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Saudi Arabia, others in OPEC willing, able to replace Libyan oil
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Thu February 24, 2011 2:54 pm

SAUDI ARABIA. Saudi Arabia and other OPEC nations including those in West Africa are willing and able to replace any lost Libyan oil, including crude of the same quality, a Saudi Arabian oil official told Bloomberg by telephone today.

Brent North Sea crude, which is more sensitive to Middle East unrest because of Europe's greater dependence on oil from the region, climbed US$1.41 cents to US$112.66 per barrel, its highest since August 2008.

New York's main contract, light sweet crude, gained 93 cents to reach US$98.93 after breaching the US$100 mark late Wednesday.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 31, 2014
INTERNATIONAL. In his latest interview with The Gold Report, the 321gold.com founder delivers a frank overview of U.S. international policy and lambasts commentators who look to their tea leaves in search of the next market moves.
date:Posted: October 31, 2014
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
date:Posted: October 30, 2014
UAE. GCC corporate earnings strength intact; Regional bonds unaffected by global shocks; Central Banks support financial markets.
INTERNATIONAL. If Russia's "pivot to Asia" results in Moscow and Beijing trading oil between them in a currency other than the dollar, that will represent a major change in how the global economy operates and a marked loss of power for the U.S. and its allies."
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