Summary: As political upheaval spreads across North Africa and into the Persian Gulf, 2011 may turn out to be as momentous a year for global oil markets as 1971, the year when the nature of the region's petro-states first took shape.
...The ongoing violence in Libya has had a more consequential impact on oil prices. To date, some 750,000 barrels a day of Libyan crude oil have been lost; Saudi Arabia claims to have replaced all of that supply. But Libyan and Saudi oil are not interchangeable. Libya's crude oil is known for its high quality: most of the 1.5 million barrels a day that the country produces is light and sweet, which means it is low in sulfur (hence its "sweet" smell) and is easily refined into high-demand petroleum products such as gasoline and diesel fuel. Only 25 percent of global crude is of similar quality; the loss of Libyan crude represents about nine percent of that pool. Saudi oil, however, is heavy and sour, making it -- at best -- an imperfect substitute for Libyan supply. Moreover, the Libyan export market is concentrated in the Mediterranean, with oil going mainly to Italy, France, Spain, Switzerland, and Germany. Thus, compared to oil from most Middle Eastern countries, the loss of Libyan oil has an especially pronounced effect...
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http://www.foreignaffairs.com/articles/67563/edward-l-morse/oil-and-unrest
Summary: As political upheaval spreads across North Africa and into the Persian Gulf, 2011 may turn out to be as momentous a year for global oil markets as 1971, the year when the nature of the region's petro-states first took shape.
...The ongoing violence in Libya has had a more consequential impact on oil prices. To date, some 750,000 barrels a day of Libyan crude oil have been lost; Saudi Arabia claims to have replaced all of that supply. But Libyan and Saudi oil are not interchangeable. Libya's crude oil is known for its high quality: most of the 1.5 million barrels a day that the country produces is light and sweet, which means it is low in sulfur (hence its "sweet" smell) and is easily refined into high-demand petroleum products such as gasoline and diesel fuel. Only 25 percent of global crude is of similar quality; the loss of Libyan crude represents about nine percent of that pool. Saudi oil, however, is heavy and sour, making it -- at best -- an imperfect substitute for Libyan supply. Moreover, the Libyan export market is concentrated in the Mediterranean, with oil going mainly to Italy, France, Spain, Switzerland, and Germany. Thus, compared to oil from most Middle Eastern countries, the loss of Libyan oil has an especially pronounced effect...
Το κλειδι...
http://www.bloomberg.com/blogs/paul-kedrosky/2011/03/does-saudi-have-spare-capacity-1.html
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