This page has been archived and commenting is disabled.
Libya Declares Force Majeure On Oil Exports Of 1.5 Million Barrels A Day
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.
With domestic consumption of 280,000 bbl/d in 2009, Libya
had estimated net exports (including all liquids) of 1.5 million bbl/d.
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). With the lifting of sanctions against Libya in 2004, the United States has increased its imports of Libyan oil. According to EIA estimates, the United States imported an average of 80,000 bbl/d from Libya in 2009, up from 56,000 bbl/d in 2005 but, as a result of the U.S. economic downturn and subsequent decline in oil demand, 2009 levels were below 2007 highs of 117,000 bbl/d.
had estimated net exports (including all liquids) of 1.5 million bbl/d.
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). With the lifting of sanctions against Libya in 2004, the United States has increased its imports of Libyan oil. According to EIA estimates, the United States imported an average of 80,000 bbl/d from Libya in 2009, up from 56,000 bbl/d in 2005 but, as a result of the U.S. economic downturn and subsequent decline in oil demand, 2009 levels were below 2007 highs of 117,000 bbl/d.
Libyan oil is generally light (high API gravity) and sweet (low
sulfur content). The country's nine export grades have API gravities
that range from 26.0o to 43.3o. While the lighter, sweeter grades are generally sold to Europe, the heavier crude oils are often exported to Asian markets.
»
- 13916 reads
- Printer-friendly version
- Send to friend
- advertisements -
This must be bullish Leo said said so
Report: Ukranian mercenaries flying the MiG's that are bombing Tripoli and support from Italian Mafia:
http://fedupmontrealer.blogspot.com/2011/02/report-italian-mafia-and-ukranian.html
+1... Nice news tip, thanks.
He is of course barking mad, Gadaffi. But he has a sense of style...
http://www.vanityfair.com/politics/features/2009/08/qaddafi-slideshow200...
LOL-LMFAO!! In that first pic, everyone besides Kaddafi and the older black guy to his left are looking down at their shoes: "We don't know this guy!"
Black guy to cameraman: "I hate you for roping me into this pic!"
Kaddafi: "Does it look like I put mousse on my hair?"
The clothes do make the man -- but a good comb could only help this guy! :>D
Oil war, bitchavezes!
Looks like the Italians will need to venture back into Africa. Didn't work out so well for them last time...
...but this time, (...), teh Italians, we be liberators; not the empire of a madman's foolish, foolish desire. Not that they would want too but like the USA those that think they know (delicious unbridled power) would push the indescribable need.
uh, can I get a blow-up pic of that ass????
Wish I could oblige you.
British Prime Minister says "West was wrong to back dictators"
http://nakedempire.wordpress.com/
Nothing a complete slaughter of the IMF and cia and MI6 wouldn't fix.
Haha. Department of Energy 205.254.135.7 wants in my computer.
will this lead too 5.00 usd per gallon?
Rearity < KING DORRAR
King Dorrar....rures.
I suspect we shall be seeing a lot of "force majeure" over the next few years. Right up until they confiscate Gold because a force majeure took down the dollar.
http://en.wikipedia.org/wiki/Force_majeure
Years CD? Surely you jest.
Months I can buy, but 2011 seems to be th eyear the dollear died.
ORI
I suspect this will play out in stages and over a much longer period of time that you think. When so many people, corporations and nations depend upon any one thing, that "thing" will be supported long past its expiration date out of desperation.
The dollar has "value" only in relation to other currencies. And a currency is another word for a belief system. When our belief system is challenged, rarely do we just let go. Instead we invest even more blood, sweat and tears into it until it collapses into a heap of smoking ruin. History tells us modern man is no different in his attempt to support a failed belief system. I usually bet on history rhyming.
Exactly the point I made months back. All the stops will be pulled out, every last one to support this ponzi. If you think markets make no sense now you have seen nothing yet.
So, the Bernank's pants are on fire... he just doesn't smell the smoke yet?
Yeah, but a confiscation of gold under whatever reasoning would run smack into Rule 308. Further impediments would be offered by Rules 223, 243, 762x39, 30-06, etc. Force majeure ain't so simple any more, not when some 90 million people know of the above-mentioned rules.
I understand what you are saying. But what makes you think "rules" and "law" will be respected when desperation becomes all they can feel and people are cornered?
I think our biggest blind spot is in thinking that the rule of law, long ago abandoned for the upper class, will finally be respected precisely when it will hurt them the most. They are playing by grade school playground rules.
Make me. I dare you to make me.
Uh, there's no actual "Rule 308." It is an expression used to convey the idea that millions of Americans, armed with .308 caliber rifles (among many others) can trump any law or Supreme Court ruling. We will do it because we have the means at hand to do so. Rule 308 is the American version of the British Rule 303: http://www.urbandictionary.com/define.php?term=rule%20303
I suspect you misinterpret the meaning of Force Majeure. It has nothing to do with confiscating anything.
As for the various rules you cite, guys like me respond with rule XM-25 subsection 25mm, which clearly states that you can't hide behind stuff anymore. I win. :-)
I understand quite well what "Force Majeure" means. However, the topic of confiscations of PMs came up, so it is that to which I responded.
I also understand what you're saying about Rule XM-25, but you need to understand that there are relatively few copies of that Rule, and they are not so easy to transport to and from distant places where they are needed, whereas Rule 308 and its brethren exist in literally millions of copies and in every part of the country. I'll give you an example of how a predecessor to Rule 308 was used to defeat a predecessor of Rule XM-25...I believe it was Rule PanzerMark3:
Josif Tito was the leader of the largest Yugoslav partisan army during WW2. Once he was asked by someone in the press how his men, armed only with old and outdated versions of Rule 7.92, Section 8mm could possibly hope to override the then-new Rule PanzerMark3, as enforced by the German government. His response is a classic: "Well, when the Germans have to put aside their new Rule PanzerMark3 to take a piss, my men will pick up their old Rule 7.92, Section 8mm and throw it at them, at high velocity." [Takes thumb out of cheek].
Seriously, quantity has a quality all its own. Millions of armed Americans, already distrustful enough of government to have armed themselves and bought PMs to protect their life's labors from the predations of the government will not take too kindly to having those PMs (and the guns, in the bargain) stripped away from them. I don't know how an armed force of maybe 500,000 combat effectives (and that is probably a gross overestimate) can take on 10 or 20 or 50 million people spread out all over its logistical tail across a continent. Especially when many were trained quite well by Uncle and will go after those giving the orders (or voting to fund those orders). It won't, in any conceivable scenario, be pretty - but if upwards of 500,000 people decide to seriously resist, including taking the battle to the fed.gov, there's simply no way that the .gov wins, period. It'll inflict massive casualties, to be sure, but it will lose. Kind of like Quackdaffy, armed with modern weapons including an Air Force is about to lose to a bunch of stinky, half-toothless shoe-throwers.
Thank you for wiki
Interesting that a force majeure clause exists in these contracts, I wonder if that is the cae for all Middle East exporters.
The clause exists in all (international) contracts if the lawyers that approved them are worth more than two cents. It's the great escape clause. Hell, this applies domestically and personally as well. Just look at your car and home insurance contracts for example.
LaRouche on globalization...
http://www.youtube.com/watch?v=VHxcwE6Q7ag
I thought LaDouche was dead! At least we have his demise to look forward to.
Now THAT is funny! thanks for the laugh...
"I like you. You have big balls."
I heard he shaves them, just sayin.
When did he get out of jail?
LOL.
LaDouche... a conservative, wingnut L. Ron Hubbard with his own... err, ah... religion... and fanatic jihadist followers...
Israel about to feel the pinch soon, get your rockets out, you are about to hear some Bullshit spewed out of your Wolf Blitzer report about Hezbollah, and why Israel has the right to defend itself against 'terror'
WTI gogin higher, this is far far from over.
www.silvergoldsilver.blogspot.com
While we are on the topic of he's a bull yeah or whosebullahh, check out this report. As if Mexico did not have enough on it's plate already.
5$ gas coming to America. And if the MSM is to be believed, courtesy heez a bull yeah!
http://www.youtube.com/watch?v=Nk0XTo6faus&feature=player_embedded
Weird eh? Let no crisis go waste. Spray them heezbullyeahs everywhere.
ORI
http://aadivaahan.wordpress.com/2011/02/21/through-a-lens-darkly/
Benjamin "Kamikazi" Bernank. And so it begins.
Benron "The Bernank"
It's a good thing our pipelines don't run in reverse in a crisis for them the way theirs did for us after Katrina. All your oil belongs to us! [bitchez!] signed X: George W. Bush
This is dollar bullish no...
Of course not - that would make sense and markets now do not make sense , its too vulgar.
Euro to 1.45 on this news.
Benocide is your friend. He always buys euro in a crisis situation.
Ben is my friend.......... Ben is my friend...... Ben is my friend........... Ben is my
Shit, meet fan....
BTW, great work Tyler.
It's ok, the Italians don't need that much gas for their Fiat.
Its not just the Italians.
It looks like Nicole will have to get the bus !!!!
www.youtube.com/watch?v=jDe9rvQRHEI
This is an act of desperation on Qadaffi's part. He's losing his battle to remain dictator, so he'll do his best to destabilize the global economy.
Qadaffi has been ordered to get out of the pool, but not before he's done emptying his bladder and evacuating his bowels.
Another reason to buy silver and gold! Buy all you can and watch this corrupt system go down in flames. Global war to end all wars is fast approaching.
But the CNBS talking heads told us FTSE MIB was caused by a software bug.
http://www.forexyard.com/en/news/Italy-bourse-blames-bug-not-Libya-for-trading-halt-2011-02-22T155746Z-UPDATE-5
All the more reasons to get out of the rigged market before the bug swallow up all your money! Those electronic bugs, they eat your life savings, pension and hard earn money like titbits.
Mmmm, I loove titbits (and ankles wrapped around my neck!) :>D
Its about time the term " Force Majeure " enters the picture. This term can hide a multitude of illegal acts and allow perpetrators an escape route. It can also be used to let BIG players off the hook for being on the wrong side of the market. Think silver/JP Morgan.Its a variation on "Too Big To Fail" .
Yeah, its an out for the big boys.. The thing is that "so sorry, no silver" is a small problem compared to "so sorry, no oil"
"Its a variation on "Too Big To Fail" ."
Which is a variation on "He who has the gold, makes the rules" (although that might not literally apply here), which is itself a variation on the old theme of "You and what army?"
Face-huggers in the room. Better RUN!
Let's see - Italian stock market closed, force-majeure in Libia, $3.89/gallon gas this morning on my way to work (West Coast) - no wonder gold is getting sat on so hard this morning!
Oh yeah - and waiting for my mocha this morning (yes, I know) I'm reading on the front page of a MSM east coast newspaper that a CIA thug working for Xe was busted in Pakistan for killing a few people on a crouded street. Looks like 'we' are working to destabilize the entire region.
To Pakistan's credit, they're NOT going for that "Diplomatic Immunity" crap this time...
so its not our fault we cant deliver oil, contracts are now void? does that mean new contracts have to be negotiated with who ever the fuck is running libya next week?
sounds like every mercenary asshole in africa will be heading north.
oh and as britts seem to have had big deals there, you'd think they have a lot to lose, thinbk brit troops will be heading there, to help " look after their interests "
Blair and the Brits should be up for war crimes and crimes against the people.
He conspired with that clown Daffy no matter the murder and violence daffy brought down on his peeps with the brits and us help via arms and training, etc.
If Brit troops show their criminal faces there I pray the peeps will kill them as they land.
Criminal scum , that Blair really is a blight on the world.
OPEC effective spare capacity stands at 4.7 mb/d.
http://omrpublic.iea.org/
BTFD
LOL that was funny
Revolution knows no borders, Bitchez...
If we don't take daffy out we will be in a world of hurt.
Obama get with it. His head on a platter should be top of your agenda you spineless clown.
Why would we take down daffy, but not dinnerjacket?
that you ask shows you are not in the real world.
Your kind never catch up.
Hint... there are a dozen more dinnerjackets but they don't have any power.
It's like asking why we don't take out sack at the fed.
Interesting 3% sliver to Brazil in the pie chart. Testimony that announcement of big oil finds several miles down in the middle of the ocean does not equate to flow through pipelines.
FYI sour crude can go to Asia because the refineries there don't give a damn what they pump into the air.
In the words of the great philosopher Silvio Berlusconi "It couldn't have happened to a nicer guy"
Silvio Berlusconi: "I did NOT have sex with that 17 year-old, buxom, beautiful, nubile Morroccan female!"
I seem to recall seeing something like this movie before...
Well, good thing Italy is important enough they can use their Security Council veto to get Libya to release the oil and....oh wait....
OK, so they use their international respect and clout to get their dear friends in the Security Council to use their vetos and.....oh wait....
OK, plan C: use the Italian armed forces who....need fuel?.....
oh well there's always more Chianti.
Chianti has all been stockpiled at the Vatican. The Pope plans to liquidate concurrent to the sexual abuse Settlement. It'll be on page D25 of your major city newspaper.
"...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..."
Agreed.
Unless both parties wish it to apply. The rules ultimately are what both parties agree the rules are since it would take an aggrieved party to protest. If breaking the contract appeals to both parties, something not unheard of, then any excuse is good enough. Politics make strange bedfellows and international politics (especially during financial and political stress) even stranger.
An interesting point (the mutually agreed escape), but I was merely attempting to poke fun at Mo Daffy's "rule".
I suspected but I honestly wasn't sure. But I thought I would make the point anyway because few people think along those lines.
Rules? In a knife fight?
1.5 million barrel is peanuts. Russia and OPEC countries will be more than happy to deliver what is needed. Look for liquidation of large long oil futures positions amassed in the latest "revolution" weeks!!!
You don't understand the issue.
Um....have you been paying attention to what has been going on lately?
Of course you haven't.
Charlie Bravo
I wouldn't count out the Special Services.
There is nothing on the ground in Libya to demoralize a phalange of invaders.
Yet.