Oil prices declined again today as Libya said it is poised to resume crude exports after a deal struck last week between a local rebels and Tripoli. The country has millions of barrels cooped up in storage awaiting shipment, but to prevent a freefall of prices, Libya will only let out the oil gingerly.
Libyan officials give widely varying estimates of how much oil is stored in Es Sider and Ras Lanuf, the two ports from which the oil will be shipped. Some officials say it is 3 to 4 million barrels (paywall), while others put the number at around 7.5 million, and still others estimate as much as 10 million (paywall)…
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