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Petroleum Marketing Monthly, June 2011

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EIA – Petroleum Marketing Monthly, June 2011

  • “World crude oil prices remained volatile in March. Political tensions, economic worries, and natural disasters all served to unsettle prices in markets across the globe. The growing civil war in Libya and spreading political unrest in many other Middle Eastern countries fanned worries about the availability, and unhindered shipment of crude oil throughout international markets.
    Production outages in Libya, which exported an estimated 1.5 million barrels per day of crude oil in 2010, continued to roil markets. The loss of these mainly light, sweet crude oil streams, typically destined for European ports, affected the price dynamic for other streams. Although producers like Saudi Arabia reportedly
    increased exports, oil from different sources often has considerably dissimilar qualities. Many refineries lack the infrastructure that could allow greater flexibility in processing different crude oil grades. Worries about the effect of rising oil prices on recovering world economies led to informal talk among
    members of the Organization of Petroleum Exporting Countries (OPEC) as to whether formally increasing production would help quell prices.”
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