According to an analysis by Saxo Bank, even though Libya is the eighth biggest OPEC nation with a daily output of 1.6 million barrels in January, the other countreis in the group have ample surplus stocks that are more than enough to compensate for the lost Libyan supplies. Market player are far more fearful that the domestic disturbances could spread to other nations especially Saudi Arabia which controls the largest part of the reserves.
Saxo analysts noted that rising oil prices and concerns about the continuity of supplies from OPEC nations have all but completely frozen stock markets in Europe, while the dollar strengthened considerably against the euro. Brent oil being shipped from overseas now costs roughly the same as the WTI. The OPEC oil is rapidly approaching the $100 per barrel benchmark, which market experts consider “critical”.
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