The International Energy Agency (IEA) has reported that between 500,000 bpd and 750,000 bpd of crude had been removed “at present” from the market. This represents less than 1% of global daily consumption.
The drop in production comes days after Libyan representatives accused Britain of damaging an oil pipeline in an air strike. Libyan rebels said that because of government attacks, such as the reported pipeline damage, had halted production of oil they hope to sell to finance their uprising. Reuters also reported on Friday that a lack of staff at ports and security concerns also contributed to the halt in production.
A number of European oil firms said they were looking to buy more crude from Russia, Iran and other Caspian countries and the IEA said there was no need for an immediate strategic stock release.
Libya is the world’s 12th-largest oil exporter, most of which flows to Europe. As of January 2011, according to IEA, Libya’s total proven oil reserves reached 46.4 billion bbl, with nearly 80% of its proven oil reserves are located in the Sirte basin. During Jan-Nov 2010, Libya exported over 1.5 million bpd during that time. Nearly 85% was directed to the European market: Italy (28%), France (15%) and Germany (10%).
Libya’s oil production, which was set at 1.6 million bpd during January 2011, fell by over 70% since the unrest began in February 2011.
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