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UAE Steps in to Fill Libya Oil Supply Gap

Source: Reuters 3/28/2011, Location: Middle East

The United Arab Emirates is stepping in to fill the gap from a drop in Libyan oil supply by pumping more oil, the country's OPEC governor said.

Since the start of disruptions in Libya's oil supplies, OPEC members have taken unilateral action to boost production. Saudi Arabia, the world's largest oil exporter, has produced just under 9 million barrels per day (bpd) so far in March.

"As oil exports from Libya were affected, other OPEC members stepped in including Saudi, Kuwait, Angola and the UAE," Ali Obaid al-Yabhouni told a conference in Abu Dhabi. "There is no damage report of infrastructure of Libya's oil production, so once the problems are resolved, (exports) will go back to normal."

Al-Yabhouni said that, with plenty of supply in the market, he saw no sign that OPEC would meet before June. "As far as I'm aware, there is no need for an extraordinary meeting."

Oil last month hit a two-and-a-half year high of nearly $120 per barrel, driven by turmoil in Libya, which had been producing around 1.6 million bpd before protests erupted.

Brent crude futures for May delivery rose 13 cents to $115.72 per barrel on Monday after bouncing off its early $114.55 low. U.S. May crude futures fell 68 cents to $104.72 a barrel, swinging between $103.60 and $105.76.

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Related Categories: Ecological & Environmental  Emissions Measuring  Environment Management, Consultancy  Environmental Services  General  Hazardous Waste Management  Oil Spill & Emergency Response  Safety Services  Waste Disposal 

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