ODAC newsletter – Apr 1
The oil price firmed to around $117 this week as evidence emerged of the impact of the Libyan crisis on the oil supply. Bloomberg reported that OPEC oil output dropped in March as Saudi Arabia failed to make up the loss in production from Libya. Reuters reported that Saudi has unexpectedly called on oil companies to expand its drill count by 30%. It is not clear whether this is in an attempt to add further spare capacity, or whether the kingdom is struggling to raise production.


