Protestors in Libya have shut down a pipeline to a chief export port urging higher overnight pricing. This latest event in the war torn country has reduced her oil output to less than 30% of what it was five years ago.
OPEC is feeling the pain of lower prices and Saudi Arabia has already reduced production yet it seems that with demand faltering and the dollar rising prices look to continue lower. ... the fear is that if the cartel does cut it may only succeed in losing market share.
The oil industry is gearing up for a postelection lobbying push to loosen the four-decade U.S. ban on exports of crude oil, saying that relaxing the prohibition would create jobs and stimulate the economy.