NOC changes pricing strategy

The status of the international oil market over the past several months could scarcely have been a less propitious environment for National Oil Corporation (NOC)’s ambitions to restore Libya’s position as an important exporter of crude into the Mediterranean Basin. The fall in the global oil price from above $100/bbl in the autumn to about $86/bbl in early November was accompanied by a glut of light sweet crudes, which obliged the international marketing department to discount from the already depressed dated Brent benchmark by historically large margins.