News out of Libya that oil exports from the Zuetina oil port will resume has sent the oil price down to USD108.5/bbl - the lowest level since mid-April.
The reopening is of great symbolic value as it marks further progress towards normalisation of Libyan production, while the Zuetina port only has limited capacity.
The market will now eye a potential reopening of the two larger ports of Es Snider and Ras Lanuf in the near future, which may cut significantly into Libya's abundant spare capacity.
That could easily take USD4-5/bbl off the current level of the oil price.
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