PARIS, March 2 (UPI) -- There is ample crude on the market until at least the end of March despite disruptions in Libyan production, the IEA said Wednesday from Paris.
Crude oil is trading at two-year highs in recent trading in part because of the shutdown of production in Libya, one of the world's top oil producers. This comes despite assurances from Saudi Arabia and Russia that they could make up for shortfalls.
The International Energy Agency said it was closely following the crisis in Libya but cautioned that any assessment of production levels was incomplete because of "very poor" channels of communication in Libya.
The agency notes, however, that it appears at least 850,000 barrels per day out of Libya's 1.6 million bpd is cut out of the market.
Reports from Europe, which gets a sizable amount of oil from Libya, say most refiners are indicating March supplies are adequate, however.
"Currently, crude oil markets in Europe are not perceived as constrained, with crude demand relatively low due to a period of large-scale maintenance of refineries in Europe," the IEA said.
Industry executives at international oil companies working in Libya tell the Financial Times they are in talks with groups that oppose Libyan leader Moammar Gadhafi, who is losing control over parts of the country.
