David Fyfe, an official with the International Energy Agency, is hopeful that Libyan oil (NYSE:USO) output could return to normal, pre-civil war levels somewhat earlier than expected. The country is expected to pump around a million barrels per day by the end of next year.
Speaking on the sidelines of a meeting in Paris full of oil (NYSE:USO) industry heavyweights, Fyfe qualified his opinion by saying estimates are but a “shot in the dark” and the situation is hard to read. In our opinion, that means he’s just talking shit. But he knows more than we do.
Despite earlier beliefs, Libya has fallen behind on production because it appears export logistics are the big problem, rather than damage to the oil (NYSE:USO) wells. Either way, we’ve been hearing about Libyan oil for months now, so we’re not holding our breath on when delivery will increase again.
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