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Brian4Liberty
04-18-2011, 09:50 AM
There's no doubt that the political turmoil in Egypt and Libya is a real event, but did it really effect oil supply?


OPEC Plays Down Oil-Supply Fears

KUWAIT CITY—Global oil markets are adequately supplied and there is no need for the Organization of Petroleum Exporting Countries to increase output, OPEC Secretary-General Abdalla Salem El Badri said Monday.

http://online.wsj.com/article/SB10001424052748704004004576270251510221730.html

virgil47
04-18-2011, 10:27 AM
There's no doubt that the political turmoil in Egypt and Libya is a real event, but did it really effect oil supply?

Of course they say there is plenty of oil. Their greatest fear is that we start to seriously drill for our own oil.

Zippyjuan
04-18-2011, 11:11 AM
As a percent of global output, Libyan exports are very small. As the article mentions, Libya exports about a million barrels a day. For comparison, the global oil consumption is 85 million barrels a day so Libyian oil losses come to just over one percent of the global market.

Brian4Liberty
04-18-2011, 03:51 PM
As a percent of global output, Libyan exports are very small. As the article mentions, Libya exports about a million barrels a day. For comparison, the global oil consumption is 85 million barrels a day so Libyian oil losses come to just over one percent of the global market.

Yeah, which no doubt is being easily made up for by other producers.