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07.04.2014 15:40

Oil: an overview of the market situation

Oil prices show a slight decline on the news about the opening of the oil terminals in the north of Libya , reinforcing expectations of a quick recovery volume of supplies from the country. On the eve of the representative of the Libyan rebels announced the readiness of the rebels "temporarily" to open two export terminal on the east of the country , blocked earlier. 2 more Libyan port , also blocked , will open a month later . In total export capacity 4 terminals is about 900 thousand barrels per sutki.Ranee today media, referring to the country's Justice Minister Salah al- Margani reported that the Libyan government has agreed with the militants seized a number of oil ports in the country, the opening of oil terminals in Eze Zuvaytina cities and Mars el Hariga in the north. Note that oil production in Libya , which has the largest reserves of African oil has dropped dramatically due to the insurgency , blocking both mining and export capacity in the country. The volume of oil Libya in March 2014 fell to 250 thousand barrels per day from 1.4 million barrels a day year ranee.Soglasno data, the damage from the blockade of ports, which lasts nine months , authorities estimate at least $ 14 billion .

The dynamics also influenced the news that Iran intends shortly to increase oil production from 2.8 million to 4.2 million barrels per day. This was stated by Minister Bijan Namdar Iranian Oil Zangene . In an interview , he said that Iran " will not wait for permission USA " and that imposed by the U.S. and its Western partners sanctions do not become an obstacle for increasing exports . " We have extensive plans to increase oil exports, we have already increased its production to select the OPEC quota ," - said the Minister. Zangene expressed cautious optimism about the prospects for the abolition of oil sanctions , but noted that "if they continue ," that Iran would "work based on this situation ."

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 100.67 a barrel on the New York Mercantile Exchange (NYMEX).

May futures price for North Sea Brent crude oil mixture dropped 47 cents to $ 105.60 a barrel on the London exchange ICE Futures Europe.

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