Libya, Africa’s third and OPEC’s eighth largest producer, has had its productivity cut by numbers as high as 1 million barrels a day due to recent violence, stated the International Energy Agency. The proposed peace plan however, seems to be well received in that it may curtail the fighting and promote stability instead.
In New York, crude to be delivered in April decreased as much as $1.86 to $100.37 a barrel in electronic trading on the New York Mercantile Exchange. Brent Crude fell respectively as much as $3.26 to $113.09 a barrel on the London-based ICE Futures Europe exchange.
European prices are bound to be more affected by recent events in the Middle East and North Africa. The eurozone produces approximately 5% of its oil demand and 33% of its total required energy, according to the US Energy Information Administration. Whereas the US creates 50% of its oil used and 75% of its total energy needs and the UK is self-reliant for 90% and 75%.
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