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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 oil futures
The oil futures drunk-trading incident was an incident in which Stephen Perkins, an employee of London-based PVM Oil Futures, traded of oil, worth approximately US$520 million (£340 million), in a two-and-half-hour period in the early morning of 30 June 2009 while drunk.
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