Thursday, May 29, 2014

Ukraine and Libya Crisis Effect on Crude Oil

By Ben Sharples
Brent is poised for a second monthly advance amid separatist violence in Ukraine that erupted after Russia annexed the Black Sea peninsula of Crimea in March. Ukrainian President-elect Petro Poroshenko has vowed to wipe out the rebels after winning office on May 25. Ukraine is a conduit for Russian oil and natural gas supplies to Europe.
Troops killed “dozens” of fighters in Donetsk without suffering any losses, Ukraine’s Interior Minister Arsen Avakov said yesterday, while the mayor’s office in the eastern city said 40 people died and 31 were wounded.
The U.S. State Department “warns U.S. citizens against all travel to Libya and recommends that U.S. citizens currently in Libya depart immediately,” it said by e-mail. Turmoil has reduced the nation to the smallest producer in the Organization of Petroleum Exporting Countries.
Protesters in the east of the country shut the recently re-opened oil terminal of Hariga, Oil Ministry Director of Measurement Ibrahim Al Awami said by phone from Tripoli yesterday. Petroleum Facilities Guards members aligned with federalist rebels stopped loadings to protest the appointment of Ahmed Maiteg as the new prime minister, he said.

Credit: Bloomberg.com

No comments:

Post a Comment