Today dated Brent spot price rose to $116.15, the highest in nearly three years. The price of Iran Heavy, the Iranian crude oil, is linked to Brent and today climbed to nearly $110 per barrel.
Additionally NIOC can unload some of the stocks they have in floating storage. An arrangement with Italy is already in existence so it will be relatively easy to expand this in a short term move that will capitalize on the Libyan production outage.
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