Libya’s crude oil exports have fallen to less than 250,000 barrels per day, compared to 500,000 million bpd earlier this month.
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The first expansion in Libyan oil production in 10 months is poised to lower regional crude costs, boosting margins for European refiners that have been closing at the fastest rate in decades.The holder of Africa's largest crude reserves tripled supply to about 650,000 barrels a day in the three weeks to Jan. 13, according to the government. Should production hold at current rates it would mark the first monthly increase since March 2013 and compares with 210,000 barrels a day in December, according to data compiled by Bloomberg.Libyan exports may not return to normal any time soon because those divisions have yet to be resolved.It could fall by another 50 to 60 cents a barrel because of the extra Libyan supply, the KBC analyst estimates.Extra shipments from Libya, combined with more output from South Sudan, Nigeria and Iran could add more than 3 million barrels a day to supply, ABN Amro estimates.U.S. imports of the fuel from Europe dropped to about 280,000 barrels a day in the first nine months of last year, from a daily rate of 320,000 barrels in 2012 and 390,000 in 2008, according to the International Energy Agency in Paris.
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