Libya ExportsPosted on 02/22/2011 9:27:57 AM PST by Nobel_1
Reuters reports that Libya has just declared force majeure on its oil exports. As a reminder, Libya exports (under non-force majerue conditions) about 1.5 million barrels per day. That's a lot of barrels, especially for Italy which relies on 425,000 barrels a day from Libya to keep its economy going.
According to 2009 official trade data as reported to the Global Trade Atlas, the vast majority of Libyan oil exports are sold to European countries like Italy (425,000 bbl/d), Germany (178,000 bbl/d), France (133,000 bbl/d), and Spain (115,000).
(Excerpt) Read more at zerohedge.com ...
Libya ExportsIs this a legal thing, ‘I can’t fulfill the export contract because...’ ?
Force majeure (French for “superior force”), also known as cas fortuit (French) or casus fortuitus (Latin),[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term “act of God” (such as flooding, earthquake, or volcanic eruption), prevents one or both parties from fulfilling their obligations under the contract.[2]
Opec ready to raise oil output
http://www.ft.com/cms/s/0/2dd671e6-3ea1-11e0-834e-00144feabdc0.html?ftcamp=rss#axzz1Ei3EtbfB
Published: February 22 2011 17:06
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Saudi Arabia and other leading members of Opec stand ready to produce more oil if Libya’s political crisis were to disrupt global supplies, the Saudi oil minister has said.
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Maybe they might follow through with this, maybe.
Italy, Germany, France and Spain are now double-checking the size of their oil stockpiles and the reserves-on-hand at their refineries ...
Are we drilling in Louisiana yet?
http://en.wikipedia.org/wiki/Force_majeure
Force majeure
From Wikipedia, the free encyclopedia
Force majeure (French for “superior force”), also known as cas fortuit (French) or casus fortuitus (Latin),[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term “act of God” (such as flooding, earthquake, or volcanic eruption), prevents one or both parties from fulfilling their obligations under the contract.[2] However, force majeure is not intended to excuse negligence or other malfeasance of a party, as where non-performance is caused by the usual and natural consequences of external forces (for example, predicted rain stops an outdoor event), or where the intervening circumstances are specifically contemplated.
Drill baby, drill!
West Texas just increased surveys in about 7 counties. Texas is doing our share. Those lucky cotton farmers getting 2.00 a pound for upcoming crop and then surround the cotton with oil wells= $$$$$$$ in my neck of the woods. However, I am not a farmer or land owner.
Time for Obama to declare U. S. coal and shale production and or development to be outlawed. Just sayin’...
Libya cargo ports close
http://af.reuters.com/article/energyOilNews/idAFLDE71L1OB20110222
Libyan chaos could threaten Mediterranean economy
http://blogs.reuters.com/columns/2011/02/22/libyan-chaos-could-threaten-mediterranean-economy/
“”Drill baby, drill!””
Those of you still young now will be here 30 years from now saying the same thing. This country isn’t going to do that any more than they’re going to CLOSE and SECURE the southern border with Mexico. How did we get so many stupid people in this country? I remember now - public education and liberal colleges!!! Such a shame!! Such a crime!!
It’s happening. They’re going to re-review Colo/Utah shale leases.
I’ll take no for 1000 Alex!
Can we start drilling in the US, NOW?!
“Time for Obama to declare U. S. coal and shale production and or development to be outlawed. Just sayin’...”
Even better, it’s past time to “invest” 10 billion dolllars on 100 million bicycle pinwheels hooked to generators.
Can we drill yet?
Re: drilling in Louisiana yet
Onshore is hot ...
Offshore is not ...
Seahawk Drilling filed for Chapter 11
http://thehayride.com/2011/02/obama-administration-murders-innocent-offshore-driller/
Why am I not surprised? Thanks for the mention.
There have been claims from some that the Saudis can’t raise production. Guess we’ll find out now.
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