STUFF

Saudis raised oil output ~8% - up 700kbpd from Jan - to >9mbpd to make up for near half of Libya exports. Kadaffy threatens to blow up oil facilities (already did on Chinese facilites, so reported). No strategic reserves released yet. OPEC doesn't plan to meet before June. Iran sees no need to increase production. Libya the world's 12th largest oil exporter. And they have sweet crude. For the Euro refineries. IEA says 500-750kbpd has "been removed" from the present market, less than 1% of global daily consumption. Euro refineries saying Saud crude not suitable. But supplies OK well into March.