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Brent Crude Oil hits 2014 lows, light quality swamps market

Posted on 25 August 2014

Brent Crude oil reched 2014 lows last week as light quality crudes swamped the market, according to Barclays. In a weekly report, it said that rapid increase in Libyan production, amid weak demand, has thrown the market off balance. However, OPEC may readjust production prior to the November meeting.
In recent months, Libya’s rebound in production has surprised market participants, rising from 220 kb/d in May to over 550 kb/d in late August. With domestic demand at roughly 150 kb/d, around 400 kb/d is being marketed for export. The flood of Libyan barrels into the global market has pressured other light grades, including WAF and North Sea crudes………………………………………..Full Article: Source


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