• 4 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 6 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 3 hours Most ridiculous green proposal
  • 8 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 3 hours Video Evidence that the CCP controls Joe Biden
  • 16 hours Rethinking election outcomes for oil.
  • 10 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 14 hours P@A will cost Texas Taxpayers $117 Billion.
  • 1 day Even Obama can't muster a crowd to support Biden.
  • 8 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 14 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 17 hours WallStreet Journal editorial " . . Big Tech-Media are the propaganda arm of Democrat Party leading to one party autocratic rule. " This is the State of the Union.
  • 8 hours Permian in for Prosperous and Bright Future
  • 1 day Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 11 hours Clean Energy Is Canceling Gas Plants
  • 1 day Irina Slav has a good article - Regarding Investors & Oil
  • 10 hours Vote Biden for Higher Oil Prices
Why The Elections Aren’t Moving Oil Prices

Why The Elections Aren’t Moving Oil Prices

It is generally agreed that…

Venezuela’s Oil Major Sees Oil At $35 Through 2021

Venezuela’s Oil Major Sees Oil At $35 Through 2021

Venezuela’s state oil company has…

Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

The international oil benchmark Brent…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Markets Set For Further ‘’Disruption’’

Already rocked by excessive volatility, the oil market could become even more volatile in the coming months, according to the chief strategist of JTD Energy Services, with geopolitical disruptions pushing prices higher.

"It's almost like 2011, when (former Libyan dictator Muammar Gaddafi) was toppled. If ... Libya comes into play, that's only going to add more tightness to the market," John Driscoll told CNBC.

The situation in Libya escalated surprisingly quickly last week when the Libyan National Army, a formation affiliated with the eastern Libyan government, launched an attack on the UN-recognized cabinet in Tripoli. The attack followed a statement by LNA leader General Khalifa Haftar that Libya will soon have a single government, sparking hopes of a negotiation between the two rival governments.

Of course, Venezuela and Iran continue to be the usual suspects when it comes to near-term oil price projections with U.S. sanctions targeting the oil industry of both countries as a regime-changing tool.

"Things are terrible there [in Venezuela],” Driscoll said. “Oil output is plummeting, then you've got this wave of electrical outages that have halved their exports."

In fact, the latest shipping data from Reuters and TankerTrackers.com revealed that Venezuela’s March oil exports remained surprisingly stable on February despite the string of blackouts, at a daily rate of around 900,000 bpd.

As for Iran, the analyst said Washington’s aim of bringing down the country’s oil exports to zero was “unrealistic” and “possibly even delusional”, adding that the higher prices rose, the more demand there will be for Iranian oil and it will “find an outlet.”

Brent crude passed the US$70 a barrel mark for the first time in months a few days ago and now, thanks to the new from Libya, it has continued rising. According to Driscoll, this price recovery will not be as short-lived as he himself predicted a month ago thanks to the events in Libya, Iran, and Venezuela.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Warren Dexter on April 09 2019 said:
    Russia is driving the Libya story and all reporting in this sector should include a picture of Russia and OPEC falling behind the US in infrastructure development.

    The Aramco offering, and Putin’s subversive control strategies in Venezuela and Libya should be seen as acts of desperation.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News