Why Haven't Sanctions Aginst Iran Affect Oil Prices?
Published On: November 12, 2012
Commodity Report - Crude Oil - September 2012
When Libya's civil unrest shut in the country's oil production last year, Brent crude prices rose about 25 percent from the start of the revolution in February to highs above US$125 a barrel in May 2011. The reason for the price surge was obvious. Fighting had knocked out 1.4 million barrels a day (MMbpd) of Libyan oil almost immediately. The quality end of the crude complex, particularly relevant for Europe's high-spec refineries, was caught short. Libya's light, sweet, paraffin-rich oil was hard to replace..... Download full report.September 2012