Brent priceThe only thing more surprising than the comment from Ali Naimi, the Saudi oil minister, that the oil market is oversupplied, is how seriously the market appears to have taken it. The oil price has dipped sharply today, according to some at least, because of Naimi’s comments. Read more
Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi’s 41-year rule of the north African nation.
The Liberia-flagged Equator tanker was off Port Said, Egypt, early on Monday and is expected to dock at the Marsa el-Hariga crude oil export terminal near Tubruq, in east Libya, on Tuesday morning, according to Lloyd’s Intelligence, the shipping industry data provider.
The owner of the tanker, Greek-based Dynacom Tankers Management Ltd, declined to comment when contacted by the Financial Times. Dynacom is Greece’s third-largest tanker operator.