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Force Majeure: Libya Oil Exports Move Explained
Feb 22nd 2011 – 2:50PM
It's in the contract. Global commodities traders are reporting disruptions of crude oil import and export activity in Libya, Reuters reports. According to the traders, Libya has declared force majeure on shipments in some ports, effectively halting some normal market activity. Force majeure (literally, superior force) is...
Background on crude oil prices
The price of petroleum as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.
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