Libyan crisis and what will this do for our oil prices? Once again rebels have claimed victory on Tuesday when traders monitored the crisis in oil rich Libya; they declared the ‘Gadaffi era’ is over after now taking charge of most of the Tripoli.
Up until six months ago 85 % of Libyan oil’s output was exported to Europe until the revolt disrupted the country’s production. Analysts have cautioned that it could take Libya up to two years to restore oil production to its original pre-revolt levels and this has also caused a dispute over who is now to hold power, along with all the issues this may cause, this could effectively delay rebuilding the economy.
Going back to the level which they used to produce oil at may take years, and before the uprise began in February of this year Libya produced around 1.6 million barrels per day and exported 1.3 million out of the country, much of it was highly valued by Europe’s refiners, which still to this day have struggled to replace it.
We here at BWOC have a genuine concern for the rise in demand and cost of oil as it’s something that affects our daily lives. BWOC can offer you a flexible approach to your commercial and industrial fuel purchasing. With our dedicated fleet of tankers based across the UK, BWOC can offer you versatility on delivery as well as very competitive prices.
If you wish to find out more about how BWOC and our co2 reduction pledge, or for information on our fuel card services and how we can help you manage the cost of fuel please visit BWOC.
Author: Emma Keast
Blog focus: Co2 Reduction Pledge Fuel Card Services BWOC