crude oil benchmark prices would result in putting a fire, rose near the high point of the year. Late Wednesday, August crude oil futures prices at around $ 106 / barrel.
All along, the U.S. domestic opposition parties pointed out that crude oil exports, export promotion policy is to give up the advantages of low oil prices, the cost of economic recovery, dragging down employment. Energy Security Strategy also pointed out that the U.S. is still a net importer of crude oil assets should remain in the domestic market.
Therefore, the current U.S. light oil market has become relatively scarce "surplus." This excess oil and then in the United States formed a depression. Highest abnormally poor quality reverse the spread between the Brent crude oil spread once reached $ 28 / barrel - as North American pricing benchmark West Texas Intermediate crude oil (WTI) and another on the basis of international crude oil pricing history. Weak oil prices triggered a lot of dissatisfaction, Pioneer's complaint is typical "areas voices."
Forced by market pressures in the long term, the gradual liberalization of the export trend.
All along, the U.S. domestic opposition parties pointed out that crude oil exports, export promotion policy is to give up the advantages of low oil prices, the cost of economic recovery, dragging down employment. Energy Security Strategy also pointed out that the U.S. is still a net importer of crude oil assets should remain in the domestic market