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To: Dennis Roth who wrote (184744)7/9/2014 6:57:34 AM
From: Dennis Roth3 Recommendations

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Energy Weekly: Southern Iraqi Export Growth May Sputter Even
Without ISIS — Libya Grabs The Market’s Attention, But Iraqi Supply
Growth Is Now In Question Even As ISIS Threat Fades
Tuesday, 8 July 2014 ir.citi.com

Oil prices have eased, with Brent flat price down $5/bbl since mid-June and the
prompt spread flirting with contango, as the threat of further disruption to Iraqi
flows looks low for now and Libyan barrels are, once again, expected to return to
the market. ISIS has not marched on Baghdad, and Libya’s National Oil
Company (NOC) lifted the force majeure from loadings at Ras Lanuf and Es
Sider on Sunday after almost a year of being offline. Libya’s production has fallen
to a little over 0.3-m b/d, with exports down to 165-k b/d in June.