Tags: Libyan | Oil | Violence | crude

NY Times: Libyan Oil Flows Anew as Violence Ebbs

Wednesday, 16 Nov 2011 07:55 AM

Oil is flowing in Libya again, as the Gadhafi regime and the former rebels, who now run the country, left petroleum facilities such as refineries and pipelines largely untouched during the recent civil war, experts say.

Combatants didn't sabotage facilities because they knew they would need it after the war, which gives oil markets room to breathe a sigh of relief that output from the Northern African country is returning to normal.

"Gadhafi wanted to keep the refinery going because he needed the fuel, and the rebels wanted the refinery safe because it belongs to the Libyan people," says Khaled Rashed, shift coordinator at the Zawiyah refinery’s control room in Libya, the New York Times reports.
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Libyan oil production stands at around 40 percent of pre-war levels, and none of the country’s 40 main oil and gas fields suffered serious damage in the war, according to Libyan officials and international oil experts.

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One of the terminals at the Zawiya Oil Refinery.
(Getty Images photo)
Some Libyan officials are predicting normal production levels of 1.6 million barrels a day to return by June, although analysts caution that any return to violence will disrupt that goal, the New York Times adds.

Oil prices are on the rise, approaching $100 a barrel on growing sentiment the U.S. will avoid dipping back into recession.

A more robust economy demands more oil, which sends prices rising, and retail sales climbed for the fifth straight month in October, fueling optimism that consumer spending is back.

Consumer demand accounts for 70 percent of the U.S. economy.

"If people are opening their pocket books again, it's good for the economy. Maybe you'll see gasoline demand go up," says Phil Flynn, an oil analyst at PFGBest, according to the Associated Press.

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Oil is flowing in Libya again, as the Gadhafi regime and the former rebels, who now run the country, left petroleum facilities such as refineries and pipelines largely untouched during the recent civil war, experts say. Combatants didn't sabotage facilities because they...
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