Libya Declares Force Majeure On Oil Exports Of 1.5 Million Barrels A Day
by Tyler Durden
Reuters reports that Libya has just declared force majeure on its oil exports. As a reminder, Libya exports (under non-force majerue conditions) about 1.5 million barrels per day. That’s a lot of barrels, especially for Italy which relies on 425,000 barrels a day from Libya to keep its economy going.
From the EIA:
With domestic consumption of 280,000 bbl/d in 2009, Libya had estimated net exports (including all liquids) of 1.5 million bbl/d. According to 2009 official trade data as reported to the Global Trade Atlas, the vast majority of Libyan oil exports are sold to European countries like Italy (425,000 bbl/d), Germany (178,000 bbl/d), France (133,000 bbl/d), and Spain (115,000). With the lifting of sanctions against Libya in 2004, the United States has increased its imports of Libyan oil. According to EIA estimates, the United States imported an average of 80,000 bbl/d from Libya in 2009, up from 56,000 bbl/d in 2005 but, as a result of the U.S. economic downturn and subsequent decline in oil demand, 2009 levels were below 2007 highs of 117,000 bbl/d.