Liby-honest: How lost crude oil flows could be a boon for clean

Recent developments in Libyan crude oil production, exports and refining are eerily reminiscent of conditions experienced in the spring of 2011, when civil unrest brought crude oil production and export to a grinding halt for several months. Since then, the country has undergone significant political change and, to its credit, restored most of its crude oil export capacity. That is, until recently. Libyan crude oil production has reportedly dropped below 150,000 barrels per day: roughly one-tenth of what is considered to be its true production capacity of 1.5 million barrels per day. The resultant drop in demand for Aframaxes is an obvious threat to shipowners in the Mediterranean, however broader concerns have rippled toward refiners as they struggle to find light-sweet replacement barrels to support refining economics. Download here