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Libya oil production to shut down completely-BofA

Posted By admin On February 25, 2011 @ 10:28 am In World News | Comments Disabled

Reuters [1]
Friday, February 25, 2011

Oil production in Libya is expected to shut down completely and could be lost for a prolonged period of time, Bank of America Merrill Lynch said on Thursday.

“We expect Libyan production to be shut down completely and we might lose sweet crudes from Libya for a prolonged period of time,” Bank of America Merrill Lynch analyst Sabine Schels told Reuters.

Schels said that the world faced the prospect of real supply shock in which the loss of 1.6 million barrels per day of sweet oil could potentially trigger a steep rise in prices and force a sharp reduction in demand to balance the system.

“Some of the supply can be replaced with Saudi light crude and some from SPR, but if the disruption is prolonged, we will need demand to drop to balance the system,” Schels said.

Full story here. [1]

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[1] Reuters: http://www.reuters.com/article/2011/02/24/libya-merrill-idUSLDE71N2I720110224

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