Italian refiner Saras said today that it will replace Iranian crude that accounts for 10 percent of its throughputs with Libyan crude by 1 July, the deadline on EU oil embargo on Iran [argusmedia.com, 28 February].
The company said the rapid return of Libyan paraffinic crude exports to the market after last year's civil war had an immediate positive effect on its refining operations.
Meanwhile, the commodity broker Compass Global Markets said today that the markets have overestimated the potential of Western military action against Iran, and as a result oil prices will continue its decline of recent days.
“We've got a $15 premium built in (to the current price) because of this fear of an escalation in the Middle East, and that premium is going to unwind. The premium is excessive and we'll see oil fall below a hundred dollars in the next month or two,” said Compass CEO Andrew Su [CNBC.com, 28 February].