Oil traders have an eye on developments in Libya over the weekend

Author: Eamonn Sheridan | Category: News

Oil port blockades and pipeline shutdowns are the news out of Libya.

Libya's National Oil Corp. confirmed the Libyan National Army militia had shut an export pipeline
  • this will reduce available output from two western oil fields, Sharara and el-Feel (combined these two pump out around 400k barrels a day)
This is in addition to the militia closing ports under their control
  • in central and eastern Libya
  • cut total output by around 700k barrels a day 

Libya normally pumps out around 1.3 mln barrels a day.
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Supply reduction of any item should impact to push its price up, at least in the short term. 
In the FX space a higher oil price should impact to boost a currency such as CAD. 


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