Libya Oil Halt Would ’Probably’ Cause Price Surge, EIA Says
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A halt in Libya’s oil output would probably cause prices to soar because OPEC’s spare production capacity is limited to about 2 million barrels a day, the head of the U.S. Energy Information Administration said.
Unexpected outages in countries including Sudan, Syria, Yemen and Brazil have reduced output from oil producers outside of the Organization of Petroleum Exporting Countries, EIA head Adam Sieminski said at a conference in Rio de Janeiro today.