OPEC says it considers the world oil market to be “well supplied,” despite no clear end in sight to factors driving the ongoing supply disruptions in key OPEC producers – namely Libya, Nigeria and Iraq.
The near complete shutdown of Libyan output for the second time in less than two years (see p2), together with repeated attacks on Iraqi and Nigerian oil export infrastructure have resulted in losses of close to 1.6mn b/d since late June, leading to a near $16/B surge in the OPEC basket price over the same period (see p20). (CONTINUED - 944 WORDS)
