Libyan oil output down by as much as a quarter

Wed Feb 23, 2011 1:11pm GMT
 

* OMV sees temporary output cut, Total stopping output

* Libyan output could be down 300,000-400,000 bpd

* Oil ports in Libya disrupted, say sources

VIENNA/PARIS, Feb 23 (Reuters) - As much as a quarter of Libyan oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil companies to warn of production cuts in Africa's third-largest producer.

Austria's OMV said on Wednesday it might be heading for a full production shutdown in Libya. Total, Repsol, Eni and BASF have also said they are either slowing or stopping output.

The latest comments point to a growing impact on oil output from Libya, which produces 1.6 million barrels per day (bpd) of high-quality oil, or almost 2 percent of world output. About 1.3 million bpd is exported, mainly to Europe.

"We are evaluating the situation. We cannot say at the moment how production is developing exactly," OMV Chief Executive Wolfgang Ruttenstorfer told a news conference.

"It is going down sharply. We do not rule out that it could come to a complete stop for a period of time."   Continued...

Market Update

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.6252
Euro USD =1.2836
Rand USD =0.0907