Es Sider and Ras Lanuf in Libya may resume exporting the energy commodity, according to a spokesman with the rebel unit. The country's shipments of oil are poised to grow by 500,000 barrels per day, Commerzbank AG stated.
After one year under rebel control, those two ports are fully operational, the spokesman said. The re-opening is slated to coincide with the election of the country's newly elected leader.
"Most of the big moves in the market we have seen this year have been on the back of news from Libya," states a Wednesday email authored by analyst Jens Naervig Pedersen with Danske Bank A/S in Copenhagen, according to Bloomberg. "The market could be starting to focus more on the potential downside risks to the oil price."
Markets opening in Iran
Iran, long the target of sanctions due to suspicions about the breadth and drive of its nuclear program, is the destination of numerous countries' trade missions, The Wall Street Journal reports.
On top of Middle Eastern, Asian and Latin American nations dispatching delegations to the oil-rich nation, Gholam Hossien Shafei with the Iran Chamber of Commerce also visits European capital cities. Trade missions come to Iran nearly every day.
The nation's economy was under restrictions levied by the U.S, the United Nations and the European Union. Yet talks between Iran and representatives from six world powers are driving toward a head as the July 20 deadline looms. The representatives are convening in Vienna.
The move to open Iran is largely motivated by prospects of access to oil and gas. The nation has the world's fourth-largest oil reserves and the globe's second-biggest gas reserves.
"We have a new environment domestically, and a new look from the outside," the 63-year-old said from his expansive offices in central Tehran, which overlook the abandoned American Embassy. "We have good interest now in our economy."
Iran also has moved more mainstream. Representatives have merged efforts with U.S. counterparts to conduct discussions on the best way of quashing Islamic Sunni militants' drive to overtake Iraq.
Iraqi violence continues
Reuters reports the ongoing strife in Iraq also is impacting the price of the energy commodity as well as its availability.
As the militants and government forces square off and violence escalates, concerns are spreading about the integrity of supply lines out of the nation. The nation's biggest refinery has been shuttered as a result of the strife.
Supplies have not been impacted as of yet but the concern is prominent and causing instability in prices.
"Supply-related headlines and agitation will keep the speculators on the long side of the market," analyst Thomas Saal with INTL Hencorp Futures, LLC in Miami told Reuters on Tuesday.
The ongoing conflict in Iraq has proved to be challenging for government operation.
The new parliament conducted meetings on Tuesday to establish a unity government that will do its part to mend differences and prevent further splintering.
Ceasefire expires as foreign ministers convene
The integrity of oil supplies also is in question due to the ongoing conflict between Russia and Ukraine.
The Washington Post reports a 10-day ceasefire between Ukraine and pro-Russian separatists expired earlier this week after the newly elected leader of Ukraine permitted it to run its course.
Fighting between both sides dropped but was not completely eliminated during the duration of the ceasefire
Negotiations between the nations stand a glimmer of hope as foreign ministers from Ukraine, Russia, Germany and France are set to convene meetings in Berlin on Wednesday, The Washington Post reports.
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