15 March 2011 16:32 [Source: ICIS news]
“After weeks of intermittent production and tanker activity, oil exports have ground to halt in the wake of fierce fighting between the government’s well-equipped forces and the more ill-equipped rebel groups,” the IEA's monthly report said.
Mounting international sanctions prompted almost all international oil companies to stop trade with the regime, the report said.
At the beginning of March, market participants said that oil trading firms were struggling to obtain credit to buy Libyan crude, as banks were complying with US sanctions.
By 11 March it appeared that production had slowed to a trickle because of the fighting, and major oil companies operating in the country like Eni, Oasis Group, Total and Repsol, pulled out their staff, reducing or shutting down production, the report said.
($1 = €0.72)
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