Taiwan is increasing oil imports from Iraqi Kurdistan as local refiners take advantage of an open arbitrage to buy high-sulphur crude that can replace supplies cut by OPEC. State-owned CPC Corp bought 1 million barrels of Kurdish KBT crude for the first time in the second quarter, and Formosa Petrochemical Corp has resumed purchases of this grade after a near nine-month break, company officials said.
Libya’s oil production has climbed back to the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments. The global target for next month will be to reach 800,000 barrels a day. This objective is close to the previous oil output , before recent clashes, and in all case much more than before, the oil output has decreased to 260,000 barrels a day last August. However it is still lower than before Ghadaffi’s fall, production reached 1.6M barrels a day.