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Libyan oil strikes hit Brent price: US Energy Information Administration
THE impact of disruptions in Libya's crude oil production on the global oil market has come under the microscope in the US Energy Information Administration's new "Today in Energy" brief for affecting oil prices.
"Libya's oil sector has been crippled by prolonged strikes at key loading ports since the end of July, removing more than one million barrels per day (bbl/d) of crude oil from the global market," the document said.
"These supply disruptions have affected the Brent crude oil price, a global benchmark, as the outages reinforced a tighter market by increasing global supply disruptions and decreasing surplus crude oil production capacity.
"Global markets adjusted after the initial shock in August, as supplies of crude oil from other countries made up the difference. However, there are several other factors that have more recently influenced the Brent price," the EIA said.
"Libya's oil sector has been crippled by prolonged strikes at key loading ports since the end of July, removing more than one million barrels per day (bbl/d) of crude oil from the global market," the document said.
"These supply disruptions have affected the Brent crude oil price, a global benchmark, as the outages reinforced a tighter market by increasing global supply disruptions and decreasing surplus crude oil production capacity.
"Global markets adjusted after the initial shock in August, as supplies of crude oil from other countries made up the difference. However, there are several other factors that have more recently influenced the Brent price," the EIA said.
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