The OPEC Monthly Oil Market Report also gives us a first sign of Libya's oil production troubles in official statistics. Recall that the revolt broke out about a week before the end of February, but that was enough to drop the month's total from about 1.58mbd in January to just below 1.35mbd in February. Presumably, March will be much lower again.
Still, the rest of the world was able to more than compensate, since global production increased in February.
Stuart,
ReplyDeleteyes, the world has more than compensated the Libya decline, but increase is in "total liquids" and Libya decline is crude oil.
And we know, that all liquids is not the same as crude oil as well we know, that current recovery is only statistical recovery (structural problems remained the same or grew larger (debt, derivatives etc.)), and we are still in deflation (USA), stagnation (Europe), and inflation (China plus (?) India)