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With the continuous protest in the Middle East, Crude Oil stocks has been very volatile and recently made a 2-.50 year high of $103.41 a barrel on NYMEX. While Brent Crude reached as much as $120.
Oil retreats from high after Saudi Arabia and OPEC came forward and promised to compensate losses from Libya’s Supply disruption. Libya supplied 1.6 million barrels of oil a day in January, and counting OPEC’s ninth-largest producer. It ships most of its crude and fuels to Europe.
However, several analysts bet that the quality of Libya is high and it would be very tough to supply the matching quality from other countries. There are estimation that about 885K barrel has been disrupted from Libya.
The European Union yesterday imposed an arms embargo and other sanctions on Libya while the U.S. said it froze $30 billion in the country’s assets. Leader Muammar Qaddafi declared that “my people love me” and sent forces to regain territory lost to rebellions outside Tripoli.
Riots from Morocco to Bahrain have already toppled leaders in Tunisia and Egypt and protests have erupted in Yemen, to the south of Saudi Arabia, the world’s biggest oil producer.
The most recent being Oman, the largest Middle Eastern producer outside OPEC, where several protesters united in Soar for a third night yesterday, demanding the government to take steps on their demands for more jobs, higher pay and more representative political institutions. So far, Two people were killed, several wounded and a supermarket was fired during the protests. Oman supplied as much as 885,600 barrels of oil a day in January, according to data reported by the state-run Oman News Agency.
Protest In Iran
Iran pumped 3.7 million barrels a day in the latest month, according to estimates compiled by Bloomberg, making it OPEC’s second-biggest producer following Saudi Arabia. Protesters are planning to hold a demonstration today after leaders Mehdi Kariba and Mir-Hossein Mousavi were transferred to a Tehran prison, according to the opposition Kaleme website.
Today as per Egyptian newspaper Al Masry Al Youm, eyewitnesses in Bahrain said that around 30 tanks were transported into Bahrain from Saudi Arabia.
Today Crude Oil is trading higher by 1% to $98 a barrel.